Press Release (in French)
Alcentra has provided a unitranche leveraged in the range of 5x to 5.5x EBITDA to support SK Capital’s merger and acquisition of French plastic packaging company Ipackchem, sources told Reorg. Continue reading for the EMEA Middle Market by Reorg team's update on SK Capital's merger and acquisition of Ipackchem, and request a trial for coverage of stressed, distressed and high-yield credits in the region.
The facility includes an acquisition line and an RCF could be added to the debt package, sources said. Ipackchem was being marketed off EBITDA of about €20 million, as reported
Ardian’s private debt division was the incumbent lender having provided a unitranche
facility to support Sagard’s acquisition of Ipackchem and to finance future build-ups in 2017.
Rothschild acted as M&A and financial advisor to SK Capital. Kirkland & Ellis served as legal counsel, according to a press release. French bank Natixis advised Sagard.
Ipackchem generates annual revenue in excess of €120 million, according to the company’s website
. Founded in 1987, the company employs 800 people and operates eight factories in France, U.K., Hungary, Brazil, South Africa, Russia and China.