Towerbrook in swift partial exit from Van Geloven

Greg Gille and José Rojo
04 March 2016

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Towerbrook Capital Partners has sold its majority stake in Dutch frozen food producer Van Geloven to Canadian trade player McCain Foods.

Towerbrook will retain a minority stake in the business following the deal. Financial details surrounding the transaction remain undisclosed for the time being.

Towerbrook acquired the Dutch frozen snacks company alongside management from owners Lion Capital, Avedon Capital and other minority shareholders in March 2015. Equity was drawn from the LP IV fund. Launched in October 2012, the buyout vehicle reached its $3.5bn target in February 2013.

A unitranche debt package was arranged by Intermediate Capital Group (ICG), Investec and KKR – it was understood at the time of the deal that ICG provided 80% of the package. Rabobank also supplied a super-senior revolving credit facility.

Lion Capital had purchased the business from another private equity firm, Egeria, in a €290m deal in August 2008 that included €190m of debt provided by Barclays, Bank of Ireland and ING.

In June 2013, Lion sold a significant minority stake to Avedon Capital Partners.

Company
Van Geloven was founded in Tilburg in 1960. It produces branded frozen snacks under a range of subsidiaries, including its main brand Mora, Welton Snacks and Hebro. It also has private-label contracts with retail and food service customers. The company reached a €197m turnover in 2015, against €195.4m in 2014.

People
Towerbrook Capital Partners – José Arellano (senior principal).
Van Geloven – Peter Doodeman (CEO).