Milbank LLP represented JP Morgan as lead arranger, lender, and administrative agent and represented Citizens Bank, KeyBank Capital Markets, MUFG Securities Americas and Sumitomo Mitsui Banking Corporation as lead arrangers in connection with a first lien term loan, revolving credit facility, and second lien term loan for private investment company Lindsay Goldberg’s purchase of ARYZTA AG’s (SIX: ARYN) (“ARYZTA”) North American bakery business. Through its purchase of ARYZTA North America, Lindsay Goldberg acquires the fifteen production facilities ARYZTA operates in the US and Canada, retaining its 4,000-plus employees.
Based in Schlieren, Switzerland, ARYZTA is a global bakery company with operations in South America, Europe, Asia, Australia, and New Zealand. Its North American operations provides frozen baked goods and snacks to quick service restaurants, foodservice, and retail markets across the United States and Canada. The company’s portfolio includes both private label and branded offerings under the Otis Spunkmeyer, La Brea Bakery, and Oakrun Farm Bakery brands.
The Milbank Global Leveraged Finance team was led by New York-based partner Jerome McCluskey with associates Alexis Soshnick, Ted Pilkati and Aaron Crowell, and included Global Risk & National Security partner Dara Panahy, special counsel Bijan Ganji and associate Pinky Mehta, Tax partner Eschi Rahimi-Laridjani and associate Ben Heller, Executive Compensation and Employee Benefits partner Joel Krasnow and associate Monica Arnold, and Real Estate associates Lisa Brabant and Matt Freifeld.