Deauville, BelgiumAnd the June 15, 2022 /PRNewswire/ – American Industrial Partners Capital VII, LP (“AIP”) yesterday, through a subsidiary, acquired ownership of an aluminum rolling mill located in Duffel, Belgium (“Aluminium Duffel”). The acquisition was completed by the amicable purchase of AIP and the sale of 100% of the shares in Aluminum Belgium BV, the parent company of Aluminum Duffel, from the owner of these shares, Ecnavla 8 UK Ltd, a British company.
Geert VanuvelinThe General Manager of Aluminum Duffel said: “Today marks an important milestone in the history of our company. We look forward to continuing under the new ownership of AIP, committed to a sustainable future for our business. We are pleased with the steps AIP has taken to continue investing in the company, demonstrating its commitment to realizing the full potential of our facility.”
Ecnavla 8 UK Ltd has since been located seventh. In management in the UK in July 2021, GP Rowley and D Shambrook of FRP Advisory Trading Limited were appointed as Officers (“Officials”). The shares sold to AIP were previously subject to first mortgage financing arrangements previously granted to Aluminum Duffel entrusted to AIP affiliates. AIP also purchased intercompany debt securities held in its subsidiaries by Ecnavla 8 UK Ltd. Ecnavla 8 UK Ltd. will remain. Managed in UK pending all matters relating to purchase, sale and management clearance. Obtaining an AIP has been completed in full compliance with the integration rules in force in the European Union.
AIP notes that the sale came after (a) ongoing defaults and defaults on loans granted by AIP’s subsidiary to Aluminum Duffel since July 2021, (b) the Belgian Court of Appeal in Antwerp On May 5, 2022, it unanimously approved the appointment of an independent director at Aluminum Duffel by officials; and (c) Aluminum Duffel and its former shareholder have failed to refinance the company in the 11 months since defaulting in July 2021.
As a result, AIP is now the legal owner and beneficial owner of two legal entities in Belgium: ALVANCE Aluminum Belgium BV and ALVANCE Aluminum Duffel BV, which owns and operates Aluminum Duffel together with several other associated companies in other countries.
AIP intends to continue Aluminum Duffel alongside its existing local management team and does not anticipate any disruption to normal business operations, including to customers, suppliers and employees. AIP anticipates that it will provide additional capital to support the Company in moving forward with the successful implementation of its business plan, including working capital, continuing hiring and significant capital investments.
AIP has been consulted on this issue before Jones Dayand Baker Botts LLP, and Messier & Associs.
Information about aluminum duffelAluminum Duffel was founded in 1946 and has undergone many expansions and updates since then. The company is a leading manufacturer of aluminum profiles in Europe, specializing in body panels and a wide range of industrial products primarily used in the automotive, transmission and distribution industries, as well as in the architecture and design sectors. Aluminum Duffel has a production capacity of 250,000 tons per year with an annual sales volume of about 600 million euros and more than 1,000 full-time employees. the near AntwerpAluminum Duffel BV (BE) is the operating company that owns the facilities, employs staff, and deals with customers and suppliers. The Aluminum Duffel is certified to ASI Performance and the ASI Chain of Custody Standard, which embodies the highest standards of responsible sourcing, emissions and production quality.
Information about AIPAIP: AIP is an operationally oriented private equity firm that invests in industrial companies serving national and global markets. The company is deeply rooted in the industrial economy and has been active since 1989. To date, AIP has completed more than 100 transactions and currently manages more than $8 billion in assets for leading organizations. The 25+ AIP group of companies includes the Commonwealth Rolled Products Corporation, which owns the rolling mill in Lewisport, KentuckyLtd., a leading producer of coil aluminum products for the automotive and industrial markets in the United States, and Dunkerque Aluminum in Loon-Plage, France, operates the largest aluminum smelter in Europe. For more information on AIP, seewww.americandustrial.com.
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Source: AIP
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