KME Group buys back Cunova with Morgan Lewis from Paragon

Milan/ Munich/ Osna­brück — KME Group has comple­ted the repurchase of Cunova with Morgan Lewis of Para­gon. Morgan Lewis has advi­sed KME Group S.p.A. on a €300 million finan­cing and restruc­tu­ring for the repurchase of Cunova GmbH from Para­gon Part­ners. The finan­cing was provi­ded by an affi­liate of Apollo Global Manage­ment, Inc. 

Since Janu­ary 31, 2022, Cunova has opera­ted under a new share­hol­der struc­ture in which the invest­ment company The Para­gon Fund III held 55% of the shares, while the KME Group remained a share­hol­der with a 45% stake in the newly foun­ded company.

The tran­sac­tion compri­ses a combi­ned equity and debt finan­cing and is part of a compre­hen­sive, multi-stage restruc­tu­ring of KME’s indus­trial busi­ness. The finan­cing consists of a five-year €150 million term loan and €150 million worth of prefer­red stock and the issu­ance of warrants to funds mana­ged by Apollo. The tran­sac­tion supports KME’s acqui­si­tion of the remai­ning shares in Cunova, the inte­gra­tion of certain aero­space and foundry assets into the company and the refi­nan­cing of exis­ting loans of appro­xi­m­ately €170 million. 

The tran­sac­tion, first announ­ced on Decem­ber 23, 2025, crea­tes an inte­gra­ted indus­trial plat­form for copper-based specialty products and streng­thens the Group’s capi­tal struc­ture and future growth opportunities.

KME is a global manu­fac­tu­rer of copper and copper alloy products for custo­mers in a wide range of indus­tries. — www.kme.com

Cunova GmbH, head­quar­te­red in Osna­brück, Germany, is a global indus­trial supplier of specia­li­zed copper and copper alloy products, parti­cu­larly for conti­nuous casting, mari­time appli­ca­ti­ons and indus­trial high-tech applications.

Advi­sor KME Group: Morgan Lewis (Munich)

Dr. Florian Harder (Lead), Dr. Chloé Lignier (both Corporate/M&A), Dr. Jann Jetter (Tax), Dr. Michael Masling (Frank­furt, Anti­trust), Steven Miller (Orange County, Finance), Ulises R. Pin (Washing­ton, TMT), Matthew Riehle (Pitts­burgh, Finance), Chris­tian Contardo (Of Coun­sel, Washing­ton, Inter­na­tio­nal Trade); Asso­cia­tes: Sven Opper­mann, Hein­rich Stirtz, Joice Zhang (all Corporate/M&A), Emma Drago­mi­rova (Tax), Jasmeen Bahous (Brussels, Anti­trust), Leetal Weiss (Los Ange­les, TMT), Paulina Gerling (Tran­sac­tion Lawyer).

About Morgan Lewis

Morgan Lewis stands for outstan­ding service, legal inno­va­tion and excep­tio­nal commit­ment to its clients. With more than 2,200 lawy­ers, the firm provi­des highly quali­fied legal advice to multi­na­tio­nal corpo­ra­ti­ons and start-ups in the United States, Europe, Asia and the Middle East. — www.morganlewis.com