N+1 advises UBI Banca in Pescanova’s debt restructuring, amounting c. €4bn
N+1 advised UBI Banca, Italy’s third largest bank by market capitalization and one of the Group 7 (G7) financial entities creditor to Pescanova, on Company’s financial restructuring and bankruptcy proceeding, the largest for a non-real estate company in Spain to date with c.€4bn indebtedness and more than 1,000 creditors worldwide.
A high-quality and successful business. Founded 40 years ago and headquartered in Boston, C.W. Downer is a leading M&A firm in the US mid-market. During the last 4 years, C.W. Downer has advised 73 transactions (71% of which have been sell-side). The company expects revenues of $20mn and a pro-forma operating profit of c.$6mn in 2015.
C.W. Downer’s team is made up of over 40 professionals, based in Boston and five other offices: Frankfurt, Paris, Dublin, Mumbai and Shanghai.
C.W. Downer specializes in cross-border M&A transactions (62% of the deals advised in the last four years) and has a strong expertise in the following sectors: industrials, material handling, consumer, food & specialty ingredients and aerospace & defence
N+1 to become a global mid-market player. With this transaction, N+1 hits another milestone in its strategic goal of building a global midcap investment banking platform with strong local teams. As a result of this transaction, the investment banking division of N+1 will consist of 240 professionals in 13 countries
Growth in the US. Building on C.W. Downer’s platform and reputation, N+1 will be looking to grow in the US, the world’s largest M&A market with 52% of global deal volume, by opening new offices and incorporating specialized product and sector teams
Strengthening teams in Germany and France. With the addition of C.W. Downer’s professionals in Germany and France, N+1 strengthens its positioning in these countries, where it will have teams made up of 30 and 20 professionals respectively
The transaction, which is subject to FINRA’s approval, contemplates the full integration of C.W. Downer in N+1 through the payment of id="mce_marker"8.6mn over a 4-year period and the delivery of 1,262,652 shares of N+1 (shares have a 4-year lock-up), by which the 5 executive partners of C.W. Downer will become partners of the Group
Zurich, November 2015. N+1 Swiss Capital has advised the Swiss company Stadler on the acquisition of Spain-based Vossloh Rail Vehicles, Vossloh AG’s railway business unit. For the purchase of the activities, Stadler will afford a cash payment of €48mn and will, in addition, take over debt liabilities of Vossloh AG against the business unit Rail Vehicles of €124mn. The transaction is still subject to merger control clearances, in particular. The completion is targeted for the first quarter 2016.
Vossloh Rail Vehicles is a leading European developer and manufacturer of innovative diesel-electric locomotives and light rail vehicles with more than 850 employees. In financial year 2014, sales of €223.2mn were achieved and in the first nine months of 2015 sales amounted to €182.4mn.
Stadler, the Switzerland-based manufacturer of heavy and light rail vehicles for regional, commuter and intercity trains in the heavy rail segment as well as metros, light rail vehicles and streetcars in the light rail segment, operates various sites primarily in Western and Eastern Europe. The group generated sales of approx. CHF 2bn and has a workforce of over 6’000 employees.
The transaction follows Stadler’s strategic goal to maintain and extend its global leadership in the railway vehicles market by further expanding its existing rail vehicles product portfolio as well as its manufacturing footprint. The management team of Vossloh Rail Vehicles and all relevant functions are to remain in Valencia. It is also intended to strengthen the location as a center of competence for locomotive engineering within Stadler. Vossloh Rail Vehicles shall be integrated as new division “Latin” within Stadler, serving as hub for the markets in LATAM as well as on the Iberian Peninsula.
The role comprised the valuation of the target, the transaction structuring, and negotiations with the seller as well as the overall project management.
The Board of Directors has resolved to call the shareholders of N+1 to the Extraordinary General Shareholders’ Meeting that will be held on first call at Calle Padilla 17, Madrid, at 1:00 p.m. CET, on 17 December 2015, and at the same place and time, on 18 December, on second call
Please click below to see the Call to the Extraordinary Shareholders' Meeting (in Spanish)
Madrid, October 2015-. N+1 advised Elliott Advisors in the sale of Gesif to Cabot Credit Management. Gesif is one of the main debt collectors and NPL investment platforms in Spain, having worked with over 75% of Spain’s financial institutions. Founded in 1991, the Group has seven offices in Spain.
Elliott Advisors is a privately owned hedge fund sponsor operating as a subsidiary of Elliott Management Corporation. The firm invests in the public equity markets across the globe and it also invests in alternative markets. The firm primarily makes its investments in companies undergoing bankruptcy, reorganization, or corporate restructuring.
Cabot Credit Management is one of the leading debt purchasing, contingency collections, litigation and customer tracing. The Group employs over 1,200 and as at 30 June 2015 it has invested £1.7bn (c.€2.4bn) in acquiring portfolios with a face value in excess of £16.0bn (€22.4bn) update and has an estimated remaining collections of £1.85bn (c.€2.6bn). The controlling shareholder of Cabot Credit Management is Encore Capital Group, an international speciality finance company providing debt recovery solutions, with the remaining equity being held by a fund advised by J.C. Flowers & Co. in addition to company management.