DLA Piper advises the Vita Group on launch of three-year EUR81.5 million receivables securitisation

DLA Piper has advised the Vita Group, a leading European flexible foam solutions provider, on a three-year, EUR81.5 million trade receivables securitisation programme with Santander Corporate and Investment Banking (CIB) and Finacity Corporation providing the external funding, with retained funding also being provided by Vita entities.

The securitisation programme refinances Vita’s existing securitisation funding, on which DLA Piper also advised. The external funding comprises of an EUR80 million senior funding commitment by Santander CIB, along with EUR1.5 million in junior funding which is provided by Finacity Asset Management, LLC. This three-year facility is secured by collateral in the form of receivables from Vita’s entities in the UK, Netherlands, Germany, France, Italy, Poland, Romania, Hungary, Lithuania, and Slovakia.

The Vita Group develops, manufactures, and markets a wide range of value-added and differentiated flexible polyurethane foam, Talalay latex, and flooring products, and its pan-European operating base is positioned to serve local, regional, and multinational customers globally.

A team from DLA Piper’s London office led on the transaction with Finance partner Steven Krivinskas being supported by senior associate Patrick Lightbown and associate Ben Atkins. The London team worked with colleagues in DLA Piper’s offices in the Netherlands, Germany, France, Italy, Poland, Romania, Hungary, Slovakia, Luxembourg and Austria.

Steven Krivinskas, partner, commented: “We are proud to have supported The Vita Group on this significant securitisation programme that diversifies their funding sources and reinforces their financial resilience. This transaction is testament to our ability to turn legal complexity into commercial success and bring together lawyers from a large number of jurisdictions to achieve the best results for our client”.