Schur Flexibles Group with new ownership structure: Debt cut and fresh capital pave the way for successful market performance
Vienna (OTS, 29.09.2022) -
Lower Austria-based Schur Flexibles Group announces the successful closing of the agreed recapitalisation and refinancing measures signed in June between the group's then owners and lenders. There are also visible changes externally, as the company will operate under the name "adapa" in the future.
This is the last formal step in the restructuring of the company for the time being. The new ownership structure under the leadership of Apollo Global Management and the associated debt cut have also been approved by the authorities. This represents another important milestone on the road to successful restructuring.
With the official approval, a debt cut of up to 75% of the previous bank liabilities and a reduction of the company's debt capitalisation to industry level could be achieved. In addition, fresh capital is earmarked for further investments, M&A activities and strategic acquisitions.
"The measures taken ensure the company's room for maneuvre even in the current volatile economic environment. Through their binding financing commitments, the new owners underline that they are convinced of the resilient business model of the now adapa and express their long-term willingness to further develop the company strategically," says Chief Restructuring Officer (CRO) Josef Schultheis.
"We would like to thank all our customers, partners and employees. They are all part of our success story and have brought us this far despite the challenging times. Our new name is also an expression of our belief that together we will have a strong and sustainable foundation for future growth," says Chief Executive Officer (CEO), Juan Luís Martínez Arteaga.
Supervisory Board formed with new Chairman
With George Gravanis, an industry expert will also be appointed to head the newly formed supervisory board. "It is a great pleasure for me to work for adapa in the future. The supervisory board, together with a very competent and motivated management team led by Juan Luis Arteaga, will do everything possible to ensure that adapa is the preferred partner for our clients, meeting or exceeding their needs and expectations in the best possible way. The new, healthy financial ownership of the company will also ensure that key investments are made in a timely manner to realise our growth strategies. In addition, the renaming to adapa begins a new chapter of opportunity for the company."
The new name "adapa" is derived from "adaptive packaging" and underlines one of the company's core values, adaptation to a changing world. The new strategy consists of short- and long-term measures that focus on sustainability, organic growth, operational excellence and innovation/digitisation. The group employs around 2,200 people at 22 production sites in eleven countries.