Investcorp and Barclays Private Equity have completed their acquisition of pan-European snack vending machine manufacturer N&W Global Vending. The deal is worth 800 million.The two entities will own the company on an equal basis, having purchased it from Merrill Lynch Global Private Equity and Argan Capital. Management will retain a minority stake in the company.
Debt and mezzanine financing was used to complete the deal.
“We are pleased to be able to announce the completion of this deal,” says James Mahoney, a managing director in Investcorp’s European private equity team. “Current market conditions make the execution of transactions of this size particularly challenging, and as such we are grateful for the continued support of our excellent relationships within the lender community.”
“We think the company is set to take advantage of the current market environment to profitably pursue its buy and build path,” says Emanuele Cairo, head of Barclays Private Equity Italy. “A strategy started very successfully by the current management team in recent years and perfectly in line with Barclays Private Equity investment policy.”
N&W has a 37% market share of the European market, according to a statement.
The company was formed in 2000 through the merger of two European vending machine manufacturers, Necta and Wittenborg. It had revenues of 350 million in 2007.
D.C.