Deals wrap: EQT Credit, Tikehau and more

A round-up of the some of the key recent deals in private debt.

EQT takes hold of Grenade

EQT Credit has provided a debt financing facility to support private equity firm Lion Capital’s investment in Grenade Holdings, a nutrition brand based in the UK.
Founded in 2010, Grenade sells products to professional athletes, fitness enthusiasts and health-conscious consumers in over 100 countries. It exhibits at fitness exhibitions and has a number of products in convenience stores and supermarkets.
The business was backed by Lion Capital in March this year in a transaction which valued it at £72 million.

Tikehau warms to Sun transaction

Paris-based Tikehau IM has arranged and fully subscribed a $130 million dual currency unitranche to support Sun Capital Partners’ acquisition of C&K Holdings, a US-based electromechanical switches business.
Founded in 1928, C&K offers more than 55,000 products and 8.5 million switch combinations to companies that design, manufacture and distribute electronics products. It has customers in the industrial, automotive, aerospace, medical, consumer, transport and telecom industries.
Tikehau IM helped Sun gain exclusivity by submitting a fully financed binding offer to US private equity firm Littlejohn & Co ahead of the set deadline.

Debt load taken off Atlas’s shoulders

Atlas for Men, a men’s outdoor clothing brand based in France, has refinanced its existing debt through a pool of banks. The deal allows the full reimbursement of mezzanine debt provided at the time of the brand’s spin-off from Italy’s De Agostini last year, as well as the partial reimbursement of shareholder funds.
The August 2016 spin-off was led by Activa Capital alongside the management team, accompanied by Initiative & Finance and Indigo Capital, with the latter firm providing the mezzanine debt.
The new financing is provided by a banking pool comprising arranger CIC Nord Ouest and participants BNP Paribas, Credit Agricole Seine-Normandie and Caisse d’Epargne Normandie.

Injection of debt at veterinary group

Pan-European finance provider Investec Corporate & Acquisition Finance has provided a ‘super senior’ debt facility to Sovereign Capital-owned Linnaeus Group, a UK veterinary business which recently merged with Village Vet.
Investec sole-arranged the deal which consists of a term loan, capex/acquisition facilities and a revolving credit facility. This financing sits alongside a unitranche provided by Alcentra.
After joining forces with Village Vet, Linnaeus is the fourth-largest veterinary group in the UK with 65 sites providing treatment for small animals. The firm has made 11 acquisitions altogether since it was founded in 2014.

Crescent backs pet project

Crescent European Specialty Lending (ESL) has provided unitranche financing for the acquisition of Armitage Pet Care by private equity firm Rutland Partners.
Armitage is the UK’s largest independent manufacturer and supplier of premium-brand pet treats and accessories, including the “Goodboy” dog treats brand. The firm provides over 2,000 products across the dog, cat, small domestic pet, bird and fish categories to supermarkets and pet specialist retailers.
The ESL strategy is part of Crescent Capital Group, the Los Angeles-headquartered fund manager that invests in senior bank loans, high yield debt, mezzanine debt, distressed debt and other private debt securities.