​Ashurst advises banks on recapitalisation of United Initiators

Ashurst advised a bank consortium comprising HSBC, GE Corporate Finance Bank, Bank of Ireland, ING Bank and Investec Bank on the recapitalisation of United Initiators GmbH & Co. KG and its subsidiaries ("United Initiators").

The lenders provide the producer of peroxide based initiators and specialty chemicals based in Pullach near Munich with approximately €115 million for the redemption of existing loans and a distribution to shareholders.

United Initiators is owned by private equity firms Vision Capital LLP and Speyside Equity. The manufacturing network comprises plants in Germany, the US, China, Sweden and Australia.

The Ashurst team was led by Munich-based finance partner Sebastian Schoon. Partner Heiko Penndorf from the Frankfurt office advised on tax law. Senior associate Dr Karsten Raupach and transaction manager Anna Caterina Zoth assisted (both finance, Munich). New York finance partner Kim Desmarais advised on US law aspects, supported by trainee solicitor Tasmin Crawford.