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Armetallizing & Vacumet Paper
H.I.G. Europe acquires Armetallizing and Vacumet Paper
H.I.G. Europe, the European arm of global private equity firm H.I.G. Capital, announces that it has completed the simultaneous acquisitions of ARMetallizing, a Belgium based European leader in the manufacture of metallized paper from Ackermans & van Haaren, and Vacumet Paper, a Massachusetts based US leader in the manufacture of metallized paper from Scholle Corporation.
The combined Group will be the global market leader in metallized paper for use in the beverage and consumer packaged goods markets. The Group’s metallized paper is currently used as the base paper in premium beer labels, spirit labels, food packaging, consumer product packaging and gift wrap, and can be found on many household brands such as Becks beer, Lurpak butter in Europe, and Coors Light and Hasbro in the US. With revenues in excess of €120m, the Group will supply clients globally from 3 manufacturing facilities in Belgium, Italy and the US and will be led by ARM’s CEO, Paul Van Emmerick and CFO, Martin Raeymakers, who will retain a significant shareholding in the business.
Dr. Matthias Allgaier, Managing Director of H.I.G. Europe, said: “The simultaneous acquisitions of ARM & Vacumet reinforces H.I.G.’s ability to execute on complex transatlantic transactions; over the coming years, Paul and his team will leverage H.I.G.’s presence across Europe, the US and South America to grow the business organically and through bolt-on acquisitions.”
Paul Van Emmerick, Chief Executive of ARMetallizing, said: “We are very pleased to have completed the MBO of ARM and the simultaneous acquisition of Vacumet Paper with H.I.G. Europe. With H.I.G.'s backing, we have already taken a major step in being able to supply our customers’ global packaging needs."
Mark Kelly, of H.I.G. Europe added: “Paul and his team have done an outstanding job building ARM into the #1 player in Europe; through the acquisition of Vacumet, we have now created the global market leader in a niche segment of consumer packaging. We look forward to supporting Paul and Martin in expanding ARM’s global footprint and extending the company’s product offering into adjacent CPG markets.”
This transaction represents H.I.G. Europe’s 21st new European investment since the beginning of 2011.
H.I.G. Capital is a leading global private equity investment firm with more than £7 billion of equity capital under management and a team of more than 225 investment professionals.
HCF Debt advisory partners Robert Verwoerd and Bas Stoetzer have acted as debt advisor to H.I.G. Europe and have arranged the acquisition debt and working capital facilities in order to facilitate the acquisition of ARMetallizing and Vacumet Paper.
acquires Armetallizing
and Vacumet Paper Debt providers:
Legal advisor to the management team:
Legal advisors to the equity provider: H.I.G. Europe
Financial advisor to the management team:
Rolica Debt advisor to H.I.G. Europe:
Legal advisor to the debt provider:
Financial due diligence providers:
Tax advisors: K&E
Risk & insurance due diligence provider:
Property & plant valuation provider:
Cemex Cemex $7.2bn debt restructuring
CEMEX, S.A.B. de C.V. announces that it has successfully completed the previously announced refinancing of its Financing Agreement, dated as of August 14, 2009, as amended.
Fernando Gonzalez, Executive Vice President of Finance and Administration of CEMEX, stated “CEMEX is pleased to have accomplished this significant milestone, with support from over 55 banks and institutions. We intend to continue to proactively address our maturities and work towards reducing our leverage and strengthening our capital structure.”
Pursuant to the refinancing, participating creditors representing approximately 92.7% of the aggregate principal amount outstanding under the existing Financing Agreement agreed to extinguish their existing loans and private placement notes and to receive in place thereof:
• approximately U.S.$6.155 billion in aggregate principal amount of new loans and new U.S.
Dollar private placement notes issued pursuant to a New Facilities Agreement and a New Note Purchase Agreement, both dated as of September 17, 2012; and
• U.S.$500 million of new 9.5% senior secured notes due 2018, issued pursuant to an indenture dated as of September 17, 2012, which notes are expected to be delivered by the exchange agent to recipients today.
As a result of the refinancing, the New Facilities Agreement, with a final maturity of February 14, 2017, the principal terms of which were previously announced in CEMEX’s press release dated June 29, 2012, has become effective today. Also, approximately U.S.$525 million aggregate principal amount of loans and U.S. Dollar private placement notes remain outstanding under the original Financing Agreement, as amended and restated pursuant to the terms of the exchange offer, and the Note Purchase Agreement, each with a final maturity of February 14, 2014.
US and French counsel to Cemex:
debt restructuring Advisors to Cemex:
Cemex $7.2bn
UK counsel to Cemex:
UK and Spanish counsel to the banks:
US counsel to the banks:
Advisor to the agents:
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These announcements appears as a matter of record only