Law firm Stephenson Harwood LLP has advised TEAK Capital, a distressed investment platform operating in the LATAM region, on its first strategic acquisitions in France.

TEAK Capital has taken over a specialty conveyor chain manufacturer in Saint Chamond and a high precision aluminum foundry and parts manufacturer in Dieuze out of the receivership proceedings of French company Chaines Et Roues Dentees Rafer.

The takeover was approved by a judgment of the Commercial Court of Saint-Etienne on 6 September 2023 in the context of a sale of assets.

Effective from 7 September 2023, the two businesses will be operated as part of a new company named RAFER SAS. The takeover, which notably resulted in the transfer of 88 employees, was carried out after extensive consultation with employee representatives, who supported TEAK Capital’s selection as the buyer, as well as complex negotiations with the various stakeholders, including government bodies, customers and suppliers.

These strategic acquisitions will allow TEAK Capital to commence the development of a portfolio group of companies in Europe, and particularly in France.

The Stephenson Harwood team was led by partner Alexandre Koenig, who heads the firm's restructuring and insolvency practice in France, with the support of competition partner Jean-Julien Lemonnier, employment partner Soazig Préteseille and tax partner Omar El Arjoun.