Please find our updated analysis on Flora, following the Q2 results, here.
KKR has owned the Company since 2017 and, having extracted no dividends, needs to engineer an exit. However, the underlying business continues to struggle to generate meaningful growth, while actual leverage remains c.7.0x. This is increasingly testing investor confidence, particularly at the Senior Notes (sub) level, which also carry unusual documentation from the Nordic bond issuance.
Read MoreThe key investor debate for Flora Food Group remains the sustainability of revenue growth. Management continues to guide to l
Read MoreFlora is pursuing a small asset sale, with proceeds in the €100-200m range. This should have no impact on the
Read MoreFlora have appointed Giangaddo Prati as CFO to replace Florence Naviner, who will retire in March 2026 after the closure of the
Read MoreFlora, Flora’s Q3 results demonstrated slightly stronger resilience than anticipated, with volumes declining by only 0.9%. Gross profit contracted by
Read MoreFlora has priced its new €400 million senior unsecured bonds at 8.625%. The proceeds will be used primarily to redeem the remaining €300 million of
Read MoreFlora is holding a roadshow later today. Details are emerging, but we expect it will be to refinance its outstanding sub bonds.
Read MoreFlora released its Q1 results yesterday, which came in slightly below expectations. There were a few mitigating factors, including the
Read MoreFlora has launched a process to reprice its $ Term Loan which currently pays S + 425bps. As part of the transaction, Flora has released some
Read MoreFlora’s reward for issuing more Senior Secured paper to take out subordinated paper was Moody's rating downgrade from B2 to B1, citing
Read MoreFlora is tapping their 2029 notes with an additional €250m bonds, with Use of Proceeds used to redeem the 2026 $ and Euro bonds. The 2029 bonds
Read MoreThe Dutch plant-based food group released strong Q3 2024 results yesterday. The highlight of the quarter was positive volume growth for two of the
Read MoreFormerly known as Upfield, the Dutch edible spreads business launched a €100 million add-on to its existing 6.875% senior secured notes at
Read MoreUpfield reported its Q2 2024 financial results yesterday and followed up with a call. In general, the quarter was below our estimates (with the exception of margins) with the
Read MoreIn line with the sunny weather, the company decided to tap the strong primary market and launch a €400 million senior secured notes
Read MoreThe company reported Q1 2024 financial results yesterday and hosted a call with investors. Upfield missed our topline estimate as we expected growth in the single digit while
Read MoreReports in the press on a proposed sale of Upfield at US$ 10 billion to an Abu Dhabi sovereign wealth fund (ADQ) which were cancelled were beyond
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