Benvic completes ESG-linked refinancing

Innovative thermoplastic solutions provider Benvic has successfully completed a €117.5m refinancing which will increase the group’s financial flexibility and firepower with €80m of undrawn capex and acquisition lines, with €40m already committed.

This refinancing will enable Benvic to continue its organic and external growth strategy, building on the seven add-on acquisitions already completed since Investindustrial’s investment in 2018. During this period, Benvic has been transformed into a platform for growth by creating a new dedicated medical division, expanding the company’s geographical footprint across Europe, and developing its capabilities to provide sustainable, innovative and eco-responsible solutions.

Environmental, Social, and Governance (ESG) considerations are at the forefront of Benvic’s strategy. This is reflected in the new financing where the margin will be partly tied to the fulfilment of several ESG criteria such as the carbon neutrality of the group through recognised voluntary carbon credits from nature-based solutions, and the growth of volumes related to recycling and biopolymer activities.

CEO Luc Mertens said: “The completion of this ESG-linked refinancing marks an important milestone in the history of the group, reaffirming Benvic’s ambition to be a leader in sustainability in the specialty chemical industry. Having new financial firepower will also allow us to accelerate Benvic’s long-term growth strategy and make new strategic add-on acquisitions in the coming months.”

This refinancing was arranged with a consortium of lenders comprised of Arkea, Artemid, BNP Paribas, Banque Populaire Bourgogne Franche-Comté, Caisse d'Épargne et de Prévoyance de Bourgogne Franche-Comté, Eiffel Impact Debt, La Banque Postale, BPI France, Schelcher Prince Gestion, SCOR and UBI Banca. Rothschild & Co acted as a debt advisor to Benvic, Willkie Farr & Gallagher acted as legal adviser to Benvic, Gide Loyrette Nouel acted as legal adviser to the lenders and BNP Paribas is facility agent.