Background

  • Founded in 2011, Bread Holdings (GAIL's) is the parent company of The Bread Factory, a leading premium wholesale bakery business, and GAIL's Bakery, a chain of over 70 high-end artisan bakeries
  • Bain Capital Credit is a leading global credit specialist with c.$48 billion in AUM and deploys capital across a variety of different strategies, with extensive experience in the branded consumer goods space
  • Bain Capital Credit are supported by EBITDA Investments, a food ecosystem fund backed by entrepreneurs Henry McGovern and Steven K. Winegar

Process

  • DC Advisory (DC) was selected and engaged by Bain Capital Credit to provide financing advice to support their second round bid to acquire GAIL's
  • During this transaction, DC used its deep sector knowledge and strong relationships in the space to quickly assess the wider market and engage with a range of lenders, narrowing the number of competitive parties to those with experience in the sector
  • DC advised Bain Capital Credit on all interactions with potential lenders, leading commercial negotiations to ensure an optimal banking package was secured to support the proposal

Outcome

  • Following an accelerated lender outreach process, DC successfully secured committed financing for Bain Capital Credit’s bid
  • The transaction was agreed in September 2021 and Bain Capital Credit and its partners’ investment helps support GAIL’s move towards its fourth decade of growth
  • DC delivered a well-priced and attractive debt package within a short timeframe
  • DC also secured two highly supportive lenders that will help GAIL’s achieve its medium to long-term ambitions
  • This transaction demonstrates the continued strength of DC’s market leading Capital Advisory Group and deep expertise in the consumer sector

“It has been a pleasure to assist Bain Capital Credit and their industry partners in acquiring GAIL's. Under the new capital structure, GAIL's will have the flexibility and freedom to be able to properly execute its ambitious expansion strategy across the UK. This transaction provides yet another example of DC’s expertise in providing bespoke financing solutions for clients operating within a tight timeframe”

Robert Jones
DC Advisory, Manchester