Shearman & Sterling advised a debt fund on the financing of the acquisition of the DURAN Group (“Duran”) by the investment company One Equity Partners (OEP). Seller was the investment company ADCURAM, which had acquired Duran from Schott AG as part of a carve-out in 2005. The purchase price and the financing volume are confidential.
Duran is one of the world’s leading manufacturers of borosilicate glass, a special glass used mainly for laboratory glassware, in chemical process technology and the industry. The Group has production sites in Germany, the UK, Croatia and India.
The financing of the already completed transaction was structured as a unitranche in combination with a super senior revolving facility and a super senior derivative framework agreement. The structure is further proof of the growing importance of alternative financings in Europe. Shearman & Sterling regularly advises on unitranche financings in Germany, most recently in connection with the financing of the acquisition of RADEMACHER Group completed in the third quarter of 2014.
The Shearman & Sterling team included partner Winfried M. Carli and associate Andreas Breu (all Frankfurt-Finance).