Baker McKenzie advises Grover on €250 million asset-based financing deal
Frankfurt a. Main — Baker McKenzie has advised Berlin-based tech subscription service Grover on the closing of an asset-based financing. An existing debt financing from Varengold Bank AG will be increased to €250 million. With the fresh capital, the Circular Economy company is ushering in the next major phase of growth.
“With the successful closing of the financing round, we were able to support our client in the implementation of its growth strategy and the further expansion of its product portfolio,” commented Dr. Patrick Mittmann, the lead partner at Baker McKenzie on the transaction.
Varengold Bank AG is a German credit institution that was founded in 1995 and since 2013 has had
has a full banking license. In addition to its headquarters in Hamburg, the bank maintains branches in
in London and Sofia. The core business areas are Marketplace Banking and Transaction Banking.
(Commercial Banking), the focus is on cooperation with European fintechs, especially lending platforms. The portfolio offered includes funding, debt and equity capital markets products, fronting services of products requiring a banking license and international payment services.
Grover (Grover.com) is one of the European market leaders in consumer electronics rental commerce. As a pioneer of the Access Economy, Grover offers its customers access to the latest technology in a flexible, monthly subscription model. Both consumers and businesses can choose from more than 2,000 tech products — from smartphones and laptops to gaming, VR and smart home gadgets. They benefit from special flexibility and full usage rights for a fraction of the purchase price. Grover’s service allows its users to keep, change, buy or return products depending on their individual needs. Grover rents products in Germany via its own platform (Grover.com) and its broad online and offline partner network, which includes Europe’s leading electronics retail group MediaMarktSaturn as well as Gravis, Conrad and others.
Baker McKenzie’s Banking & Finance team provides ongoing support for a large number of German and international loan financings. Regular clients include ING Bank, DZ Bank, LBBW, Commerzbank, MUFG, UBS, BNPP, DEKA, SCB, RBS and Berlin Hyp.
Legal advisor Grover: Baker McKenzie
Lead: Banking & Finance: Dr. Patrick Mittmann (Partner, Frankfurt)
Other lawyers involved: Banking & Finance: Kathrin Marchant (Partner, Frankfurt), Dr. Robert Wippel (Counsel, Vienna)
About Baker McKenzie
Baker McKenzie advises clients to successfully deal with the challenges of globalization. We solve complex legal problems across national borders and legal fields. Our unique culture — grown over 70 years — enables our 13,000 employees to understand local markets while operating internationally. We use the trusting and friendly cooperation in our international network for the benefit of our clients.
In Germany, around 200 lawyers with proven professional expertise and international experience represent the interests of their clients at the offices in Berlin, Düsseldorf, Frankfurt/Main and Munich. As one of the leading German law firms, Baker McKenzie advises national and international companies and institutions in all areas of commercial law.