Shearman & Sterling advised the eight initial purchasers in connection with the offering of €550 million 4.50 percent senior secured notes in the context of the acquisition of Agrifarma by Cinven. The Shearman & Sterling team also represented the mandated lead arrangers in the context of an €80 million revolving credit facility in connection with the financing of the acquisition.
Cinven has formed a further agreement to merge the existing Agrifarma business with Maxi Zoo Italia, a subsidiary of the Fressnapf Group that currently operates a durable network of 130 additional pet product stores throughout Italy. Agrifarma is a major omni-channel pet products and pet services company with the largest network of approximately 380 specialist pet stores across Italy, a proprietary e-commerce platform serving approximately 7 million active users and a robust lineup of 18 exclusive brands. The resulting combined group will be jointly owned by Cinven and Fressnapf and is expected to be a dominant leader in the Italian pet retail industry. The transaction is expected to close by the first quarter of 2022 and is subject to customary regulatory approvals.
The Shearman & Sterling team below included associates Derek Andersen (London-Finance) and Eugene Kim (Washington, D.C.-Tax).