Alantra advised La Sirena Alimentación in the refinancing of its debt with international funds

Sep 2019

Debt refinancing

Alantra has acted as sole advisor to La Sirena Alimentación, a Spanish leader in the frozen food market, in the refinancing of its debt with international funds.

The frozen food specialist La Sirena Alimentación Congelada, S.A.U. owned by OpCapita – a private investment firm specialised in the acquisition and operational improvement of businesses in the retail, consumer and leisure sectors – has refinanced its debt with the support of international debt funds. This is the first deal financed entirely by direct lending funds in the Spanish food retail market.

Founded in 1833, La Sirena is one of the leaders in the frozen food market in Cataluña and Madrid thanks to the quality and variety of its products. In 2018, the group reached €151m revenues and employed more than 1,000 professionals. The company offers a multichannel model, through 248 stores, online and wholesale and boasts of having one of the most successful loyalty cards in the market.

Alantra managed to put in place a global structure with various tranches (Term Loan B, Capex and Working Capital Facilities), tailored to La Sirena’s needs. This financing will enable the company to fulfil its business plan – led by its new CEO Jorge Benlloch – focused on reinforcing its leadership in its main geographies, opening new stores in identified areas.

This transaction marks an important milestone in the entry of direct lending funds to support Spanish midcaps, as an alternative and complementary source to traditional bank financing. Alantra is leading the Spanish alternative financing market with the closing of 26 deals and €1.800m raised during the past 4 years.