Silverfleet Capital, former buy-out arm of Prudential, has completed a €215.5m (£186m) buy-out of Kalle, the German maker of sausage casings, after a long struggle to raise debt from a consortium of banks at “eye-watering” margins.

The deal makes Silverfleet the third private equity owner of Kalle, which Montagu acquired in 2004 from CVC Capital Partners.