Picard Surgeles Buyout Gets Bankroll

Bankers have revealed that the sale of French frozen food company Picard Surgeles by private equity firm BC Partners is backed by a loan of €700m-€800m ($881.7m).

The financial assistance has been provided by a group of banks including Credit Agricole, Lloyds Banking Group, Mizuho Corporate Bank, Natixis and Societe Generale, they said.

BC Partners is expecting to raise up to €1.5bn ($1.9bn) from the deal, which could be completed this month.

The buyout is likely to be backed with an equity cheque of around 40%, according to flexnews.com.

Picard has earnings before interest, tax, depreciation and amortisation of around €160m ($206m), the bankers said.