Affinity buys Aussie meats firm for $758 mln-source
Affinity will take 70 percent of the firm, with the Lederer
family that founded Primo retaining 30 percent, said the source.Pan-Asia buyouts shop Affinity submitted a final bid for the
firm in July, backed by financing of about A$580 million. The
leverage multiple on the debt is 3.5 times, the source said.Primo, which has contracts with Coles and Woolworths
, has projected 2011 earnings before interest, tax,
depreciation and amortisation of A$125 million, the source said.Macquarie Bank was the sellside adviser on the deal.
Affinity declined to comment.
($1 = 0.976 Australian Dollars)
