GERMANY - Silverfleet buys Montagu's Kalle for EUR 212.5m

Debt for the transaction was secured from a syndicate of banks led by the Bank of Ireland, which acted as mandated lead arranger and global coordinator of a EUR 133m financing package. The debt financing comprises €113 million of term debt and a €20 million revolving credit facility.

This is the first investment from Silverfleet's EUR 665m new fund.

Montagu backed the MBO of Kalle in 2004, subsequently investing around EUR 50m into the company's growth, of which EUR 28m was invested in modernisation and EUR 20m in R&D. Over the course of the investment, the company's turnover increased by 22%.

Headquartered in Wiesbaden, Germany, Kalle is a producer of artificial casings for sausages with market positions in the viscose, textile and plastic product areas. With 1,300 employees, the business has forecasted sales of EUR 220m for 2009 and operates from 16 production sites in 10 countries.

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