AIP becomes the owner of Aluminum Dovell

06/15/2022 – 05:02

US industrial partners

Daville, Belgium, April 12 /PRNewswire/

American Industrial Partners Capital Fund VII, LP (“AIP”), through a subsidiary, yesterday 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.

Gert Vanuvelin, General Manager, 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 been operating in the United Kingdom since 7 July 2021 with the appointment of GP Rowley and D Shambrook of FRP Advisory Trading Limited as Officers (“Administrators”). The shares sold to AIP were previously subject to a first mortgage financing arrangement granted to Aluminum Duffel to affiliates of AIP AIP, also acquired inter-company IOUs in its subsidiaries by Ecnavla 8 UK Ltd.. The purchase of AIP was completed in full compliance with the merger rules applicable 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, 2021, May 2022 unanimously confirmed the appointment of a director Independent of 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 with several other associated companies in other countries.

AIP intends to continue operating 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 expects to provide additional capital to support the Company in moving forward with the successful implementation of its business plan, including working capital, ongoing staffing and significant capital investments.

AIP was represented on this issue by Jones Day, Baker Botts LLP, and Messier & Associés.

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. Located near Antwerp, Belgium, Aluminum 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 a private equity firm that focuses on operations and makes investments in industrial companies that serve 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 institutions. The AIP group of more than 25 companies includes Commonwealth Rolled Products, which operates Lewisport, Kentucky, Rolling Mill, a leading producer of rolled aluminum products for the automotive and industrial markets in the United States, and Aluminum Dunkerque of Loon-Plage, France, Which is the largest aluminum smelter in Europe. For more information about AIP, see www.americandustrial.com.

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Contact:

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Source: AIP
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