Ashurst advised Kartesia, the European specialist provider of capital solutions for small and mid-sized companies, on the financing of the business combination of Siccum Trocknungs GmbH and Santeq GmbH into the newly formed SI.TEQ Group. The parties have agreed not to disclose the terms and conditions of the financing.
The two independent fire and water damage restoration companies Siccum and Santeq create the SI.TEQ Group with 12 locations in northern and southern Germany and almost 150 employees. Siccum is majority-owned by an investor group advised by Rigeto and is mainly active in northern and central Germany. Santeq as a full-service provider for frequent and large-scale damages operates primarily in Bavaria. Together, they will further expand capacities in a growing market environment and, with Rigeto's support, SI.TEQ will continue its growth by opening additional offices as well as by way of a "buy and build" strategy. The existing shareholders Marcel Kincses (Siccum) and Domenic Dietel (Santeq) will retain a stake in the SI.TEQ Group after the merger and continue to manage the operating business.
The Ashurst team was led by partner Dr Matthias Weissinger. He was assisted by senior associate Franziska Sauer and transaction lawyer Ariana Fazlic (all Global Loans, Munich).
Ashurst's German banking and finance practice advises both banks and alternative lenders, private equity investors and companies on domestic and cross-border acquisition, real estate, asset and infrastructure / project finance as well as on financial restructuring and corporate lending.
