CVC Credit has provided senior debt financing to support Waterland Private Equity’s acquisition of Palletways, a UK-headquartered pan-European pallet distribution network, as part of its European Direct Lending strategy.
Founded in 1994, Palletways operates a digitally coordinated hub-and-spoke logistics network that connects approximately 400 member depots across 25 countries through 23 hubs. The company facilitates the pricing and movement of small pallet deliveries across domestic and international routes, handling around 9.5 million pallets annually.
The financing was delivered through CVC Credit’s European Direct Lending strategy, which focuses on providing senior secured capital to established European medium and large companies. The transaction reflects continued demand for private credit solutions in European buyouts, particularly in sectors such as logistics that benefit from resilient demand and stable cash flows.
CVC noted that the investment aligns with its strategy of supporting high-quality businesses and sponsors while building diversified portfolios for clients. The deal also reinforces the ongoing collaboration between private equity firms and private credit providers in executing acquisitions across Europe.
KEY QUOTES:
“Palletways has established a leading position in what is a structurally growing market in Europe, driven by its loyal member base and the ability to maintain pallet flow during variable market conditions. We are also proud to partner once again with Waterland, a high-quality European sponsor with deep logistics expertise to drive continued growth at Palletways.”
Tom Hayhurst, Managing Director in CVC’s Private Credit Team
“We are pleased to announce this latest transaction for our European Direct Lending strategy. This is another example of our platform’s strong track record of originating senior secured financing solutions and supporting the highest quality businesses and sponsors, which enables us to build well-diversified portfolios for our clients.”
Andrew Davies, Head Of CVC Credit
