Banks are having a difficult time in their efforts to sell a £305 million (€361 million/$402 million) leveraged loan financing underpinning CapVest Partners’ acquisition of Young’s Seafood from Lion Capital, Reuters reported, citing banking industry sources.
Financing of the deal is led by Barclays, in conjunction with Goldman Sachs and RBC.
The deal has struggled to get the backing of both institutional investors and direct lenders the report said.
In July it was announced that Karro Food Group, a leading UK pork processor, which has been owned by CapVest since March 2017, had reached an agreement to acquire Young’s Seafood.
Once the deal goes through Karro and Young’s are scheduled to operate as two separate businesses within the enlarged group.
