Affinity Equity Partners, a private equity firm, has bought deli meats firm Primo Smallgoods for an estimated minimum $928 million, Reuters reports. The transaction is backed by $598 million of debt finance. Macquarie Capital Advisers advised on the deal.

Around 11 financiers, including Challenger, Commonwealth Bank of Australia, Credit Agricole CIB, GE Capital, HSBC Holdings, ING Bank, UBS and Westpac Banking Corp., provided the finance. Privately held Primo has earnings before interest, taxes, depreciation, and amortization (EBITDA) of approximately $103 million.

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