Client Stories
LeFaxx Group’s acquisition financing of Angels GmbH
About the deal
Investec has advised LeFaxx Group in the acquisition financing of Angels GmbH
Investec advised LeFaxx Group/Istanbul on the financing of the acquisition of 100% of shares in Angels GmbH, in a cross-border deal. The client had faced strong resistance to support the deal from banks and debt funds alike. Areas of concern were the consumer sector and the cross-border nature of the deal. Subsequently, we were mandated to explore alternative financing structures.
Our team developed a senior term loan & mezzanine structure with shortened maturities. This helped to raise a bank financing, while interest from mezzanine lenders was created in parallel. Overall, we raised €25m from Unicredit (term loan & RCF) and VREP (mezzanine).
About LeFaxx Group
LeFaxx Group, a leader in the production of denim and non-denim apparel with more than 25 years of expertise, is committed to state-of-the-art production technology and social economic responsibility. Headquartered in Istanbul and with production facilities in Sivas, the company works with a team of over 600 employees and delivers high-quality products to global markets.
About Angels GmbH
Angels GmbH is one of Germany’s premier brands for women’s trousers, known for its perfect fit, superior quality, and exclusive focus on women’s fashion. With the launch of its premium label “ÆNGELS” in 2022, Angels has elevated its offering into the premium segment. Proudly “Made in Europe,” Angels designs in Germany and produces sustainably in Europe (Türkiye), with a strong focus on environmental responsibility through the use of sustainable materials.
What we did
- We approached new banks, debt funds and mezzanine providers,
- Advised in the acquisition financing, including mezzanine facilities, an acquisition loan, as well as revolving credit lines for post transaction operational needs,
- Prepared appropriate information material and supporting information,
- Revised an existing business plan and developed a term sheet,
- Prepared and coordinated approaches to the lenders and investors to obtain the required commitment level,
- Organized, assisted and followed up on all discussions with lenders and investors,
- Supported in negotiations with lenders and investors in close coordination with LeFaxx, Angels GmbH and Findos (previous owner of Angels GmbH),
- Supported in the completion of KYC checks by potential Lenders and closing conditions.
“Together with Investec, we celebrated the successful completion of a transaction whose financing proved to be a major challenge in the current difficult market environment. With Investec’s involvement, we were able to secure the necessary funds for the acquisition through suitable partners. With their in-depth expertise in structuring complex financing and their extensive network, the Investec team was able to develop an optimal solution for us. Despite the considerable complexity of the project and the various challenges, they not only found a suitable financing solution, but also demonstrated an exceptional level of commitment and expertise. Companies facing difficult decisions or challenging transactions will find Investec to be a reliable, competent and trustworthy partner. We would like to express our gratitude to the Investec team. Their expertise and tireless efforts were essential to our success.”
Berkay Dogan, CEO
and
Vedat Dogan, Owner
LeFaxx Jeans / Tekstil

