McLaren Applied, an engineering company that belongs to Greybull Capital, will acquired the whole Fimer, an Italian producer of components for electric vehicles and photovoltaic panels that is in receivership since September 2022 (see here a previous post by BeBeez). Fimer said on 12 September, Tuesday, that Greybull’s McLaren Applied poured in the company a first tranche of 5 million euros as part of total investments of 50 million. Fimer was expecting such a tranche since the August 2023 announcement of the agreement with McLaren Applied. The company reportedly attracted the interest of British family office Clementy that later called off its bid (see another BeBeez story). Earlier in May, Fimer said that the board of directors accepted the 50 million binding offer that McLaren Applied tabled (see another BeBeez story). Clementy made a 95 million bid at the end of March, but withdrawed it at the end of April, as Fimer’s shareholders did not issue the necessary shares for the suitor’s investoment (see here the press release). Earlier in July, Clementy retabled an offer that Fimer accepted (see another BeBeez story). However, the British Family Office missed the 6 August, Sunday, deadline for pouring 5 million in Fimer and McLaren remained the sole bidder. McLaren’s injection of new finance of 5 million, the note says, is compliant with the terms that Milan Court outlined. On 24 August, Thursday, the Court gave the go-ahead to Fimer’s request for an urgent injection of new finance. Further capital will be invested as needed and in line with the court’s approval. Fimer board also appointed new board members in light of Greybull Capital’s McLaren Applied acquisition. The buyers confirmed Sam Hancock as Chief Restructuring Officer (CRO). Marc Meyohas, a managing Partner of Greybull Capital, said: “Today marks the beginning of a long-awaited new chapter for Fimer, which now has significant financial resources, a new Board of Directors and, in the near future, a new industrial shareholder. We would like to thank all parties involved for their support in concluding this change of ownership, and we would like to extend a special thanks to the employees of Fimer, who have been tenacious throughout the turbulence of the last two years. Thanks to our support, Fimer can now embark on the long journey that will lead it to regain the trust of its many stakeholders, delivering on its promises and potential. Our plans are clear: we want to reaffirm Fimer as a world leader in its field. We will do everything we can to achieve this goal’.
