Shearman & Sterling advises on refinancing of WITTE Automotive
Shearman & Sterling has been enlisted by a consortium of banks to advise on a refinancing package for WITTE Automotive GmbH, a global automotive company that develops and produces vehicle access systems. The financing package, valued at EUR 125 million, involved a consortium of current lenders, along with banks that have not yet worked on financing for WITTE.
WITTE Automotive is headquartered in Velbert, Germany, and specializes in the development and production of various automotive locking and safety systems. WITTE employs 4,600 staff members across five European countries, and reported sales of EUR 595 million in 2016. The company is among Germany’s top 500 family-owned firms.
Shearman & Sterling’s advisory team was made up of members from the firm’s Frankfurt-based finance practice, including partner Winfried M. Carli, counsel Dr. Matthias Weissinger and transaction specialist Marina Kieweg.