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Direct Lenders Prepare to Submit Leverage Indications of 3.5x to 4x in Prinsen Berning Sale

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Reporting: Nick Krause

Direct lenders are preparing to submit leverage indications of between 3.5x and 4x in the sale of Dutch health nutrients provider Prinsen Berning on Wednesday, May 20, sources told Octus.

Sell-side advisor Jefferies is marketing Bencis Capital-owned Prinsen Berning, which produces nutrition bars and powders for market-leading brands and private labels, off an EBITDA of about €18 million, as reported.

Lender education sessions for the sale of Prinsen Berning were held earlier this month, sources said. However, some lenders declined to take part in the process owing to concerns over the group’s high capital expenditure needs and the variation in manufacturing input prices, a source added.

In January 2025, Eurazeo provided long-term financing for the group, which has a turnover of €179 million.

Bencis acquired Prinsen in 2016, before the group acquired its German peer Berning in 2017, backed by financing from direct lenders CVC Credit and Permira.

Private equity firms and strategics are preparing to submit nonbinding offers for Prinsen Berning on June 4, sources said. Ardian, Egeria, NPM Capital, PAI Partners, Parcom and Rivean are considering submitting NBOs for the group, a source added.

Bencis is likely seeking to sell Prinsen Berning to a strategic investor because private equity firms are more concerned about the consumer discretionary nature and high competition within the sector, sources said. EY is providing vendor due diligence on the group, a source added.

Prinsen Berning consists of Koninklijke Prinsen BV and Gustav Berning GmbH, according to its website.

The group is headquartered in Helmond, the Netherlands and has offices in Northwestern Europe, according to its owner’s website.

Jefferies, PAI Partners and NPM declined to comment. Ardian, Bencis Capital, Egeria, EY, NPM Capital, Parcom and Rivean did not respond to requests for comment by the time of publication.

Disclosure: Funds associated with Permira hold a majority interest in the parent company of Octus.

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