NBGI partially exits Pasta King

The fresh capital injection will allow Pasta King to grow its customer base.

Previous funding
In 2009, NBGI backed the £13m management buy-in of Pasta King from Matrix Private Equity Partners and the incumbent management team, acquiring a majority stake in the business. HSBC Leveraged Finance provided a debt package to finance the transaction on a 1:1 debt-to-equity ratio.

In 2006, Matrix backed the management buyout of the firm from its private vendors in a deal valued at £4.2m. Matrix took a 27.5% stake in the business and HSBC in Exeter provided the debt, which comprised of senior debt with a discounting facility. Matrix generated a 3.2x money multiple and 47% IRR in the 2009 exit.

Company
Founded in 1994, Devon-based Pasta King is a manufacturer, supplier and distributor of branded and own-label meals. The company retails to the education, retail, food services and health sectors in the UK. It has sold more than 100 million meals and has recently expanded its product range to include healthy rice-based meals and snacks.

People
Ian Howey and Ian Mansell, acquisition finance directors at Yorkshire Bank's business and private banking centre in Birmingham, led the deal. Richard Babington led the transaction for NBGI.

Advisers
Debt – Browne Jacobson, Paul Ray (Legal); Francis Clarke, Mark Greaves (Financial due diligence).

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• Topics
• UK / Ireland
• Consumer
• Expansion
• Exits
• Partial sale
• Refinancing
• United Kingdom
• NBGI Private Equity