Alternative SME credit specialist Caple has supported Delice de France, the bakery specialist, with a fully unsecured multi-million pound eight-year loan.
Delice de France has used the loan to complete a management buyout from parent company Aryzta AG, global suppliers to the foodservice industry.
The management buyout was led by Delice de France managing director Thierry Cacaly. It will enable the business to continue to deliver quality products, to innovate and to grow.
Thierry Cacaly, managing director, at Delice de France, said: “This bold move represents an outstanding milestone in the company’s 35-year history. We have a passionate, focused and well-seasoned leadership team who are dedicated to our customers by finding new ways to serve them. As well as supporting our colleagues through continuous development.
“This loan through Caple will enable us to make Delice de France a real independent force driving up standards in the food and beverage sector.”
Caple is the UK’s first firm to offer access to unsecured lending based on the future cash flows of the business. It requires no collateral or personal guarantees as security.
Loans originated through Caple can also sit alongside existing bank lending, meaning firms can access more funding than they would to be able to access from their bank alone. As a result, Delice de France will retain its working capital facility with NatWest without the need for inter-creditor arrangements.
Dominic Buch, managing partner and co-founder of Caple, said: “Options for unsecured debt are limited in the UK. This creates a barrier to growth and ownership and may push businesses to needlessly issue equity in their business. Few businesses completing an MBO want to consider that option.
“Our deal demonstrates how unsecured lending can form part of a blended finance package and support ambitious businesses and management teams.”
Delice de France is the largest specialist manufacturer and distributor of premium frozen bakery products in the UK. The company has a reputation as a leading supplier of continental, ready-to-bake, specialities sourced from across Europe. Delice de France has received numerous awards for its high-quality products.
Caple originates loans through a local partner network of accountancy and business advisory firms. Jason Metcalf, managing director at corporate finance firm Park Capital advised Delice de France.
Jason Metcalf, managing director of Park Capital, said: “It was a pleasure to work with the team at Caple in putting together an innovative funding solution to finance the MBO of Delice de France. The team’s commitment and professional approach was critical to the success of the transaction.”
The loans Caple facilitates are part of BNP Paribas Asset Management’s SME Alternative Financing direct lending platform, which enables SMEs to access funding from institutional investors. BNP Paribas Asset Management aims to provide €1bn per year in funding to SMEs across Europe.