CSM Ingredients allocates €245M buyout loan; terms

CSM Ingredients has allocated a €245 million seven-year term loan supporting the firm’s buyout by Investindustrial. The deal priced in line with guidance at E+500 with a 0% floor offered at 97, to yield 5.66%. UBS was physical bookrunner on the deal.

Investindustrial announced its carve-out of the CSM Ingredients business from CSM Bakery Solutions Europe Holding BV in October 2020. The business manufactures and distributes bakery ingredients such as bread mixes, pastry mixes, bakery fats, and glazes, mainly to pastry and bakery shops and industrial firms.

CSM Ingredients operates in Germany, Italy, France, the U.K. and Benelux, with a growing presence in China and Asia. It has eight manufacturing facilities and generates revenue of roughly €500 million, according to the sponsor's announcement of the acquisition. Terms: