Cleary Gottlieb advised Biscuit International and Biscuit Holding, portfolio companies of Qualium Investissement, in connection with the financing of its acquisition of Arluy S.L.U. and Global Biscuits, S.L.U., two Spanish sweet biscuit producers and distributors, through Biscuit International (Ibérica), S.L., an off-the-shelf company previously acquired by Biscuit Holding and certain amendments to Biscuit Holding’s senior facilities agreement including a repricing thereof and reset of covenant.
Cleary had advised Qualium Investissement and Biscuit International in July 2016 in connection with the acquisition of Banketgroep Group (a Dutch company) by Biscuit International and its financing, in November 2017 in connection with the financing of the acquisition of A&W Feinbackwaren GmbH (a German company) and in May 2018 in connection with the financing of the acquisition of Northumbrian Fine Foods Limited and Walnut Tree Foods Limited (two English companies).
The acquisition closed on July 26, 2018, and was financed through a A/C Facility loan committed under the Senior Facilities Agreement entered into in July 2016, and a newly committed A/C Facility loan made available under the Senior Facilities Agreement pursuant to a commitment letter entered into in July 2018. Further to the acquisition, Biscuit International (Ibérica), S.L. acceded, and Arluy, S.L.U. shall accede within six months, to the Senior Facilities Agreement as additional guarantors and to the Intercreditor Agreement as new debtors and new intra-group lenders.
Biscuit International is France’s leading private label manufacturer of sweet biscuits and #2 overall French biscuit manufacturer.