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Saturday, December 3, 2022
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Hogan Lovells advises Grover on €270m asset-backed capital funding

Hogan Lovells has advised consumer-tech subscription platform Grover on a €270 million debt financing facility with international asset manager M&G.

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Led by Frankfurt partner Dietmar Helms and counsel Johannes Rothmund, Hogan Lovells has advised the consumer-tech subscription platform Grover on a €270 million debt financing facility with international asset manager M&G.

With the fresh capital, Grover will expand its product inventory to serve rising demand from customers in existing markets such as Germany, Spain, Netherlands, and Austria and into new European markets.

Grover’s customer base has grown by more than 50 per cent since the beginning of the year, with demand particularly strong in the US and Western Europe and in the B2B segment.

With the new funding, Grover will continue to bridge the digital divide for consumers around the world.

Grover rents electronics for a limited period of time. Via the platform, customers are able to rent electrical appliances for an indefinite period of time without a minimum contract term, deposit or other obligations and can then decide to buy or return the products.

The company is thus taking a pioneering role in promoting a sustainable circular economy: By 2024, the company aims to avoid 24,000 tons of e-waste by renting out consumer electronics. Founded in 2015, Grover is now one of the unicorns among German start-ups, with a valuation in the billions.

Hogan Lovells regularly advises Grover in financing transactions and has also advised here on all issues relating to the structuring and documentation of the financing.

Hogan Lovells advised Grover with a Frankfurt team comprising Capital Markets partner Dr Dietmar Helms and counsel Johannes Rothmund, along with a Dusseldorf Tax team made up of partner Dr Heiko Gemmel and counsel Nico Neukam, a Banking & Finance Amsterdam team with partner Robert Masman and associate Parsa Shirazi, and an Amsterdam Tax team made up of counsel Alexander Fortuin and senior associate Matthijs Dols.

Madrid office senior associate Carlos Meijide and associate Rodrigo Urosa advised on Banking & Finance matters. Also as part of HL team were partner José Luis Vázquez and associate Laura Wouters.

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