Shopko

bankrupt

Retail — Sun Capital Partners

Deal Terms

Entry Year2005

Entry EV$1.1B

Entry Multiple6x

Leverage7x

Debt Amount$1.2B

Outcome

Exit Year2019

Risk Metrics

LTV (est.)109%

Debt / EV1.09x

Notes

Sun Capital $1.1B LBO (2005). Loaded $1.2B in debt. Immediately sold real estate for $815M in sale-leaseback, then leased back stores. Filed Chapter 11 Jan 2019. Liquidated. 22,800 jobs lost. US Senator condemned Sun Capital. Classic PE strip-and-flip.

Sponsor

Partners Group$185B AUM