• Transactions

FEUER powertrain Adjustment of the Financing Structure & Partial Refinancing via Private Debt

The Company

FEUER powertrain Group ("FPT"), headquartered in Nordhausen (Thuringia), is a leading global independent manufacturer of crankshafts for passenger car, truck, agricultural machinery and industrial engines, as well as the recreational vehicle (ATV, motorbikes, jet skis, sport boats, etc.) and compressor segments. Although much of the current business is based on internal combustion engine applications, there are still growth opportunities for FPT from an accelerated outsourcing trend and the further diversification of activities. 

FEUER powertrain currently operates a total of seven plants with highly automated, flexible production lines at the Nordhausen and Beuren locations (Germany) and in Tunica, Mississippi (USA).

The Transaction

As part of the extensive reorganisation of the financing structure, FPT refinanced the remaining loan tranches of the existing syndicated loan in full by taking out a 5-year amortising loan from a private debt fund. Furthermore, the existing ABCP programme and an existing HoldCo mezzanine financing were extended and adapted to the new financing structure. 

The new overall structure creates significantly increased financing flexibility for FPT, in particular due to the non-linear repayment profile of the private debt tranche and an adjusted covenant structure, among other things to finance further growth and the gradual repayment of the HoldCo mezzanine.

Scope of Mandate

ARGONAS acted as FPT's exclusive debt advisor during the financing process, advising and supporting FPT on all aspects of the transaction, including the negotiation of the transaction documents.

Christian Berkhoff

Managing Partner/Co-Founder

Christian Berkhoff is Managing Partner at ARGONAS und has more than 20 years of experience in Corporate Finance Advisory und Investment Banking. 

At ARGONAS, Christian leads M&A and financing projects across a broad spectrum of industries, sectors and company situations. Christian’s focus areas are businesses in the Industrial & Automotive and Business Services space as well as complex financing solutions and M&A situations. 

Selected transaction references comprise inter alia the sale of the Siemens subsidiary Symeo to US-listed Analog Devices, the sale of Tecno Plast to Swedish Indutrade Group in the context of a succession solution, the carve-out and sale of a business segment for the international Auria Solutions Group as well as multiple financing and M&A projects for Feuer powertrain. 

Prior to co-founding ARGONAS, Christian inter alia worked for J.P. Morgan in London and Dresdner Kleinwort Wasserstein in Frankfurt, where he predominantly advised multinational corporations and large midmarket companies on structured debt and hybrid capital solutions.

Christian holds a degree in business administration from Goethe-University Frankfurt and a Masters in Finance degree from London Business School.