Alantra advised Investindustrial, a leading European Private Equity fund, on a €180m financing package attached to a Tender Offer for Natra, a leading nish cocoa and chocolate manufacturer.

Dec 2018

Buy-side advisory

Value €190 million

Alantra advised Investindustrial, a leading European Private Equity fund, on a €180m financing package attached to a Tender Offer for Natra, a leading Spanish cocoa and chocolate manufacturer.

The €180m acquisition financing is structured into a €140m Term Loan B (TLB) underwritten by a debt fund with a 7 year bullet maturity, and a €40m Revolving Credit Facility (RCF) underwritten by Spanish Banks. Alantra also advised Investindustrial on the approval of a Bank Guarantee required for the Tender Offer. Alantra ran a competitive, dual track process which closed in 4 weeks, successfully managing multiple debt funds and banks with extremely demanding deadlines. Founded in 1943, Natra is a listed manufacturer of cocoa and chocolate products, mainly for the private label segment. Headquartered in Madrid, Natra operates 6 global production facilities including two in Spain, two in Belgium, one in France and one in Canada.

The Company enjoys a strong commercial presence in Spain (26% of sales) and produces over 440 chocolate varieties sold in 89 countries worldwide. Natra does not own or operate a cocoa plantation and operates through two divisions: Consumer (67% of sales) and Industrial (33% of sales). Investindustrial is one of Europe’s leading independent investment groups focused on taking control positions predominantly in Southern European medium-sized companies that are leaders in their fields. Founded in 1990 with origins from an industrial conglomerate (Bonomi family), Investindustrial has a global presence with a team of more than 100 professionals and €6.8 billion of raised fund capital.