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Clifford Chance had already advised the banks on the financing of the purchase of the Novem Group through Barclays Private Equity in 2008. In 2009, Clifford Chance structured and supported the legal implementation of Novem's restructuring which had become necessary due to the effects of the financial crisis and included, in particular, the transfer of Novem to a trustee. In 2010, Clifford Chance had supported the banks in the defence of the trust against allegations of the former shareholder.

The restructuring process for Novem, which had begun in 2009 reached its successful completion with the sale by the trustee. The shares in the Novem Beteiligungs GmbH held by the trustee were sold to a fund managed by Bregal Capital LLP. Part of the credits provided by the senior banks is thereby paid off, and another part is refinanced.

Novem is a globally operating supplier of décor parts for automobile interiors, with its headquarters situated in Vorbach, Bavaria. Novem generated a revenue of EUR 270 million in the last fiscal year with 3,900 employees working in 10 locations worldwide.

The ultimate stakeholders behind the investment company Bregal, which was founded in 2002, is the Brenninkmeijer family, who also owns the retailer C&A.

The Clifford Chance team from the Frankfurt office consisted of partner Alexandra Hagelüken Banking & Capital Markets) and Heinz-Günter Gondert (Restructuring), counsels Harald   Amer (Restructuring) and Dr. Mattias von Buttlar, as well as senior associate Gabriel Siebert (both Banking & Capital Markets).