Ashurst has advised Capvis Equity IV L.P. ("Capvis") on financing the acquisition of Hennecke Holding ("Hennecke"). Munich-based industrial group Adcuram has sold the polyurethane specialist Hennecke to Swiss private equity firm Capvis. The financing for the transaction was provided by Commerzbank AG, IKB Deutsche Industriebank AG, SEB AG and UniCredit Bank AG.

Hennecke is a global leader in the field of high-tech machinery and plant technology for polyurethane (PUR). Adcuram had acquired the Hennecke Group eight years ago from Bayer AG (ETR: BAYN), and since developed the polyurethane specialist into a globally successful SME.

Capvis intends to further develop this company together with its existing management team. The focus remains on maintaining the high pace of innovation, achieving further efficiency gains for the customers, and tapping into new markets and application areas for the promising PUR foam products and lightweight components.

The Ashurst team was led by Munich-based finance partner Dr Bernd Egbers. He was supported by counsel Christiane Bestgen, associates Isabell Pöller and Ralf Stenger and transaction manager Susanne Kasnitz (all finance, Munich). Frankfurt-based partner Heiko Penndorf advised on tax law aspects.

Partner Kim Desmarais and associates Misha Daha and Emma Sandall from the New York office advised on US law aspects.