Uvesco nets debt to back PAI-led buyout

PAI is said to have mandated Barclays, Jefferies, SMBC and Rabobank to arrange a roughly €300 million term loan financing to support its buyout of Spanish food retailer Uvesco S.A., according to sources.

The deal was announced just before Christmas, and sees PAI buy a majority stake in the Spain-based group with existing shareholders retaining a significant stake. The investment will support the group's growth and acquisition plans, especially in the north of Spain and Madrid.

Uvesco is headquartered in Gipuzkoa in the Basque Country, and operates through the BM Supermercados and Super Amara brands. The firm has grown from revenue of roughly €465 million in 2008 to €954 million in 2020 while roughly doubling its market share.

PAI declined to comment on the deal when contacted by LCD.