An investment unit of the Luxembourg-registered Investindustrial Advisors, World Confectionery Group, has offered to acquire Madrid-based confectionery business Natra for €142m ($162m).
Investindustrial Advisors announced the launch of a voluntary tender offer to acquire 100% of Natra shares and outstanding convertible bonds.
As per voluntary tender offer, Investindustrial Advisors offered €0.90 in cash for each share and €900 for each convertible bond.
Headquartered in Madrid, Spain, Natra produces chocolate for private label brands and other food companies. It also specialises in cocoa derivatives.
Its consumer goods division is engaged in the production of chocolate tablets, countlines, spreads and Belgian chocolates for markets across Europe. Germany, France, Belgium, Holland, Spain and the UK serve as its main markets.
Natra also operates six production centres in Spain, Belgium, France, Canada and has a commercial presence in Asia and the US.
The Spanish confectionery business noted that a group of its shareholders ‘entered into an irrevocable undertakings agreement’ with Investindustrial Advisors, reported Just-food.com.
Under the agreement, the group of investors will change the convertible bonds held by them into shares by no later than 27 January 2019.
Over 91.2 million shares in the Spanish company will be issued through the conversion, translating to 57.58% of the chocolate manufacturer.
Natra reported net earnings of €12.3m and revenues of €270m in the nine months leading to the end of September 2018, owing to higher sales in its consumer division.
Established in 1990 with €6.8bn of raised fund capital, Investindustrial Advisors is a leading independent investment group, which focuses on acquiring control positions in medium-sized companies in Southern Europe.
Investment bank Houlihan Lokey served as financial advisor to Natra for the deal.
