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Fieldfisher advises management of PWK Group on shareholders' agreement with HANNOVER Finanz for management buyout (MBO)

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Germany

Fieldfisher advised the management of PWK Group in respect of the structuring of a management buyout (MBO) at the side of the investors as well as on a shareholders' agreement with the equity partner HANNOVER Finanz. The transaction includes the joint acquisition of 100% of the shares of MacLean Lismore Isle GmbH (in the future PWK Automotive GmbH), Krefeld, by transfer of shares from MacLean-Fogg Company, USA. Furthermore, the transaction aims at acquiring assets and integrating business activities of Gebrüder Kunze GmbH and IBEX Automotive GmbH into PWK group. Upon completion of the transaction, PWK Automotive as independent group of companies will employ approximately 900 employees with an annual turnover of about EUR 160 million.

MacLean Lismore Isle GmbH is a supplier for the automotive industry and produces through its subsidiary Presswerk Krefeld GmbH & Co. KG which is rich in tradition high-quality components for automobiles. Presswerk Krefeld (PWK) which initially produced screws and screw-nuts for the railway industry was founded 1898 as "Rheinisches Kleineisen- und Stanzwerk Jahn & Holzapfel" and has been for years the epitome for premium components that are used in steering and wheel suspension systems for automobiles. Being technology leader in terms of cold forming, drop-forging, aluminium-forging, and plastic-injection as well as in finishing, PWK has developed to a leading supplier on its fields of activity.

Independent from groups or banks and with institutional investors in its background, HANNOVER Finanz-Gruppe which was founded 1979 has almost 40 years of experience. Basis of the investments in medium-sized companies which are planned on a long term investment strategy are the currently six active Evergreen-funds with unlimited duration. Investors with whom Hannover Finanz is doing business are primarily insurance companies and pension schemes of the liberal professions. Investments of HANNOVER Finanz range from traditional industries to retail and new technologies. Since founding, the equity partner for medium-sized enterprises is continually growing and so is the number of successful acquisitions. Engagements are primarily triggered by a need to finance growth or by enabling a succession plan of solid medium-sized enterprises that generate minimum sales per year of EUR 20 Mio. Beside majority stakes the HANNOVER Finanz-Gruppe as one of few investment companies in Germany also invests in minority stakes.

Advisor PWK Management: Fieldfisher (Germany) LLP: Dr. Susanne Rückert (Partner, lead), Dr. Axel Hoppe (Senior Associate)

Advisor HannoverFinanz: Inhouse (Hannover): Dr. Christina Silberberger (General Counsel)

 

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