Arnold & Porter Advises GrandBay on US$75 Million Acquisition Financing and MX$90 Million Revolving Credit Facility

Arnold & Porter recently advised the GrandBay Group, a manufacturer of personal and home care products across Latin America, on acquisition financing from Banco Multiva and Fondeo Horizonte to fund the acquisition of Blue Tissue, a Mexico-based tissue paper manufacturer. The financing consisted of a US$75 million senior secured term loan facility and a MX$90 million revolving credit facility, both arranged by ArtCap Advisory Services Ltd.

The initial term loan facility, consisting of two tranches in the aggregate amount of US$50 million, supported GrandBay Group’s acquisition of Blue Tissue and closed in May 2025. Following the successful closing of the transaction, Arnold & Porter continued to advise the GrandBay Group on an additional US$25 million tranche under the senior secured term loan facility. This supplemental financing, which closed in December 2025, funded Blue Tissue’s acquisition of a second paper mill in Mexico. Concurrently with the supplemental financing, Banco Multiva provided a MX$90 million committed revolving credit facility to support Blue Tissue’s short-term financing needs.

Arnold & Porter led negotiations on the New York law-governed documents and collaborated closely with local counsel in Mexico to address regulatory and collateral requirements.

The Arnold & Porter team was led by counsel Arturo Caraballo.*

*Mateus Maia de Souza, a visiting attorney from Brazil, assisted the team with aspects of the deal. Mr. Maia is admitted to practice law only in Brazil and is not engaged in the practice of law in any U.S. jurisdiction.

*Ivan Serralde Loyzaga, a visiting attorney from Mexico, also assisted the team with aspects of the transaction. Mr. Serralde is admitted to practice law only in Mexico. He is not engaged in the practice of law in any U.S. jurisdiction.