AIP BECOMES THE OWNER OF THE ALUMINUM BAG | News

WATER BAG, Belgium, June 15, 2022 / PRNewswire / – American Industrial Partners Capital Fund VII, LP (“AIP”) yesterday, through an affiliate, acquired the ownership of an aluminum rolling mill located in Duffel, Belgium (“Aluminum Duffel”). The acquisition was completed by AIP, the amicable acquisition and sale of 100% of the shares in Aluminum Belgium BV, the parent company of Aluminum Duffel, from the owner of the shares, Ecnavla 8 UK Ltd, a UK company.

Geert Vannuffelen, CEO of Aluminum Duffel said: Today is an important milestone in the history of our company. We look forward to continuing our business under the new owner of AIP, with a commitment to our company’s sustainable future. We are pleased with the steps taken by AIP to continue investing in the company, which demonstrates their commitment to using our facility to its full potential. “

Ecnavla 8 UK Ltd has been located since seventh. UK administration in July 2021, with the appointment of GP Rowley and D Shambrook of FRP Advisory Trading Limited (the “Administrators”). pledged to entities related to AIP. AIP has also purchased intercompany debt securities held in its subsidiaries by Ecnavla 8 UK Ltd. Ecnavla 8 UK Ltd. will remain under management in the United Kingdom until all purchase, sale and administration issues have been resolved. The acquisition of AIP has been completed in full compliance with applicable regulations European Union on connections.

AIP notes that the sale followed (a) outstanding defaults and other outstanding loans from the subsidiary AIP to Aluminum Duffel from July 2021. (b) Belgian Court of Appeal in Antwerp On May 5, 2022, it unanimously approved the appointment of an independent director in Aluminum Duffel by the administrators and (c) Aluminum Duffel and its former shareholder failed to refinance the Company within 11 months of default in July 2021.

As a result, AIP is now the legal and beneficial owner of two legal entities in Belgium: ALVANCE Aluminum Belgium BV and ALVANCE Aluminum Duffel BV, which owns and operates Aluminum Duffel along with several other related companies in other countries.

AIP intends to continue the operations of Aluminum Duffel along with the existing local management team and does not anticipate any disruption to normal business operations, including for customers, suppliers and employees. AIP anticipates that it will provide additional capital to support the Company in the continued successful implementation of its business plan, including working capital, permanent employment and important capital investments.

On this matter, he consulted with the AIP: Jones’s DayBaker Botts LLP and Messier & Associs.

Information about Aluminum Travel Bag: Aluminum Duffel was founded in 1946 and has undergone numerous extensions and modernizations since then. The company is a leading producer of aluminum rolled products in Europe, specializing in body sheets and a wide range of industrial products used primarily in the automotive, transport and distribution industries, as well as in the architectural and design industries. Duffel aluminum has a production capacity of up to 250,000 tons per year with an annual turnover of around 600 million Euro and over 1,000 full-time employees. Those around Antwerp, based in Belgium, Aluminum Duffel BV (BE) is an operating company that owns the facilities, employs staff and does business with customers and suppliers. The aluminum travel bag is certified by the ASI Performance Standard and the ASI Chain of Custody Standard, which embody the highest standards of responsible sourcing, emissions and production quality.

Information about AIP: AIP is an operation-oriented private equity firm that invests in industrial companies serving domestic and global markets. The company is deeply rooted in the industrial economy and has been operating since 1989. To date, AIP has completed over 100 transactions and currently manages over $ 8 billion in assets for leading institutions. More than 25 of AIP’s portfolio companies include Commonwealth Rolled Products, which owns a rolling mill in Lewisport, Kentucky, is a leading manufacturer of aluminum rolled products for the automotive and industrial markets in the United States and Aluminum Dunkerque in Loon-Plage, France, the largest aluminum smelter in Europe. For more information on AIP, seewww.americanindustrial.com.

CONTACT:
BODY COM.
Guillaume Foucault
guillaume.foucault@corpcom.fr
+33 (6) 52-11-37-65
Marie Caroline Garnier
mc.garnier@corpcom.fr
+33 (6) 22-86-39-17

SOURCE: AIP

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