Segulah III, L.P. has completed a re-capitalization of Almondy, its fast growing frozen cakes business.
Funded by an additional tranche of senior debt and excess cash, Almondy was able to repay a subordinated loan provided by Segulah III, L.P. at the time of the acquisition. The total amount repaid, including interest accrued and loan principal, corresponds to 70% the total amount invested by the Fund in Almondy. The company was acquired by the Fund in July 2008.
The re-capitalization comes as an effect of the strong performance displayed by Almondy since the acquisition as well as the sale of real estate.
During the first quarter 2011 revenues have continued to grow, indicating a substantial uplift in full year earnings.