Rhône
Direct Lending
10 November 2026
Direct Lending supports Rhône Group’s portfolio company, Baker & Baker, with its refinancing and acquisition of Lazy Day Foods
Our role
Our UK Direct Lending team is pleased to have provided integrated asset-based and cashflow lending facilities to support Rhône Group’s (“Rhône”) portfolio company, Baker & Baker, covering its refinancing and acquisition of Lazy Day Foods – a specialist free-from bakery manufacturer based in Scotland.
The facilities combine asset-based lending and cashflow term debt in a single capital structure, meeting Baker & Baker’s existing financing needs while providing acquisition funding and ongoing working capital flexibility as the business continues to expand.
Philip Kagan, Principal at Rhône Group, commented: “We were pleased to work with Investec again on Baker & Baker’s refinancing and acquisition of Lazy Day Foods. The team took a forward-looking approach, developing a financing structure that reflected the company’s current requirements while retaining flexibility for future growth. Their thorough understanding of our objectives throughout the process was particularly valuable.”
Chris Lamb, Direct Lending at Investec, commented: “We are delighted to have completed our second transaction with Rhône, having first worked together on ASK Chemicals in 2014. This transaction called for a coordinated approach to Baker & Baker’s refinancing, acquisition and ongoing working capital requirements. Our integrated asset-based and cashflow lending capabilities enabled us to bring these needs together within one capital structure.”
About Rhône Group
Rhône Group, established in 1996, is a global private equity firm with a focus on investments in market leading businesses with a pan-European or transatlantic presence and expansion prospects. Rhône’s investment philosophy includes the development of strong, strategic partnerships with the companies in which it invests.
About Baker & Baker
Baker & Baker is one of Europe’s leading manufacturers of bakery solutions, partnering with businesses across retail, food service, wholesale and artisan bakery channels. Operating in over 30 markets, with 12 manufacturing sites across six European countries and more than 2,500 colleagues, Baker & Baker provides scalable and innovative solutions both nationally and internationally.
About Lazy Day Foods
Lazy Day Foods, established in 2006, is a specialist free-from bakery manufacturer based in Scotland. The company’s mission is to provide a delicious and convenient solution for people with food intolerances and those who cater for them.
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