3 Oct 2017

PCS3 acts as sole lender in the refinancing of Prinsen B.V. and supports the acquisition of Berning’s

Permira Debt Managers (“PDM”) announces that direct lending fund Permira Credit Solutions III (“PCS3”) acted as senior secured lender to refinance Prinsen B.V., a leading provider of premium instant powdered food solutions. The company currently operates across four distinct business units: health, premium instants, creamers and ingredients, each with its own diversified market and end customers.

The transaction further supports the acquisition of Berning’s, a German nutrition bar manufacturer, accelerating growth in protein-enriched products and focusing on diet, sport and wellness. Berning's has a portfolio of c.500 production recipes for contract manufacturing and private label retailers. Together the combined group will be positioned as a one-stop shop for ‘Active Nutrition’ with products to support consumers seeking a healthy lifestyle.The newly formed business will operate under the name Prinsen-Berning. 

This was a primary club deal with PCS3 acting as majority lender. The deal was originated through a strong relationship with the debt advisor, Marlborough Partners, who were advising the sponsor on the transaction. The company is owned by Bencis Capital.