* IN a major funding package with a group of leading international
banks, led by Royal Bank of Scotland's acquisition finance department,
senior debt facilities totalling #240m have been put together for
Gardner Merchant, writes ERIC BAIRD.
The group is now regarded as Europe's largest contract caterer,
operating in 18 countries with 55,000 employees. It was a #402m buy-out
from Forte in December 1992.
Part of the facilities have already been used to finance the #100m
acquisition of Morrison's Hospitality Group.
The deal is the largest tackled by Royal Bank since its specialist arm
was created last year.
A spokesman said the package included a #155m term loan to refinance
Gardner's existing borrowings, the #100m acquisition loan, and a #20m
multi-currency working capital and guarantee facility.
Commenting on the finance package, Leith Robertson, head of
acquisition finance, said it confirmed the bank as an important player
in acquisition finance.
Gardner Merchant finance director Iain Carslaw praised the speed at
which a competitive package was put in place.
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