Kirkland Advises Funds Managed by AGG Capital Management Limited on Acquisition of Majority Stake in AFE

Kirkland & Ellis advised funds managed by AGG Capital Management Limited, a subsidiary of Arrow Global Group, a leading pan-European investment manager, on the strategic acquisition of a majority position in AFE S.A. SICAV-RAIF, a specialist investment manager with a complementary focus on non-performing loans and real estate. In support of the acquisition, holders of more than 95% of AFE’s €307.5 million senior secured notes consented to a comprehensive recapitalisation and refinancing transaction that saw AFE’s existing RCF ultimately refinanced with the proceeds of a new €132.9 million term facility, the issuance of approximately €35.7 million of additional notes and an extension to the maturity date of the notes to July 2030.

The Kirkland team was led by restructuring partners Thomas Jemmett and Kon Asimacopoulos and included restructuring partner Sarah Ullathorne and associates Krista Sirola, Arwyn Davies, Sophia Rossi and Fiona Ling; investment funds partners Anand Damodaran and Edward Prestwich and associate Philipp Ershov; capital markets partner Tim Volkheimer and associate William Taylor; tax partners Mavnick Nerwal, Rebecca Hill, Emma Faulkner-Hill, Steven Cantor and Anthony Sexton and associate Alex Piggott; technology and IP transactions partner Jacqueline Clover and associate Luke Vaz; and antitrust & competition partner Matthew Sinclair-Thomson.