Santander inyecta 60 millones para reflotar la filial ligada a First Brands

Santander has injected 60 million euros into its subsidiary linked to First Brands to stabilize the company's solvency. The Spanish bank, through Deva Capital, assumed control of Novares, a French automotive components company, following the founder's default on a $230 million loan to Global Technologies, the company owned by Patrick James.

After James could not assume the debt, Santander executed the guarantees and took possession of Global Technologies, indirectly acquiring Novares. Due to the last shareholder's economic difficulties, Novares anticipates the inclusion of a majority shareholder, a Santander subsidiary, according to the company's annual report. This new shareholder took control of Global Technologies on November 4, 2025, and plans to provide significant solvency support, estimated at around 60 million euros, starting from the first quarter of 2026 to ensure the continuity of Novares' activities.

After Santander's entry into the capital, Novares has been integrated into a French trust structure managed by an independent manager. This legal and administrative structure was chosen for the operation in France, while Deva retains economic rights over Novares. Despite injecting 60 million euros into Novares, Santander has a exposure to the bankruptcy of approximately 300 million euros, including the Deva loan to James and other financing with Santander's Brazilian and Mexican subsidiaries.

Deva Capital, a part of Santander's alternative assets platform, acted as an interested party in First Brands' bankruptcy proceedings. The holding company Deva Capital lost nearly 12.5 million euros last year, an increase from the red numbers of 5.5 million in the previous fiscal year, according to the latest individual accounts.

Santander has contributed over 950 million euros to Deva's equity funds since the platform's establishment in 2020.