Jan Zandbergen
Refinancing and increasing Asset Based Lending focused financing package with increased operational and financial flexibility
- Jan Zandbergen is a family-owned business that operates within the global meat industry, employing over 200 individuals dedicated to creating innovative food solutions for the European market;
- Jan Zandbergen is a supplier of ingredients, semi-finished products, and concepts in the field of meat, poultry, and meat substitutes to retail, food service, and industrial clients. The company delivers innovative, customized alternative meat solutions to these markets;
- As the current financing package for the company was set to expire by the end of 2022, Jan Zandbergen retained the services of Avaxa to support with the refinancing process;
- Due to the envisaged growth and to be able to capitalize on opportunities within its markets, Jan Zandbergen sought to increase the flexibility of its current financing package;
- In line with its entrepreneurial spirit, the company also sought to further increase operational headroom going forward;
- Based on the strong financial performance of Jan Zandbergen throughout the years, Avaxa believed that the company's improved credit profile should be reflected in optimized terms & conditions of the financing, including the pricing;
- Avaxa assisted Jan Zandbergen in developing multi-year financial forecasts and compiled an information package, which included a Request for Proposal, Bank Presentation, and Long-Form Term Sheet that was presented to the incumbent lenders;
- The information package was instrumental in discussions and negotiations with the incumbent lenders, which ultimately led to the development of a new, future-proof and improved financing structure;
- In January 2023, the EUR 110m refinancing was successfully closed, and the new financing package includes an Asset-Based Facility, Letter of Credit Facility, and an Overdraft Facility provided by Rabobank and Deutsche Bank; and
- The new financing package substantially increases operational and financial headroom and flexibility for Jan Zandbergen throughout the five-year tenor of the new financing facilities, with significantly improved pricing.
