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IK refinances Solina debt amid strong turnover, bolts-on SFK Food

2 Sep 2014

SolinaEuropean mid-market buyout house IK Investment Partners has refinanced portfolio company Solina amid signing a bolt-on deal for SFK Food.

IK bought a majority stake in food ingredients business Solina three years ago, and said it refinanced the debt with partial reimbursement of its shareholder loans.

The firm said strong performance since the buyout had seen France-headquartered Solina reach a turnover of more than €200m last year.

IK partner Dan Soudry said, “The acquisition lines structured at the time of the acquisition by IK in 2011 have been fully drawn to facilitate the financing of the three acquisitions completed under IK’s ownership.

“The refinancing announced today will therefore benefit the company in several ways.

“Firstly, it will reduce the total debt service paid by the company with the partial prepayment of the senior term loan A.

“Secondly, it will help decrease the cash and PIK interest paid by the company.

“Thirdly, the refinancing will enable new acquisition facilities to be structured that will support the company as it pursues its ambitious growth strategy.”

All facilities were subscribed by Solina’s existing financing pool composed of CA-CIB, BNP Paribas, CA Ille-et-Vilaine, Rabobank, CIC, CIC Ouest, ING, KBC, Natixis, Banque Palatine, SG, Alcentra, Unigrains, Cerea and LFPI.

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