Neenah, Inc. (NYSE:NP) signed a definitive agreement to acquire Industrias de transformación de Andoain S.A. from Magnum Capital Industrial Partners and other minority shareholders for approximately €205 million on March 1, 2021. Under the terms of the transaction, consideration of €205 million in cash, subject to certain closing adjustments. The acquisition will be financed by enlarging Neenah's existing term loan B from €166 million to an expected €373 million, with a more favorable interest rate and cash on hand. Following the transaction, Neenah will continue to maintain a strong liquidity position, with no borrowings against its €145 million revolving credit facility and projected debt to EBITDA of approximately three times. Industrias de transformación de Andoain S.A. reported revenues of €100 million for the year 2020. The transaction is expected to close in early April 2021.

Perella Weinberg Partners LP served as Neenah's exclusive financial adviser in the transaction and JPMorgan Chase Bank, N.A. is leading Neenah's financing efforts. Stuart Rogers and Robyn Downing of Alston Bird LLP acted as legal advisor for Perella Weinberg Partners LP. Armando García-Mendoza, Regulatory. William Blair acted as the exclusive financial advisor to Global Release Liners, S.L. William Blair & Company, L.L.C. acted as financial advisor to Magnum Capital Industrial Partners.

Neenah, Inc. (NYSE:NP) completed the acquisition of Industrias de transformación de Andoain S.A. from Magnum Capital Industrial Partners and other minority shareholders on April 6, 2021. Nicolás Martín of Herbert Smith Freehills LLP acted as legal advisor to Magnum Capital. Antonio Baena; Diego Pérez-Yarza; Santiago Ferrer; León López Iglesias; Pablo Paisán of Cuatrecasas acted as legal advisor to Neenah. Terry Childers, Rick Miller, Eliot Robinson, Rob Lewinson, Lindsay Cross, Legette-Toovey, Jonny Morris, Gretchen von Dwingelo, Frank Crisafi, Adam Braun, Rick Arenburg, Jessica Edwards, Paul Concannon, Becky Nelson, Paul Barrs, Eric Schroeder, Damon Whitaker, John Bielema, Mike Carey, Ken Achenbach, Christian Auty, Marilyn Fish, Anthony George, Susan Kovarovics, Mark Srere and Partner Steve Poplawski of Bryan Cave Leighton Paisner LLP acted as legal advisor to Neenah.