16 April 2010 - The mezzanine finance provider Indigo Capital IV LP, as well as the ICWET L.P. have acquired about 60 percent of the shares of the German listed company W.E.T. Automotive Systems AG with registered seat in Odelzhausen, Bavaria. At the same time the ICWET L.P. made a subordinated shareholders’ loan available to W.E.T. Automotive Systems AG. Both transactions are part of a comprehensive re-financing of the W.E.T. Group which was finalized at the same time. Besides Indigo Capital, further partners in ICWET L.P. are the supervisory board members and the managing board members of the W.E.T. Automotive Systems AG. Mayer Brown advised Indigo on all aspects of the transaction.
A prerequisite for the successful completion of the transaction was that BaFin had previously exempted Indigo Capital and ICWET L.P. from the obligation to publish a mandatory bid in accordance with the German Securities Acquisition and Takeover Act (Wertpapiererwerbs- und Übernahmegesetz).
W.E.T. Automotive Systems produces car seat heaters, as well as other seat climate systems, steering wheel heating systems and temperature controllers. Indigo Capital is a supplier of mezzanine financings for European companies in different branches.
The Mayer Brown team included Markus Strelow (lead, Equity, Debt), Dr. Ulrike Binder (Ca-pital Markets Law), Dr. Marco Wilhelm (Insolvency Law), Dr. Axel Lebherz (Capital Markets Law), all Frankfurt.
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