CVC Credit is pleased to announce that it has provided senior debt to support Waterland Private Equity’s acquisition of Palletways, a leading pan-European pallet distribution network.
Established in 1994 and headquartered in the UK, Palletways is a leading pan-European pallet distribution network, coordinating the pricing and logistics of small pallet deliveries across national and international routes by utilising local and regional delivery firms. Palletways operates a digitally coordinated hub-and-spoke network between member depots and its central and regional pallet network hubs, moving c.9.5m pallets each year across 25 countries, via c.400 members and 23 hubs.
This investment has been made through CVC Credit’s European Direct Lending strategy, which focuses on lending to established European medium and large companies, with a focus on the senior secured piece of the capital structure.
Tom Hayhurst, Managing Director in CVC’s Private Credit team, said: “Palletways has established a leading position in what is a structurally growing market in Europe, driven by its loyal member base and the ability to maintain pallet flow during variable market conditions. We are also proud to partner once again with Waterland, a high-quality European sponsor with deep logistics expertise to drive continued growth at Palletways.”
Andrew Davies, Head of CVC Credit, added: “We are pleased to announce this latest transaction for our European Direct Lending strategy. This is another example of our platform’s strong track record of originating senior secured financing solutions and supporting the highest quality businesses and sponsors, which enables us to build well-diversified portfolios for our clients.”