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Vinge has assisted STRAX in connection with a 30 MEUR facilities agreement with Proventus Capital Partners IV as lender

November 05, 2020 Banking and Finance Capital Markets and Public M&A

Vinge assisted the STRAX group in refinancing and the entering into a facilities agreement with Proventus Capital Partners IV (“Proventus”) as lender in the total amount of EUR 30 million.

Over the past five years, a banking consortium consisting of four German banks has accounted for the majority of the STRAX group’s long-term financing. The new facilities agreemet was entered into with Proventus in July 2020 and is for a term of five years. The loan was paid out in two tranches, one subordinated tranche of EUR 6 million in July 2020 to provide additional working capital until the full amount was paid out on 30 October 2020, in connection with the refinancing of the maturing loans to the German bank consortium. This was announced by Strax AB 17 July 2020.

STRAX is a market-leading global specialist in mobile accessories. STRAX has two complementary businesses - own brands and distribution (retail and online marketplaces) - where the lifestyle audio brand Urbanista is the flagship along with the licensed brands within Adidas. Today, STRAX has over 200 employees in 12 countries with its operational HQ and logistics center based in Germany. STRAX AB is listed on Nasdaq Stockholm Stock Exchange.

Vinge's team has consisted of Fabian Ekeblad, Henrik Ossborn, Paulina Malmberg and Elin Samara. Jesper Schönbeck advised on capital market issues.

 

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