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Europe: Alcentra finances buyout of Chesapeake's Plastic Packaging

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Europe: Alcentra finances buyout of Chesapeake's Plastic Packaging

Alcentra has provided a unitranche to support the buyout of Chesapeake‘s Plastic Packaging Division by CEREA Partenaire, together with Bpifrance, Chemark and management. As well as supporting the buyout, the roughly €25 million, seven-year unitranche will provide capital for the business’ growth strategy in areas of high agricultural development, particularly in Brazil and Russia.

Frederic Mereau from Alcentra’s European Direct Lending and Mezzanine Investments team will represent the firm on the company’s Board of Directors as an observer.

The division, which will soon be renamed, combines the former activities of Chesapeake Specialty Chemicals Packaging in France, the U.K., and Hungary.

Headquartered in France and founded in 1987 by its current CEO, Jean-Philippe Morvan, the company is the European leader in specialty plastic packaging barriers, focusing on delivering high-quality products and services for the transport and storage of goods to customers, predominantly trading in the agrochemical and flavouring sectors.

The deal follows recent investments in Cambridge Education and Caffe Nero, as well as a U.K. waste management business (all executed over the last month).

Alcentra has been sourcing and arranging financing to middle-market businesses since its launch in 2003. To date, the company has invested over €1.8 billion in more than 85 middle-market transactions across senior debt, second lien, mezzanine, and equity co-investments. – Sarah Husband