Apex Group & EDB support econnext financing

en

Apex Group, a global financial services provider and its subsidiary, European Depositary Bank SA (“EDB”), the Luxembourg-headquartered provider of banking, depositary and custody solutions, today announces the financing of a revolving credit facility provided to econnext AG (“econnext”), a ClimateTech Holding Company with focus on decarbonisation and circular economy.

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05/09/2023 |
  • Martin Thoelen 2

Founded in 2016, econnext holds majority positions in a group of subsidiaries that are dedicated to creating a long-term, profitable and scalable positive impact on the environment in line with the UN Sustainable Development Goals (“SDGs”). econnext’s investor-base includes European business leaders, entrepreneurs and international angel investors including members of the Brenninkmeijer, Siemens and Mohn families.

EDB provided financing for a revolving credit facility. As part of Apex Group, EDB is supported by a strong global network and is one of the largest providers of depositary services in Europe for regulated UCITS and alternative funds with €180.9bn Assets under Depositary and €24.2bn Assets under Custody (as of June 30, 2023).

Apex Group provided Facility and Security Agent services to the transaction. In Apex Group’s role as a leading provider of services to capital markets, as well as for a wide variety of fund structures and asset classes, it is committed to supporting capital flows to ESG compliant investments. In addition to offsetting its lifetime of carbon emissions, Apex Group is also a market leader in the provision of innovative, data enabled ESG Reporting, Advisory and Consulting services.

Martin Thoelen, Global Head of Strategic Development – Financial Services at Apex Group comments: “Increased volatility in the traditional lending markets in 2023 has slowed down overall activity, with the provision of credit becoming more complex and challenging for non-specialist providers. We are proud to be supporting econnext through both our financing capabilities as well as with facility and security agency services as they continue their pioneering work to build impactful and profitable companies which drive positive social and environmental change.”

Michael Schneider, Co-Founder and Co-CEO of econnext adds: “Strong partnerships are essential to driving the energy transition.  Instead of deemed costs to society, scaling climate tech and circular economy solutions represents not only a profitable long-term investment case but can also help secure livelihoods and democratic freedoms for future generations. We look forward to working further with the knowledgeable and supportive Apex Group and EDB teams.”

Dr. Jobst von Hoyningen-Huene, Co-Founder and Co-CEO of econnext further comments: “Making profitable, scalable and sustainable businesses investable for traditional capital markets players is key to tackling the enormous global challenges we face. We are pleased to be partnering with EDB and Apex Group who share our core purpose of directing capital flows towards decarbonisation and a circular economy.”

International law firm McDermott Will & Emery represented EDB with a cross-border team led by partner Aymen Mahmoud and included partner Ludwig Zesch (Frankfurt), senior associate Nicholas Jupp with associates Michael Spirk (Frankfurt), Bethany Drayton and Laura Sollacher (Frankfurt).

econnext AG were advised by Qbera Capital and Hogan Lovells Frankfurt provided legal counsel.

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