Hogan Lovells advises Grover on a second asset-backed financing of up to USD 1 billion
Led by Frankfurt partner Dietmar Helms, international law firm Hogan Lovells has advised start-up Grover on an asset-backed financing of up to one billion US dollars. Investor is London-based asset management company Fasanara Capital. The financing increases Fasanara Capital's involvement by USD 765 million to up to USD 1 billion.
Founded in Berlin in 2015, the share economy company Grover leases electronics on a temporary basis. Through the platform, customers can rent electronic devices for an indefinite period of time without a minimum contract term, deposit or other obligations and later buy or return the products.
The financial resources will be used, among other things, to expand Grover's rental platform internationally. Grover plans to double its existing offering in the markets of Germany, Austria, the Netherlands and Spain and to open up further markets by the end of this year. The aim is to avoid 24,000 tons of e-waste by 2024.
Hogan Lovells advised Grover with a cross-border team on all matters relating to the transaction structure and the financial agreements as well as the investment terms with Fasanara Capital.
Hogan Lovells team for Grover
Dr. Dietmar W. Helms (Partner, Banking and Finance, Frankfurt);
Dr. Florian Putzka (Senior Legal Consultant, Banking and Finance, Dubai);
Dr. Heiko Gemmel (Partner), Vanessa Rinus (Associate) (Tax, Dusseldorf);
Robert Masman (Partner), Yvette Voermans, Alexandro Flemming, Parsa Shirazi (Associates) (Banking and Finance, Amsterdam);
Alexander Fortuin (Counsel), Matthijs Dols (Senior Associate) (Tax, Amsterdam);
Jose Luis Vazquez (Partner), Carlos Meijide (Senior Associate), Laura Wouters (Associate), (Banking and Finance, Madrid).