Daily News: May 3, 2017

Guggenheim Provides ABL Unitranche to LDC


Guggenheim Investments, the global asset management and investment advisory division of Guggenheim Partners, closed one of the first unitranche plus ABL solutions in the European market.

The financing supported UK-based mid-market private equity investor LDC secondary buyout of Addo Food Group, the UK’s chilled savory pastry producer in a transaction that marks a successful exit for Vision Capital.

“We are pleased to have Guggenheim as our financing partner for our investment into Addo Food Group,” remarked Victoria Mercer, investment director at LDC. “Guggenheim’s flexible approach and credit decisions facilitated a pragmatic and efficient financing process. We look forward to working alongside the management team to support the next phase of growth for the company.”

The business has been supported with a new unitranche facility provided by Guggenheim with existing ABL facilities rolled forward by PNC.

“We’re pleased to have worked on one of the first asset-based lending plus unitranche transactions in the European market,” said Tara Moore, managing director, Guggenheim Investments. “Our creative structuring and flexible capital base will continue to allow us to provide innovative solutions to LDC and Addo as the business continues to grow.”

Headquartered in Nottingham, Addo manufactures a range of own-brand and branded products, including sausage rolls, hot pies, slices, pork pies, scotch egg products and quiches, which it supplies to the UK’s leading names in food retail including all the major supermarkets.