STEICO SE’s €25 million capital increase

Ashurst advised COMMERZBANK and ODDO BHF as Joint Global Coordinators and Joint Bookrunners on the capital increase of STEICO SE with gross proceeds of €25.0 million.

The capital increase was effected against cash contributions and with partial utilisation of the existing authorised capital. Shareholders’ subscription rights were excluded. The 1,280,315 new shares were placed with institutional investors in the context of a private placement by way of an accelerated bookbuilding process at a price of €19.50 per share. The net proceeds shall be used to finance the company’s growth strategy, especially for the build-up of new or extended production capacities for wood fibre insulation and/or construction products, potential acquisition targets as well as general business purposes.

The STEICO Group develops, produces and sells ecological construction products from renewable raw materials. STEICO is the European market leader in the wood fiber insulation sector.

Ashurst advised COMMERZBANK and ODDO BHF on the deal with a team led by corporate finance partner Matthias von Oppen (picture), assisted by senior associate Dr Ian M. Maywald and associate Joanna Wilczynska-Gluch. Senior associate Jeffrey Johnson from the firm’s London office advised on US securities law.

Involved fees earner: Matthias Von Oppen – Ashurst; Ian Maywald – Ashurst; Joanna Wilczynska-Gluch – Ashurst; Jeffrey Johnson – Ashurst;

Law Firms: Ashurst;

Clients: Commerzbank AG; Oddo & Cie;