April 10, 2019 / 4:55 PM / 8 months ago

PAI-led consortium secures debt for Wessanen buy

LONDON, April 10 (LPC) - Bankers have lined up €445m of debt financing to back an acquisition of sustainable food provider Koninklijke Wessanen by a PAI Partners-led consortium.

The consortium, comprising private equity firm PAI Partners and Charles Jobson agreed on an €885m acquisition, it was announced on Wednesday.

The consortium agreed to pay €11.5 per share of Wessanen, in cash, 21% higher than Wessanen’s closing price of €9.47 on March 13, the day prior to the announcement by Wessanen regarding its discussions on a possible cash offer.

Following the completion of the transaction, PAI will hold around 62% in the consortium and Charles Jobson will hold around 38%.

The acquisition will be funded with €445m of senior debt financing, alongside €484m in equity.

The offer is expected to close in the second half of 2019.

Wessanen, which provides healthy and sustainable food in the European market, had revenues of €628m in 2018 and employed on average 1,350 people. (Editing by Claire Ruckin)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below