Qatari investment bank Qinvest has provided a $45m refinancing to a UK-based manufacturing company Petainer Group, which is owned by UK private equity firm Next Wave Partners.
The deal is a sharia-compliant financing and structured as a unitranche financing, which involves the combination of both senior and subordinated debt into one instrument with the borrower paying one single profit rate.
The deal is a sign of QInvests ambitions to increasingly provide Islamic finance to non-GCC regions, particularly in Europe.
At the end of 2013, Michael Katounas, head of investment banking at QInvest, told MEED he saw increasing demand from Europe in the mid-market space, which has been neglected by other banks.
Petainer is a manufacturer of plastic containers and has a strong presence in the Scandinavian and German market. It was acquired by Next Wave Partners in 2009.