Ashurst advised Hayfin on the financing of the acquisition of a majority stake in KME SPECIAL by Paragon Partners. The parties have agreed not to disclose the terms and conditions of the financing.
KME SPECIAL, headquartered in Osnabrück (Germany), is the world leader in casting moulds and casting technologies for the global steel industry and will generate around EUR 300m revenue in 2021 by serving its global customer base with advanced products and services used in the continuous casting of steel and other metals, corrosion resistant products for maritime applications, and customer specific products for industrial processes. The company employs approximately 1,200 people and operates 11 sites around the globe.
The seller, KME SE, will retain a 45% stake in the newly formed joint venture and will continue to support KME SPECIAL’s growth. Paragon and KME SE will jointly carve-out KME SPECIAL from KME group and support its ambitious growth agenda.
Hayfin, one of Europe’s leading alternative asset management firms, was founded in 2009 and has invested more than 28 billion euros of capital across more than 400 portfolio companies. Hayfin focuses on direct lending, special opportunities and high-yield credit.
The Ashurst team was led by partner Dr Matthias Weissinger (Global Loans, Munich). He was assisted by counsel Gabrielle Metherall, associate Yasaman Zargar and transaction lawyer Mohana Knipp (all Global Loans, Frankfurt). Advice on tax law was provided by Dr Anders Kraft (Frankfurt), partner Sharon Kim and associate Andrew DiComo (both New York). Partner Jan Krekeler and counsel Astrid Keinath provided corporate law advice (both Corporate Transactions, Frankfurt) and partner Michael Neary and senior associate Misha Daha provided U.S.-law advice (both Global Loans, New York).
Ashurst’s German banking and finance practice advises both banks and alternative lenders, private equity investors and companies on domestic and cross-border acquisition, real estate, asset and infrastructure / project finance as well as on financial restructuring and corporate lending.
