Wragge & Co LLP Banking & Finance team has advised new client KBC Business Capital on its financing of a £7 million acquisition. The transaction involved asset based lending facilities, including accounts receivable, inventory, plant and machinery and new banking .

KBC Business Capital funded Aluminiumwerk Unna AG to acquire the assets of BA Tubes Limited, a non-core subsidiary of Luxfer Group Ltd. The new company will be known as ALUnna Tubes Ltd.

A team led by director Edward Sunderland advised on the transaction, with assistance from Louise Baillie. The team worked closely with Alan Austin, regional director at KBC Business Capital, Danny Harrison and Paul Apps.

Edward Sunderland said: "The transaction was completed smoothly and efficiently to a demanding timetable. By combining legal knowledge and understanding of KBC Business Capital's service offering, we were able to create the best platform for partnership between our client and ALUnna. We look forward to working with KBC Business Capital on future transactions."

Alan Austin, Regional Director at KBC Business Capital said: "KBC Business Capital was delighted to have Wragge & Co advise on this financing. Its lawyers' expertise in the legal arena and insight into how our company works gave us immense confidence. Aluminiumwerk Unna AG was an extremely satisfying project and we hope to work with all parties again in the future."

ALUnna Tubes Ltd is a specialist manufacturer and distributor of aluminium tubes to the aerospace, automotive and office machines sectors. Based in Redditch with 120 employees, it will compliment Unna's existing aluminium tubes manufacturing business in Germany.

KBC Business Capital is the specialist asset based lending division of Belgium banking Group KBC Bank NV. It funds mid-sized businesses in the UK with funding requirements starting at £2 million. Via Business Capital's Integrated Asset Based lending offering, KBC Bank will provide the day-to-day banking facilities to ALUnna, including money transmission and hedging facilities.

Wragge & Co is one of four firms appointed to KBC Bank's legal panel. The full-service appointment includes advising on asset based lending, property finance, corporate banking and employment.

The Banking & Finance team of 25 lawyers operate from offices in Birmingham and London, providing a genuinely partner-led service and top-quality legal advice. Its experts handle UK and cross-border asset based lending, structured finance and leveraged finance deals for lenders, issuers and borrowers. Bringing a commercial and pragmatic approach to deals, the team, led by partner and head of asset finance, Paula Laird, enjoys long-term relationships with leading players in the sector, including HSBC, Lloyds and GE Commercial Finance. Highlights this year include acting on a €25 million multi-jurisdictional note issue for new client Orey Group.

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For further information about this press release, contact Kathryn Hobbs on +44 (0)121 213 2397, Alexa Highfield on +44 (0)121 213 2396 or Michelle Dolphin on +44 (0)121 213 2369

This press release may contain information of general interest about current legal issues, but does not give legal advice.