Airopack Technology Group AG and funds managed by affiliates of Apollo Global Management, LLC entered into strategic partnership
18 décembre 2015
Airopack Technology Group AG (SIX: AIRN) ("ATG) and funds managed by affiliates of Apollo Global Management, LLC (NYSE:APO) (“Apollo”) have entered into a strategic partnership. Apollo is a pre-eminent alternative investment manager with a track record of investment in industry-leading companies. Funds managed by affiliates of Apollo ("Apollo Funds") have committed to support the long-term growth of the Airopack® business through a mix of debt and equity investments totaling up to a maximum of EUR 120 million by way of a maximum of EUR 80 million secured debt financing and a EUR 40 million equity investment ("Transaction"). The investment will primarily be used to finance capital expenditures, working capital, and, to a lesser extent, the buy-out of ATG's joint venture partner in Airolux AG.
The equity investment will be made through an ordinary share capital increase in ATG at a pre-defined issue price, subject to certain adjustments to the requisite approvals by ATG's shareholders. As part of the Transaction, the ATG shareholders will also be asked to approve conditional share capital in order to grant the Apollo Funds warrants entitling them to purchase 10% of the outstanding shares in ATG post completion of the capital increase at nominal value.
The Transaction is subject to the execution of the buy-out of ATG's joint venture partner in Airolux AG and other customary closing conditions.
Airopack Technology Group AG was advised as to this Transaction by FRORIEP in Zurich, Bryan Cave in London and Heron Legal in Eindhoven. The FRORIEP team comprised partner Beat M. Barthold (M&A, Corporate & Commercial), partner Catrina Luchsinger Gaehwiler and senior associate Mark Montanari (both Banking & Finance and Capital Markets).