Target nation: Spain
Date announced: 03/05/08
Arranger: Caja Madrid and ING
Apax Partners-backed Panrico mandated ING and Caja Madrid to arrange new debt financing a bolt-on acquisition.
The leads arranged an amendment and extension of the original capex facility to facilitate the deal. A waiver and amendment process was concluded successfully in late March, paving the way for the acquisition.
Apax bought Panrico, a Spanish bakery products company, from the Costa Freda family and La Caixa in a €887m LBO in 2005. The original buyout was backed by debt underwritten by Caja Madrid, Goldman Sachs, ING and RBS as mandated lead arrangers and bookrunners, and La Caixa joining as joint lead arranger.
The deal was subsequently recapped twice, the second time in 2006 when Credit Suisse was appointed sole bookrunner on a €225m 9-1/2-year FRN PIK loan, which repaid mezzanine, paid a dividend to sponsor Apax, and funded various fees and expenses.
The latest deal funds the acquisition from Kraft Foods of the Artiach biscuits business in Spain and Portugal, including a range of brands, a manufacturing facility, and an existing sales and marketing organisation. The value of the acquisition is undisclosed, but it is expected to add €70m in net revenues.
Target nation: Norway
Date announced: 10/05/08
Mandated arranger (s): DnB Nor and others
Last month IT business Visma completed a NKr3.55bn refinancing, through a club of DnB Nor, Nordea and Danske Bank. The deal refinanced NKr3.32bn of debt put in place to back HG Capital’s 2006 buyout.