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Alantra advises Investindustrial on a tender offer for leading cocoa manufacturer Nantra

MILAN — Alantra, a global investment banking and asset management company focused on the mid-market segment, advises Investindustrial, a leading European Private Equity fund, on a €180m financing package attached to tender offer on Natra, an international and leading Spanish manufacturer of cocoa and chocolate.

This is the second Public to Private transaction executed by a Private Equity fund in the Spanish market during 2018.

DALLA CORTE
PENTAIR 2

The €180m acquisition financing is structured into a €140m Term Loan B (TLB) underwritten by a debt fund with a 7 year bullet maturity and a €40m Revolving Credit Facility (RCF) underwritten by Spanish Banks.

Alantra also advised the company in the approval of a Bank Guarantee required for the Tender Offer. Alantra ran a competitive process closed in 4 weeks, structured through a dual track between debt funds and banks with extremely demanding deadlines.

Founded in 1943, Natra is an international and leading Spanish manufacturer of cocoa and chocolate mainly focused on the private label segment, listed in the Madrid stock exchange since 1991.

Headquartered in Madrid, Natra has a global manufacturing footprint with 6 facilities in Spain (2), Belgium (2), France (1) and Canada (1) allowing to produce high quality products.

The Company enjoys a strong commercial presence in Spain (26% of sales) and has presence in relevant international markets. Natra does not own nor operate any cocoa plantation, and operates through two divisions: Consumer (67% of sales) and Industrial (33% of sales). With a well-diversified customer base.

Investindustrial is one of Europe’s leading independent investment groups focused on taking control positions predominantly in Southern European medium-sized companies that are leaders in their fields.

Founded in 1990 with origins from an industrial conglomerate (Bonomi family), Investindustrial has a global presence through a team of more than 100 professionals, and €6.8billion of raised fund capital.