Apera supports refinancing of Seabrook with unitranche facilities

London, 18 December 2017. Apera, a pan-European mid-market private debt investor, today announces that it has entered into an agreement with LDC, the private equity arm of Lloyds Banking Group, to provide debt facilities to support its refinancing of Seabrook Crisps (“Seabrook”), the iconic crisp and snack brand.

Established in 1945, Seabrook produces a range of crinkle cut, straight cut and premium lattice crisps at its headquarters in Bradford, Yorkshire. The company supplies over 20 million bags of crisps each month and has a strong position as the major challenger brand in the category in grocery retail, value retail and foodservice.

LDC backed the management buyout of Seabrook in July 2015 and has supported a major growth drive to increase its UK market share, drive national rate of sale, invest in its manufacturing infrastructure, support new product development and secure international sales opportunities.

The business, which has exciting plans to develop the brand in the UK in 2018, already has sales of more than £30 million and recently secured significant new retailer brand business, as well as continuing to develop internationally with new business in China, Singapore and New Zealand.

Apera was mandated by LDC to provide unitranche facilities aggregating £23.5 million, which will support Seabrook in continuing its growth strategy, including further investment in product development.

Daniel Woodwards, Chief Operating Officer at Seabrook, said: “I am pleased to be working with Apera whose streamlined financing solution provides the business with a solid platform upon which to pursue our growth objectives at home and overseas, whilst continuing to provide our customers with the highest quality product.”

David Wilmot, Founding Partner at Apera, said: “Seabrook is a long-established and highly regarded brand in the UK snacking sector, with significant growth potential underpinned by strong retailer relationships and a modern and efficient production infrastructure. We are pleased to be backing Seabrook’s refinancing and look forward to working with the management team and LDC as the company embarks on the next stage of its growth strategy.”

About Apera

Apera is a pan-European mid-market private debt investor operating in the DACH region, the UK, the Nordic region, France and Benelux. The firm develops long-term partnerships with private equity investors, SME borrowers, and advisors by providing tailored financial solutions that meet both the operational needs and growth objectives of clients, whilst producing attractive returns. Apera is focused on bringing a new standard of transparency to the private debt market.  

About LDC

1. LDC is the private equity arm of Lloyds Banking Group and is authorised and regulated by the Financial Conduct Authority.
2. LDC backs ambitious management teams from UK-based companies seeking up to £100m of equity for management buy-outs, institutional buy-outs or development capital transactions.
3. LDC is celebrating its 35th anniversary and has completed more than 550 investments since 1981.
4. LDC has a portfolio of 90 businesses across the UK which collectively generates £5.5bn of revenues and employs in excess of 40,000 people.
5. LDC invests in a broad range of sectors and has particular experience in Construction & Property, Financial Services, Healthcare, Industrials, Retail & Consumer, TMT, Travel & Leisure and Support Services.
6. LDC has committed to invest £1.2bn in UK mid-market businesses over the next three years.
7. Over the last three years (2014-16), LDC has invested over £1bn of equity and generated exit proceeds of more than £2bn.
8. LDC is the leading private equity company in the UK mid-market. Recent transactions include investments with Eque2, IP Solutions, Vista, Ensek, Stuart Turner, Patrick Parsons, Pelsis, Amberon, Lucid Group and Addo.
9. LDC has a UK regional network with offices in Birmingham, Bristol, Cardiff, Edinburgh, Leeds, London, Manchester, Nottingham and Reading.

For further information, visit www.ldc.co.uk/pressrelease