Hofmann Menü refinancing deal opens doors to wider capital pools
Founded in 1960 as a butcher's shop, Hofmann Menü Manufaktur has developed into a leading frozen food service provider for mainly small- and mid-sized companies as well as social organisations such as retirement homes, hospitals and schools. The company serves an estimated 10,000 customers each day in the outsourced canteens market in Germany, next to its recently-acquired operations in Austria and Switzerland. In 2013, Hofmann was majority acquired by private markets investment manager Partners Group on behalf of its clients.
In 2017, in view of Hofmann Menü's excellent performance, Partners Group mandated NIBC in a refinancing transaction to optimise the company's capital structure.
Leveraged Finance Germany completed the refinancing of Hofmann Menü in the role of joint bookrunner alongside the company’s two incumbent bookrunning banks. The deal showcased NIBC’s excellent syndication capabilities as well as its ability to handle larger transactions.
The NIBC Team has built a long-term relationship with Hofmann’s management team and shareholders based on continuous proactive support and advice. In this latest transaction, the three bookrunners executed a Europe-wide book-building exercise, underlining NIBC’s ability to participate in and contribute to large-scale syndications.
The new financing provides additional flexibility to the Hofmann management team which they can use to further develop the business in the period ahead. The deal also allowed the business to cultivate its financial relationships with a pan-European pool of institutional investors, thereby providing it with a strong base of investors to raise capital in the years ahead.
“We appreciate in particular NIBC’s remarkable industry know-how in our long-standing partnership. We are looking forward to continue to deepen our relationship through the Joint-Bookrunner role of NIBC in our new financing." – Alexander Müller, CFO Hofmann Menü.