DLA Piper supports Vita Group's securitisation

DLA Piper has confirmed its advisory role for the Vita Group, a prominent supplier of flexible foam solutions in Europe, in launching a significant three-year EUR81.5 million trade receivables securitisation programme. This financing effort involves Santander Corporate and Investment Banking (CIB) and Finacity Corporation providing external funding, alongside retained funding from Vita entities. The newly established securitisation programme is intended to refinance existing funding arrangements for Vita, which also saw DLA Piper's legal counsel being enlisted in the past.

The structure of this external funding consists of an EUR80 million senior funding commitment from Santander CIB, complemented by EUR1.5 million in junior funding sourced from Finacity Asset Management, LLC. The plant’s locations in the UK, Netherlands, Germany, France, Italy, Poland, Romania, Hungary, Lithuania, and Slovakia serve as collateral for this three-year facility, ensuring robust backing for the transaction.

The Vita Group is internationally recognised for its comprehensive range of value-added flexible polyurethane foam, Talalay latex, and flooring products, possessing a strategic pan-European operational base that caters to local, regional, and global multinational clients. This extensive reach enhances the group's market resilience and competitive edge.

In leading this landmark transaction, the DLA Piper team from the London office was spearheaded by Finance partner Steven Krivinskas, who received support from senior associate Patrick Lightbown and associate Ben Atkins. The collaboration extended to colleagues from various DLA Piper offices across Europe, including the Netherlands, Germany, France, Italy, Poland, Romania, Hungary, Slovakia, Luxembourg, and Austria, highlighting a coordinated legal effort.

Steven Krivinskas expressed his pride in the achievement, stating "We are proud to have supported The Vita Group on this significant securitisation programme that diversifies their funding sources and reinforces their financial resilience." He emphasised the firm's strength in navigating legal complexities, affirming their ability to deliver commercial success by assembling a global team of lawyers. This transaction exemplifies DLA Piper's commitment to achieving optimum results for its clients across diverse jurisdictions.