Media & Insight

Pemberton hits milestone in Spain with the completion of over €600m-worth of deals

Pemberton, the diversified asset manager backed by one of Europe’s largest insurers, Legal & General Group PLC, has completed four deals in Spain, totalling more than €600m, since the start of 2019. The recent succession of transactions positions Pemberton as one of the leading direct lenders in Spain. The four new deals that Pemberton has closed this year are: 

  • The financing of Advent International’s acquisition of Grupo Vitaldent, a leading network of dental care clinics 
  • The financing of InvestIndustrial’s public tender offer for the delisting of Natra, a leading manufacturer of chocolate products and cocoa derivatives 
  • The refinancing package to support the expansion plans of Laboratorios Larrasa, a leading international clinical and genetic laboratory business
  • The financing of InvestIndustrial’s acquisition of Neolith, a leader in the design and production of sintered stone services serving multiple end-markets, including bathrooms, wall claddings, furniture, floorings, facades and with a particular focus on high-end kitchens  

Direct lending to performing companies has substantially increased over the last five years in Spain, according to data from Deloitte’s Alternative Lender Deal Tracker1. The latest transactions highlight the strength of Pemberton’s position in Spain, bringing the total number of transactions completed by the firm in Spain to six. 

Cassandra Rivilla-Lutterkort, Director of Origination for UK and Spain at Pemberton, said:“Spain is an important market for Pemberton as we continue expanding and diversifying our pan-European investment platform. Although adoption of direct lending in Spain is lower than in, for example, Germany and France, the trend is clear. Local sponsors and borrowers are becoming increasingly aware of the value that funds like Pemberton can bring.

Symon Drake-Brockman, Managing Partner at Pemberton, said: “We have seen the Spanish direct lending market continue to mature and we are delighted to have been able to finance some very high-quality Spanish-headquartered companies with excellent management teams. We expect the recent strong activity to continue into next year.”

The news follows Pemberton’s recent announcement that it has raised €4.2 billion for its European Mid-Market Debt Fund II and Strategic Credit Opportunities Fund in the first six months of 2019.2 

2 European Mid-Market Debt Fund II and Strategic Credit Opportunities Fund are now closed

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