Investindustrial-backed Benvic completes €117.5m refinancing

Katharine Hidalgo
12 October 2020

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Investindustrial portfolio company Benvic has completed a €117.5m refinancing.

This refinancing was arranged with a consortium of lenders comprised of Arkea, Artemid, BNP Paribas, Banque Populaire Bourgogne Franche-Comté, Caisse d'Épargne et de Prévoyance de Bourgogne Franche-Comté, Eiffel Impact Debt, La Banque Postale, BPI France, Schelcher Prince Gestion, SCOR and UBI Banca.

The deal will provide the group with €80m in undrawn capital expenditure and acquisition lines, of which €40m has already been committed.

The facilities will go towards the company's growth strategy. It has completed seven add-on acquisitions during Investindustrial's holding period.

The refinancing includes stipulations around ESG criteria. The margin will be partly tied to criteria such as the carbon neutrality of the group through industry-recognised voluntary carbon credits, and the growth of volumes related to recycling and biopolymer activities.

Previous funding
In June 2014, OpenGate agreed to acquire Benvic from Solvay, the company's Belgian parent.

Benvic was the third PVC business acquired by the firm at the time, including Kem One, a PVC compounder, which it acquired through a public-to-private deal in January 2014.

Investindustrial acquired Benvic from OpenGate Capital in an SBO in January 2018. The firm held a final close on the €2bn hard-cap of its sixth private equity fund Investindustrial VI in February 2016, three months after launch. The fund was 85% deployed as of December 2019, according to Unquote Data.

Company
Established in 1963, Benvic has a turnover of approximately €250m. It develops, produces and markets thermoplastic products that are used across a range of rigid and flexible end-applications, including building and construction, healthcare, fluid transport, electro-technical products, cables and packaging. Benvic has a workforce of approximately 500 employees across eight production sites in France, Italy, Spain, the UK and Poland.

Advisers
Company – Rothschild & Co (debt advisory); Willkie Farr & Gallagher (legal); BNP Paribas (corporate finance).
Debt – Gide Loyrette Nouel (legal).