European Capital receives EUR45.8m from Hofmann Menu exit
European Capital has received proceeds of EUR45.8m from Gilde Buy Out Partner's sale of Hofmann Menu Manufaktur to Partners Group on behalf of its clients and the existing management team.
The proceeds relate to a mezzanine facility provided to support Gilde's buyout.
In addition, European Capital also co-invested in the equity alongside Gilde and the management team.
European Capital realised a money multiple of 1.8x and IRR of 11.9 per cent not including the return on its equity investment.
Hofmann Menu is a German provider of customised cook and freeze products to small business canteens and social organisations such as retirement homes, hospitals and schools.
"We are very pleased with the outcome of this transaction," says Nathalie Faure Beaulieu, regional managing director of European Capital Financial Services. "We continue to actively seek attractive private debt opportunities in midcap businesses that have leading positions in growing markets with enterprise values of up to EUR500m. With its strong market position, high quality management and impressive record of growing earnings, Hofmann Menu is a great example of this positioning."
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