Vendor due diligence for €150m Term Loan B


Markets: UK, France, Netherlands, Spain, Italy, and Poland

The client,  a multinational packaging business supplying trays and lidding film to a range of application markets, but primarily focused on protein and fruit, was undertaking a financial restructuring and issuing a Term Loan sponsored by leading City institutions.  We were asked to prepare a vendor due diligence report to support the marketing of the Term Loan

Our report focused on sales trends and market share in the UK, France, Netherlands, Spain, Italy, and Poland. In order to develop market share estimates, we developed an approach based on store audits across a number of European markets – logging the packaging type and packaging suppliers for over 100,000 facings in the protein shelves of supermarkets across Europe.

We analysed market trends to develop projections of market growth by type of packaging.  We interviewed over 20 customers across a number of European markets to develop a customer perspective of the client business.

The report was produced to time and budget and supported the bond issuance which successfully raised >€100m