Grant Thornton advises Iceland on buyout

GRANT THORNTON has advised Iceland on a management buyout worth £1.45bn to buy the business from the discount food chain owner’s liquidators.

The management team entered exclusive talks to acquire the 77% shareholding in Iceland from the liquidators of Icelandic investors Landsbanki and Glitnir hf in February, Grant Thornton said.

The Iceland senior management team, including Iceland founder Malcolm Walker, and finance director Tarsem Dhaliwal -interviewed by sister publication Financial Director this year –  will together own 43% per cent of the equity in Iceland, and will have operational and board control.

The deal is backed by an £860m senior debt package funded by Credit Suisse, Deutsche Bank, HSBC, Nomura and RBS, as well as a £250m vendor loan note. Brait S.A., Lord Kirkham and The Landmark Group have invested alongside the management team and jointly hold 57%, Grant Thornton said.


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