Allianz tried to sell Selecta two years ago but ended up snubbing private equity bids for the business after they came in below its expected price.
Global buyout houses including Advent, Apax Partners and BC Partners were believed to have submitted bids for the company, which Allianz bought for £772.5m seven years ago.
Selecta is Europe’s largest independent pan-European vending machine operator, with more than 135,000 machines and about 4.500 employees.
KKR special situations director Mark Brown said, “We believe the company now has the liquidity and a long-term, patient capital structure to pursue several attractive strategic initiatives.”
Allianz Capital’s Joerg Spanier added, “The notable interest for our financing demonstrates the confidence the financial markets have in Selecta’s sustainable business model.
“We are confident that based on the strategic initiatives and efficiency measures implemented over the past 18 months Selecta is well positioned to further strengthen its leading market position.”
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