Dentons advises on the sale of the TFL Group to Black Diamond

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Dentons advises on the sale of the TFL Group to Black Diamond

Dentons advises on the sale of the TFL Group to Black Diamond

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August 18, 2013

Dentons advised the TFL Group in the context of the sale of the TFL Group to Black Diamond Capital Management, L.L.C.

The TFL Group is a company operating in the chemical industry. It was established in 1996 through the fusion of Ciba Geigy, Röhm and Stockhausen. With approximately 950 employees and production facilities in Argentina, Brazil, China, France, India and Italy as well as their main headquarters in Weil at the river Rhein, TFL covers the production of chemicals for the entire value-added chain of the leather industry.

The sale was carried out by TFL Investment GmbH, managed by Dentons’ Partner Andreas Ziegenhagen as a trust company. In the scope of a double-sided trusteeship, TFL Investment GmbH took on the shares of the TFL Group in 2009 and successfully supported the company’s restructuring after the global financial crisis. With Black Diamond’s acquisition the restructuring of TFL Group’s finances was also completed successfully.

Within the frameworks of the acquisition by Black Diamond, the syndicated loan lenders of the TFL Group received the possibility either to purchase shares of the purchasing company or as an alternative to receive a debenture from the purchasing company. The respective share purchase agreement was signed in July 2013. The closing was carried out last week. With this transaction it can be assured that the bank liabilities of the TFL Group will be taken over by the new shareholder.

Dentons’ Partner Andreas Ziegenhagen specializes in the area of restructuring in connection with a double-sided trusteeship on behalf of the individual stakeholders and has, for example, successfully sold the HOLMER-Group to a strategic investor this past March.