Alcentra, a unit of BNY Mellon specialising in sub-investment grade corporate credit, has completed a unitranche investment in Chesapeake’s Plastic Packaging Division which combines the former activities of Chesapeake Specialty Chemicals Packaging in France, the UK and Hungary.
The recapitalised business will follow a growth strategy in areas of increasing agricultural development particularly in Brazil and Russia. The business was founded in 1987 and produces products for the transport of storage of good in the agrochemical and flavouring sectors.
Alcentra provided financing for the transaction, and Frédéric Méreau of the European direct lending and mezzanine investments team will represent Alcentra on the company’s board of directors. The deal is in line with Alcentra’s strategy of lending to attractive European mid-market companies that are experiencing less traditional banking support. Alcentra has invested over €1.8 billion in over 85 middle market transactions across senior debt, unitranche, second line, mezzanine and equity co-investments.