White & Case advises Mutares on sale of portfolio company SMP

Global law firm White & Case LLP has advised Mutares SE & Co. KGaA (Mutares), a German-based private equity investor, on the sale of its portfolio company Special Melted Products Limited (SMP) for an enterprise value of approximately €180 million to Italian investor Cogne Acciai Speciali S.p.A.

Mutares acquired SMP in May 2022 and undertook a successful turnaround programme, resulting in a sale at a significant premium to the original acquisition price. The completion of the transaction is subject to merger control and National Security and Investment Actapproval. The net proceeds of the sale forecast by Mutares are in the three-digit million range of up to €150 million.

Based in Sheffield, SMP is a leading manufacturer of nickel-based special steels and super alloys used in the aerospace, oil and gas and nuclear industries.

The White & Case team which advised on the transaction was led by partners Mark Richardson (London) and Ingrid Wijnmalen (Frankfurt) and included partners Michael Engel, Marc Israel, Philip Trillmich, Jessica Kemp, James Johnson and Helen Joseph and associates Kathleen McConchie, Dominic Gorard, Kate Kelliher, Prisca Wharton, Shehnai Arora (all London). The Mutares in-house team was led by Dr. Angélique Schraud (Head of Legal M&A International) and included Luisa Stellmach (Associate Legal M&A), Denis Ahluwalia (Head of Tax) and Julia Hellwig (Manager Tax).

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