About the Issuer
RSEA is a leading specialist retailer and B2B distributor of
workwear, personal protective equipment and a hirer of
road safety equipment. Since being established in 1993,
RSEA has expanded its operations across Australia and
New Zealand, where it now operates in all mainland states
as well as the Northern Territory.
RSEA is a business that,
across both its Safety and Hire divisions, is underpinned
by legislative requirements stipulating minimum
standards of occupational health & safety. This makes its
products a compulsory and non-discretionary spend
across all business sectors.
The issuer need
Following a takeover by private equity firm CHAMP
Ventures, RSEA was looking to continue its strategy to
grow the store footprint, develop own-branded products,
build the B2B channel and invest in high quality safety hire
equipment. RSEA was looking for a financier to partner
with to refinance its existing term debt, fund future capital
expenditure and provide additional capital for new
opportunities going forward.
The FIIG solution
FIIG was able to raise a $32m Senior Secured Note for
RSEA, allowing a full refinance of the existing facility. This
allowed RSEA to continue its expansion strategy, opening
new stores and broadening its B2B channel. The flexible
call nature of the Note also allows RSEA to redeem the
debt at a convenient date should further growth/a sale of
the business occur within the first 2 years of the Issue.