The Bonduelle Group has obtained the approval from U.S and Canadian regulatory authorities and the waiver of conditions precedent allowing it to finalize the agreement with the institutional investors Fonds de solidarité FTQ and CDPQ, for the acquisition, in equal shares between them, of 65% of Bonduelle Americas Long Life (BALL) and on the basis of an enterprise value at 100% of 850 million Canadian dollars (approximately 625 million euros), or an EBITDA multiple for 2020-2021 of 8.2x.
With a revenue of C$ 943 million for financial year 2020-2021, BALL is dedicated to the processing and marketing of canned and frozen vegetables in the United States and Canada, in the retail supermarket and food service sectors, mainly with private labels, third party brands and own brands such as Arctic Gardens and Del Monte.
This operation will enable the group to continue to deploy its activities, particularly in brands, in line with its strategic priorities and its ambition of sustainable growth with positive impact.
The net proceeds from the sale will be determined on the basis of the financial statements as of the date of the transaction, which are currently being prepared, and will be recorded in the Bonduelle Group's financial statements for the year ending June 30, 2022.
Bonduelle was advised by Rothschild & Co and BNP, and by PwC for financial and tax due diligence, as well as by the law firms Gowling in Canada and Willkie Farr & Gallagher LLP in France and in the United States.
The Fonds de solidarité FTQ and CDPQ were both assisted by the Canadian law firm Blakes (Blake, Cassels & Graydon S.E.N.C.R.L. / s.r.l.) and by K&L Gates LLP in the United States.
The new structure resulting from the agreement between Bonduelle, the Fonds de solidarité FTQ and CDPQ is financed by TD Securities which acted as joint underwriter, sole bookrunner, co-lead arranger and administrative agent for the company's senior secured credit facilities totaling C$575 million alongside Rabobank acting in syndication, as well as Investissement Québec (IQ) as a subordinated lender.
For more information:
Benjamin Zehnder
Bonduelle
Tel: +33 (0)6 76 41 18 19
benjamin.zehnder@becoming-group.com
Frédérique Lavoie-Gamache
Fonds de solidarité FTQ
Tel: +1 438 364 1596
frederique.lavoie@fondsftq.com