London 17 June 2019. Apera Asset Management (“Apera”), a pan-European mid-market private debt investor, today announces that it has arranged and agreed to provide debt facilities to support H.I.G. Europe’s acquisition of the European Polyurethane Systems Business (the “Company”) from Covestro.
The European Polyurethane Systems Business operates four systems houses in Germany, Denmark, the Netherlands and Spain. It employs approximately 250 full-time employees and generates annual sales of approximately €230 million. Systems houses develop and formulate tailor-made ready-to-use chemical blends for the production of a wide range of polyurethane products such as insulation materials, foams, shoe soles, and building materials. The Company serves a wide range of small- and mid-sized customers across Europe and will be led by Dr Jörg Schottek, an experienced executive in the chemical industry.
Dr Klaus Petersen, Partner at Apera Asset Management said: "With the carve-out from Covestro, the Company will become a leading independent polyurethane systems provider in Europe. We are delighted to support both H.I.G. and the management team around Dr Schottek in the exciting further development of the Company."
Dr Holger Kleingarn, Managing Director at H.I.G. said: "We are pleased to have Apera as a strategic financing partner on our side who share our understanding of the industry and with whom we have a strong relationship."
Dr Johannes Natterer, Managing Director at H.I.G. added: "The bespoke financing solution provided by Apera will help the Company to expand its pan-European footprint organically and through add-on acquisitions and we are looking forward to working with them."
Apera is a pan-European mid-market private debt investor operating in the UK, the DACH region, the Nordic region, France and Benelux. The firm develops long-term partnerships with private equity investors, SME borrowers, and advisors by providing tailored financial solutions that meet both the operational needs and growth objectives of clients, whilst producing attractive returns. Apera is focused on bringing a new standard of transparency to the private debt market.
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