Patrimonium’s €40 million investment in Joseph Dresselhaus GmbH & Co. KG

Ashurst advised Patrimonium Middle Market Debt Fund, a private debt fund of Patrimonium Asset Management AG (‘Patrimonium’) focussing on investments in SMEs in the German-speaking region, on the financing of Joseph Dresselhaus GmbH & Co. KG (‘Dresselhaus Group’).

Dresselhaus Group is a family-owned wholesaler for fixing technology and fasteners based in Herford, Germany.

The investment amounting to more than €40m was conducted via the emission of bearer bonds that were acquired by Patrimonium Middle Market Debt Fund. The bonds are senior secured. The transaction is Dresselhaus Group’s first bank-independent financing.

Patrimonium is an independent Swiss asset manager with assets under management of around CHF 3bn in the asset classes of private debt, real estate, private equity and infrastructure. In the private debt class, Patrimonium acts as an investment manager for Patrimonium Middle Market Debt Fund, which follows Luxemburgish SIF law and primarily invests into the SMEs in the German-speaking region through debt instruments. Patrimonium has more than 50 employees in Échandens/Lausanne, Zurich and Baar.

The Ashurst team was led by partner Dr Tobias Krug (picture) who was assisted by associates Alexandra Heitmann and Julia Schanz (all Debt Capital Markets).

Involved fees earner: Tobias Krug – Ashurst; Alexandra Heitmann – Ashurst; Julia Schanz – Ashurst;

Law Firms: Ashurst;

Clients: Patrimonium Asset Management AG;