Source: PR Newswire
European Capital Limited (‘European Capital’) announced yesterday that it has received proceeds of euro 66.8 million from the exit of three portfolio companies.
“We are pleased to announce the sale of MW Brands' senior subordinated debt, the repayment of Orangina Schweppes' senior subordinated debt and the repayment of Simple Health & Beauty's second lien, senior subordinated debt and PIK loan,†said Nathalie Faure Beaulieu, Regional Managing Director of European Capital Financial Services.
MW BRANDS
The sale of euro 7.2 million of senior subordinated debt from MW Brands represented a 14% annual rate of return. European Capital initially provided funding to support the acquisition of MW Brands from Heinz in July 2006, investing euro 6.1 million in senior subordinated debt alongside equity sponsor Lehman Brothers Merchant Banking.
MW Brands is a producer of seafood, specializing in tuna based products and also selling a comprehensive range of salmon, mackerel, sardines, seafood spreads and other seafood products. The company's core brands include John West, Petit Navire, Parmentier and Mareblu, and its products are mainly sold in the UK, France, Italy, Ireland and the Netherlands. The company is headquartered in France.