Ashurst advised independent asset manager Pemberton Capital Advisors LLP on the financing of the acquisition of Desotec, a leading European mobile filtration technology provider based in Belgium, by EQT VII, a fund which is part of alternative investments firm EQT.

Pemberton provided the financing in the form of a second lien loan. Desotec was sold by private equity firm AAC Capital Partners and other minority owners. The parties have agreed not to disclose the transaction value.

The Ashurst team was led by finance partner Anne Grewlich, assisted by counsel Nikolos Tsagareli, senior associate Gabrielle Metherall and transaction manager Anna Jevsejeva (all finance, Frankfurt). Partner Isabelle Lentz and senior associate Christophe Bregeon (both corporate, London) advised on Luxembourg law, aspects pertaining to Belgian finance law were advised on by partner Arnaud Wtterwulghe and associate George van Hecke (both finance, Brussels).

Pemberton's second lien loan was supplemented by a senior loan granted to EQT VII by a consortium comprising, among others, of ING Belgium, KBC Bank, Investec Bank, NIBC Bank and IKB Deutsche Industriebank.

Pemberton focuses on private debt and direct lending to European mid-market companies. The independent asset manager is a new client for Ashurst's German finance team.

Ashurst's German banking and finance practice advises both banks and alternative lenders, private equity firms and companies on domestic and cross-border acquisition, real estate, asset and infrastructure / project finance as well as on financial restructuring and corporate lendings.