Affinity buys Aussie meats firm for $758 mln-source

Affinity will take 70 percent of the firm, with the Lederer family that founded Primo retaining 30 percent, said the source.Pan-Asia buyouts shop Affinity submitted a final bid for the firm in July, backed by financing of about A$580 million. The leverage multiple on the debt is 3.5 times, the source said.Primo, which has contracts with Coles and Woolworths , has projected 2011 earnings before interest, tax, depreciation and amortisation of A$125 million, the source said.Macquarie Bank was the sellside adviser on the deal. Affinity declined to comment. ($1 = 0.976 Australian Dollars)


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