Ashurst advised Commerzbank AG and Oldenburgische Landesbank AG as lenders on the refinancing of The Packaging Group (TPG), a portfolio company of investment firm HQ Equita. TPG was established in 2018 by merging FAWEMA and HDG (previously: Steindl Group) by HQ Equita. The company is a leading developer and manufacturer of high-grade packaging machines, in particular for food packaging bags made from paper or plastics.

The Ashurst team was led by partner Dr Bernd Egbers and counsel Carsten Endres. They were supported by senior associate Isabell Hitzer, associate Franziska Sauer and paralegal Ariana Fazlic (all Banking & Finance, Munich). Partner Dr Martin Bünning and associate Carina Park provided tax law advice (both Frankfurt).