Global law firm White & Case LLP has advised the lenders, including Commerzbank Aktiengesellschaft as global coordinator, on the financing of the acquisition of Automotive Climate Control Inc. by Spheros North America Inc., a member of the Spheros Group.
The Firm had previously advised the syndicate of five banks – Commerzbank Aktiengesellschaft, HSH Nordbank AG, IKB Deutsche Industriebank AG, Norddeutsche Landesbank Girozentrale and Raiffeisenbank International AG, with HSH Nordbank AG as facility agent and security agent – on the financing of the acquisition during 2012 of the Spheros Group by Deutsche Beteiligungs AG (DBAG) and funds advised by DBAG.
Spheros is the global market leader in the development and manufacture of air conditioning units, engine-independent heating systems, water pumps and roof hatches for buses. Air management in buses is the company’s core competence. It has around 780 employees in 21 locations worldwide and generated revenues of approximately €200 million during 2014.
Automotive Climate Control has long been a market leader in the mobile HVAC (Heating, Ventilation and Air Conditioning) market and its products range from simple heaters to integrated HVAC systems for buses, ambulances and specialty vehicles. Headquartered in Elkhart, Indiana, Automotive Climate Control has operations in North Carolina and Georgia with 140 employees nationwide.
The White & Case team which advised on the transaction was led by partner Leïla Röder (Frankfurt) and local partner Daniel Müller (Munich) and included partner Dr. Bodo Bender, counsel Alexander Born (both Frankfurt) and associate Domenico Schwan (Munich). They were supported by White & Case lawyers in Finland, the US, South Africa, the United Arab Emirates and Turkey.
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