Global law firm Clifford Chance has advised an international banking syndicate comprising BNP PARIBAS, Deutsche Bank Aktiengesellschaft, Landesbank Hessen-Thüringen Girozentrale and UniCredit Bank GmbH on the new bank/bond financing of the Fressnapf Group. The financing is intended to support a comprehensive strategic transformation of the Group to gain market share across Europe both organically and through M&A activities.

The new financing consists of Fressnapf’s debut senior unsecured bond (governed by New York law) with a total volume of EUR 800 million and a new revolving credit facility in an aggregate amount of EUR 300 million.

The proceeds from the bond will primarily be used for financing the acquisition of Agrifarma and its subsidiaries (Arcaplanet), and the refinancing of existing debt. Fressnapf Group has recently expanded its European footprint through strategic acquisitions, including Jumper Groep in the Netherlands and the pending acquisition of Italy’s Arcaplanet.

The Fressnapf Group is the European market leader for pet supplies. Since the opening of the first “Freßnapf” specialist store in 1990 in Erkelenz (NRW), the company is headquartered in Krefeld, with additional offices in Venlo (NL) and in the national companies. It operates in key European markets. Today, approximately 2.000 Fressnapf and Maxi Zoo stores with employees from over 50 nations belong to the group of companies. In Germany, the majority of the stores are operated by independent franchise partners, in other European countries as own stores.

In relation to bond financing, the Clifford Chance team was led by partners George Hacket, Cristina Freudenberger and Axel Wittmann. The core team further comprised senior associate Andrei Manea, associates Gordana Golubic-Huertas and Paulina Fecht as well as transaction lawyer Valeria Umanet (all Global Financial Markets, Frankfurt). Advice was also provided on tax matters by partner Olaf Mertgen and senior associate Steffen Waadt (both Tax, Frankfurt).

In relation to bank financing, the Clifford Chance team was led by partner Simon Reitz and counsel Christoph Nensa (both Frankfurt) with support from senior associate Peter Gierl and associate Pamela Skopp (both Munich) as well as partners Peter Dahlen, Katherine Sinclair and senior associate Lewis Whyte (all London, all Global Financial Markets).