22 Jun 2017

PCS2 invests in the senior secured fixed rate notes of Nova Austral

On 2 June 2017, Permira Debt Managers (“PDM”) announced that direct lending fund, Permira Credit Solutions II (“PCS2”) invests in the senior secured fixed rate notes of Nova Austral. The transaction was introduced to PCS2 through Pareto and DnB in Norway, who were acting as joint bookrunners on the transaction.

Nova Austral is a salmon farmer located in the Magallanes region of Southern Chile. The company owns and operates a modern and flexible processing plant, enabling the production of high end products. The location of the farms provides the best biological conditions for harvest due to its cold waters, north streaming currents and low density of biomass. As a result of the superior environment Nova Austria uses no antibiotics and pesticides which enables them to sell salmon at premium prices.

Since Nordic private equity firm Altor and Bain Capital took over the company in 2014, Nova Austral has tripled its harvest and delivered strong EBITDA performance. This was predominantly driven by an experienced management team and the adoption of Norwegian best practices.