Vanilla maker Prova lands €77M debt package from six-bank group
What's the deal? ProvaDealroom has a profile for this one. Try Dealroom →, a French family-owned maker of vanilla and cocoa extracts and flavours, has secured a €77 million financing package from a group of six banks. Société Générale led as agent, with LCLDealroom has a profile for this one. Try Dealroom →, BREDDealroom has a profile for this one. Try Dealroom →, BNP Paribas, Caisse d'Epargne Île-de-France, and Crédit Agricole Centre LoireDealroom has a profile for this one. Try Dealroom → joining as co-arrangers.
What's inside the package? The financing includes a six-year amortising Term Loan A, a seven-year bullet Term Loan B, a line for capex and acquisitions, and a revolving credit facility. The funds will refinance existing debt and back the company's operational investment plan.
Who is Prova? Founded in 1946 and based in the Paris region, Prova specialises in brown extracts and aromas, mainly vanilla and cocoa. It employs roughly 500 people worldwide, operates five sites in France, and generates about 80% of its revenue internationally.
Why it matters? The deal was significantly oversubscribed and closed at competitive margins, which AlantraDealroom has a profile for this one. Try Dealroom → — which advised Prova — attributes to the group's credit profile and strong bank-market demand. "The strong response from the banking market reflects the quality of the group's credit profile and the clarity of its industrial growth strategy," said Pierre-Louis Nahon, managing partner at Alantra.
The signal: At €77 million, the package sits in the upper tier of debt deals by size, underscoring continued appetite among European banks for established, export-heavy industrial borrowers. For Alantra, it adds to a run of French debt mandates that includes Nasta PetfoodDealroom has a profile for this one. Try Dealroom →'s €118 million unitranche and a €177 million refinancing for Groupe Factoria-SMBDealroom has a profile for this one. Try Dealroom →.
Read more: capital-riesgo.es
Image credit: Starr Environmental
