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12/28/2013 - SEVES: Positive agreement with lending banks to restructure the debt

Seves and its current shareholders announced today the positive outcome of negotiations with the core-group of the senior lenders and funds advised by Triton Partners, the private equity investment firm, aimed at restructuring the debt.

The framework agreement includes a 100 million Euro debt waiver from all current lenders, the reopening of the existing but currently frozen short term credit lines by new lenders, BNP and Intesa Sanpaolo, and an investment of 65 million Euros provided jointly by Triton (a new shareholder) and the participating banks.

This step is a major achievement in the overall restructuring process of the Group and is the key condition to obtaining the formal approval of the restructuring plan from the courts in Florence and Milan. The agreement is also a significant sign of confidence by the lending banks and Triton in the Group. It will allow the management to focus on industrial and commercial activities once the transaction is closed.

With revenues of 350 Million Euros and 2.800 employees spread across 12 plants in Europe, Asia and South America, Seves Group is the global market leader for high voltage electrical insulators and glass blocks for residential and commercial construction and interior decoration. Following a downturn started in late 2011, the company's operational performance has improved over the last 12 months. However a lack of liquidity has held back important investments in growth opportunities and productivity improvements.

Commenting on the positive outcome of the negotiations, Peter Baumgartner, Executive Chairman and CEO of the Seves Group, stated that “While operational and strategic challenges remain the agreement is the key condition to save the jobs of nearly 2,800 employees around the world, including 200 direct and 60 indirect jobs in Nusco (AV)”.

 “The agreement –Peter Baumgartner added – will provide the company with a solid and sustainable financial structure which will allow the Group to focus on the strategic and operational development of the business. I would like to take this opportunity to thank Seves employees and management, the Board of Directors and the current shareholders, as well as the senior lenders, Triton and the various advisors for persisting with a difficult process and showing enough flexibility to achieve this milestone. Over the next years we will work together with Triton, Intesa, BNP and other stakeholders, in a constructive and transparent way on growth opportunities and further operational improvements”.

The final closing of the transaction is planned for June 2014 until which time the current management and Board of Directors remain fully responsible for the management of the company.


Other offers

In the course of the last 12 months Triton Partners is the only party to have both conducted due diligence and made a binding offer of support for the company.


The Florence plant

The future of the Florence plant has been linked to the financial restructuring currently being undertaken. It is in fact a separate issue. Questions regarding the industrial viability of Florence go back several years and remain acute despite substantial investments and support by Seves. For this reason, the plant has been in a long-term short working time period and Seves management is currently in discussions with the relevant stakeholders.

No concrete offers for the Florence plant have been received by interested third parties during this period. Nevertheless, Seves management remains open to considering credible options, to the extent these are consistent with its industrial strategy and overall restructuring plan. Decisions regarding Florence have been and will continue to be taken by Seves management. Triton has played no role in these but is aware of the status and will be informed going forward under the terms of the envisaged restructuring.


About Triton

The Triton funds invest in and support the positive development of medium-sized businesses headquartered in Northern Europe - with a focus on Germany, Switzerland, Austria and the four Nordic countries: Denmark, Finland, Norway and Sweden. Within this European region, Triton focuses on businesses in the Industrial, Business Services, and Consumer / Health sectors.

Founded in 1997, Triton seeks to contribute to the building of better businesses for the longer term. Triton and its executives wish to be agents of positive change towards sustainable operational improvements and growth. The 25 companies currently in Triton's portfolio have combined sales of approximately €12.8 billion and over 53,000 employees.

The Triton funds are advised by dedicated teams of investment professionals based in China, Jersey, Germany, Luxembourg, Sweden and the UK.


Contacts:            Barabino & Partners

Ph. +39

Federico Steiner, e-mail:

Marco Catalani, e-mail:

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