Source - LSE Regulatory
RNS Number : 0227C
North Atlantic Smlr Co Inv Tst PLC
05 February 2024
North Atlantic Smaller Companies Investment Trust PLC
("NASCIT")
NASCIT is pleased to announce an investment of approximately £26.6m ($33.7m) in Crest Foods, comprising £17.9m ($22.7m) of equity and £8.7m ($11.0m) of 14.5% Senior Subordinated loans, at a leverage ratio of 2.4x EBITDA.
The principal business of Crest is the manufacture and sale of dairy stabilisers (54% of sales), contract food packaging (38% of sales) and outsourced packaged food product development (8% of sales).
Crest's customers include both branded and private label food companies.
Crest was acquired on a multiple of 6.5x trailing twelve months December 2023 EBITDA.
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