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DLA Piper Advises FIZAN Foreign Expansion Fund on Investment in PGM

DLA Piper Advises FIZAN Foreign Expansion Fund on Investment in PGM

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DLA Piper has advised FIZAN Foreign Expansion Fund on its entrance into a joint venture with Poland's Elemental Holding to acquire a majority stake in PGM, a Texas company specializing in the treatment of used automotive and industrial catalytic converters. The firm also advised Bank Gospodarstwa Krajowego on financing for the acquisition.

FIZAN is managed by PFR TFI. According to DLA Piper, "First, FIZAN and Elemental Holding (a Polish joint stock company and holding for other companies) signed a JV agreement, which established the rules and procedures of the JV's investment into PGM. The first step was for EH to establish, via its investment fund, a wholly-owned subsidiary (i.e., Elemental USA Inc). Then the SPV issued shares that were acquired by FIZAN, which became an owner of 49% shares in the SPV. After that, the SPV (jointly owned by EH and FIZAN) acquired 66% shares in PGM via a share purchase agreement." 

The agreement was signed on December 6, 2019 in Warsaw, and the final acquisition of the shares in PGM of Texas by Elemental USA took place on December 20, 2019.

DLA Piper Warsaw-based Partner Jakub Marcinkowski and Associate Jakub Szczygiel assisted with the the investment agreement and advised FIZAN on Polish aspects of the transaction. The firm's Austin, Texas-based Partner Jenifer Renzenbrink Smith and Associate Louann Fang Richard advised FIZAN on American aspects of the deal. DLA Piper Senior Associate Jakub Zienkiewicz, working under the supervision of Partner Mariusz Hyla, helped Bank Gospodarstwa Krajowego negotiate the loan agreement with Elemental USA. DLA Piper's New York-based Partner Jamie Knox, and Luxembourg-based Partner Xavier Guzman, Counsel Constantin Iscu, and Legal Advisor Teiana Pashko worked on the matter as well.

Elemental USA was advised by Foley & Lardner and PGM was advised by Dykema Gossett, both in the United States.

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