It’s that time again where we look at the latest deals & rumours going on within the foodservice sector. Here’s a round up of what we have found…
Premier Foods prices USD405.63 million in public offering of 6.25% senior secured notes due 2023
Premier Foods plc, a UK-based food products company, has priced GBP300 million (USD405.63 million) in a public offering of senior secured notes due 2023. The notes will hold a coupon rate of 6.25% per annum. The offering is subject to customary closing conditions and settlement is expected to occur on June 04, 2018. Premier Foods intends to use the proceeds for cash on hand and drawings under a revolving credit facility, to pay the total consideration, including any accrued and unpaid interest, to pay any consideration, including any accrued and unpaid interest, in connection with the redemption of the 2021 motes not tendered in the tender offer and to pay certain administrative costs, expenses and fees in connection with the foregoing.
High Brew Coffee secures USD20 million in venture funding
High Brew Coffee, Inc., a US-based producer of cold-brewed coffee, has secured USD20 million in venture funding led by Charles Street Partners, an investment firm and other investors. David Smith is the founder of High Brew Coffee. High Brew Coffee will use the funds towards brand growth, marketing and retail and distributor partners.
Futura Foods signs deal with Fairway Foodservice
Dairy product supplier Futura Foods has signed a deal with Fairway Foodservice Group, which will see it supply its continental cheeses to Fairway’s 20+ wholesalers across the country. Claiming the Fairway Group is a ‘perfect fit’ Futura’s range of products, national account controller John Steele called it a ‘key partnership.’ He said: “Futura Foods is delighted to link up with Fairway Foodservice, who can boast seriously strong UK-wide coverage and a keen focus on innovation. “As soon as we met the Fairway team, we knew we were on the same page in terms of strategy and vision – it’s the perfect fit.”
McDonald’s raises USD500 million in debt offering of floating rate bonds due 2021
McDonald’s Corporation, a US-based fast food company, has raised USD500 million in a debt offering of bonds. The bonds will bear a floating rate of 0.430%+USDLibor3M payable quarterly and will mature on October 28, 2021.
101 Caffe to acquire 49% stake in Cap Empire
101 Caffe S.r.l., a distributor of coffee paraphernalia including pods, pads and capsules through its franchise network, has entered into sale and purchase agreement to acquire a 49% stake in Cap Empire S.r.l., a producer and marketer of capsules for coffee and other beverages, from Future Investment Holdings Pte. Ltd., a Singapore-based subsidiary of Food Empire Holdings Limited, for a total cash consideration of EUR1 (USD1.18). 101 Caffe and Cap Empire are based in Italy. CAP Empire is a joint venture between Future Investment Holdings and Holding Investimenti Industriali S.r.l. Food Empire Holdings is an investment holding company. Following the completion, Cap Empire will cease to be an associate company of the group and will be an associate company of 101 Caffe.