Ashurst advised Norddeutsche Landesbank – Girozentrale (NORD/LB) on the acquisition financing of a stake in Eberle Controls GmbH by Borromin Capital Fund IV. Borromin has acquired the stake in the German heating system specialist as part of a management buy-out. Besides acquisition financing, NORD/LB supports the transaction with a working capital facility. The parties have agreed not to disclose the terms of the financing.
Eberle, with headquarters in Nuremberg, provides innovative heating and air conditioning solutions for private households as well as public and commercial buildings focusing on energy-efficient temperature control and the electrotechnical installation products required for this. Founded in 1932, the company covers the entire value chain from R&D and component procurement to assembly, sales, warehousing, and after-sales services. Together with Eberle’s management, who acquired a stake in the company as part of the transaction, Borromin will support the geographical expansion of the company and the ongoing strategic development of the group.
Borromin is an independent private equity company focusing on medium-size businesses within German speaking Europe and Benelux countries. Funds initiated and advised by Borromin invest in mid-size companies providing equity for succession issues, management buy-outs and also provide capital for growth opportunities.
NORD/LB is one of Germany’s leading commercial banks. Its core business segments include corporate customers, special financing in the energy and infrastructure sectors and for aircraft, financing commercial real estate via Deutsche Hypo, capital market business, association business with the savings banks and private and commercial customers including private banking. The bank is based in Hanover, Braunschweig and Magdeburg and has further branches in Germany. Outside Germany NORD/LB is represented by a Pfandbrief bank (Covered Bond Bank) in Luxembourg and by branches in London, New York and Singapore.
The Ashurst team was led by partner Dr Matthias Weissinger. He was assisted by senior associate Franziska Sauer and transaction lawyer Ouafaa Elouariachi (all Global Loans).
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.