American Industrial Partners Acquires Aluminium Rolling Mill in Duffel, Belgium.
MANews-(C)2009-2022
US-based private equity firm American Industrial Partners' American Industrial Partners Capital Fund VII, L.P., through an affiliated entity, has acquired ownership of the aluminium rolling mill located in Duffel, Belgium, the firm said.
The acquisition was completed through a consensual purchase and sale of 100% of the shares of Aluminium Belgium BV, the parent company which owns Aluminium Duffel, by AIP from the owner of those shares, Ecnavla 8 UK Ltd, a UK company.
Ecnavla 8 UK Ltd has been in administration in the United Kingdom since July 7, 2021, with G P Rowley and D Shambrook of FRP Advisory Trading Ltd. appointed as administrators.
The shares sold to AIP had been previously pledged to affiliates of AIP under first lien financing arrangements previously provided to Aluminium Duffel.
AIP also purchased intercompany notes owned by Ecnavla 8 UK Ltd in its subsidiaries.
Ecnavla 8 UK Ltd will remain in administration in the UK until all matters associated with the purchase and sale and the administration have been resolved.
AIP's purchase was completed in full compliance with applicable European Union merger regulations.
AIP notes that the sale occurred after payment and other defaults under loans provided by an AIP affiliate to Aluminium Duffel had continued since July 2021, the unanimous decision of the Antwerp Belgium Court of Appeal on May 5, 2022, affirming the Administrators' appointment of an independent director at Aluminium Duffel, and the failure of Aluminium Duffel and its former shareholder to refinance the company in the 11 months since the July 2021 defaults.
As a result, AIP is now the legal and beneficial owner of two legal entities in Belgium: Alvance Aluminium Belgium BV and Alvance Aluminium Duffel BV, which owns and operates Aluminium Duffel along with several other affiliated entities in other countries.
AIP said it plans to continue to operate Aluminium Duffel together with the existing local leadership team, and does not anticipate any disruption to normal operations of the business, including for customers, suppliers and employees.
AIP expects to provide additional capital to support the business going forward so that it can successfully execute on its business plan, including for working...
To continue reading
Request your trial