Biscuit International Group in Financing of Its Acquisition of Aviateur
October 15, 2019
Cleary Gottlieb advised Biscuit International, a portfolio company of Qualium Investissement, in the financing of the acquisition of Nieuwko Holding B.V. through De Banketgroep Holding International B.V., a wholly owned subsidiary of Biscuit Holding.
Nieuwko Holding is the head of a Dutch group of bakeries specializing in biscuits for private label and food service customers (the Aviateur group). The acquisition closed on October 15, 2019, and the financing was raised through the issuance of PIK subordinated bonds by Biscuit International, a newly committed A/C facility loan made available under the existing senior facilities agreement, and available cash.
The PIK financing was arranged by CEPD II-A Limited. BNP Paribas S.A. and The Governor and Company of the Bank of Ireland acted as bookrunners and coordinators under the newly committed A/C facility loan for the senior financing. BNP Paribas acted as facility agent and security agent under the existing senior facilities agreement.
Cleary had previously advised Qualium Investissement and Biscuit International in July 2016 in the acquisition of Banketgroep Group (a Dutch group) by Biscuit International and its financing, in November 2017 in the financing of the acquisition of A&W Feinbackwaren GmbH (a German company), in May 2018 in the financing of the acquisition of Northumbrian Fine Foods Limited, and in July 2018 in the financing of the acquisition of Arluy S.L.U.
Following the merger between Groupe Poult and Banketgroep in 2016 and the recent acquisitions of A&W Feinbackwaren in Germany, Northumbrian Fine Foods in the United Kingdon, Stroopwafel & Co in the Netherlands, and Arluy in Spain, Biscuit International became one of Europe’s leading private label biscuit players. With this complete transaction, the enlarged group now produces 170,000 tons of biscuits and waffles from 20 factories in Europe. Biscuit International generated pro forma sales in excess of €500m during the last 12 months, of which approximately two-thirds outside France and employs almost 1900 people.