Private equity firm Lone Star Funds is considering options for Evoca SpA, including a potential handover to creditors or a sale of debt, people familiar with the matter said. Lone Star has held preliminary conversations with Evoca’s creditors The Carlyle Group Inc. and Park Square about swapping debt for equity, though no deal has resulted so far. PJT Partners Inc. is advising on the options.

Evoca, which makes coffee machines for hotels, cafes, and offices, faces mounting debt. A holding company borrowed €210 million ($241 million) from Carlyle and Park Square in 2019, with liabilities ballooning to over €400 million due in 2029. The operating company has €550 million of notes also maturing that year, quoted at 89 cents on the euro.

In June, Fitch downgraded Evoca to B- after 2025 revenues dropped 16% year-on-year. The debt-to-earnings ratio stood at 8.2, though second-quarter earnings improved and revenues rose 14% year-on-year.