Article
Peak Rock Buys J.R. Dalziel; Debt Package Levers Food Distribution Business at About 5x EBITDA
CVC Credit is providing a debt package to support Peak Rock Capital’s acquisition of U.K.-based food distribution business J.R. Dalziel or JRD, sources told Octus.
The financing includes a £225 million unitranche, a £75 million committed acquisition facility to be provided by CVC and a £25 million RCF which will be provided by a bank, sources said.
The debt package levers the business at around 4.7x based on its EBITDA of £48 million, sources added. The margin on the unitranche is understood to be around 500 bps over the reference rate, sources said.
JRD is a family-run Scottish food wholesale and ingredients group supplying the U.K.’s retail butchery and food processing sectors.
The Bellshill-based business delivers meat, poultry, seasonings and specialist food ingredients to over 5,000 butchery outlets through a network of 12 depots across the U.K., according to its website. The group’s early growth was supported by a Royal Bank of Scotland debt facility, secured shortly after incorporation in 2008 and fully repaid by 2010.
CVC and Peak Rock declined to comment. JRD did not respond to a request for comment.
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