FalkenSteg and JAFFÉ’s Dr Max Liebig find buyer for POLIGRAT Group

On 1 April 2019, KSO Edelstahlbeizerei GmbH completed its takeover of the POLIGRAT Group. Working together with FalkenSteg, insolvency administrator Dr Max Liebig from law firm JAFFÉ Rechtsanwälte was able to keep all the group’s locations in Germany running while safeguarding its 230 employees’ jobs via a business asset sale.

POLIGRAT is an international specialist in the finishing of metal surfaces based on chemical processing methods. POLIGRAT GmbH had applied to open insolvency proceedings in June 2018. In September 2018, the proceedings were opened and Dr Max Liebig from JAFFÉ was appointed as insolvency administrator. The main reason for the financial difficulties was the need to offset the heavy losses posted by the group’s foreign subsidiaries. The foundations for the firm to keep trading stably were already laid in the (preliminary) insolvency proceedings, which included a comprehensive reorganisation of the group’s structure and a restored focus on its core business segments.

In the international investor recruitment process organised by FalkenSteg, it was possible to put together a strategic asset deal solution, creating a new, positive outlook for the group’s 230 employees. The deal included parent company POLIGRAT GmbH and its locations in Munich, Arnstadt and Pfungstadt, the non-insolvent subsidiaries in the UK, Italy and Hungary, as well as Gustav Morsch GmbH, based in Hildesheim, Germany.

Insolvency administration
JAFFÉ Rechtsanwälte Insolvenzverwalter
Dr. Max Liebig (Insolvency Administrator)

About Dr Max Liebig
Benefitting from his academic training and background in business administration, Dr Max Liebig specialises in helping companies to carry on trading during crisis situations. In his capacity as an insolvency and debtor-in-possession administrator, Dr Liebig is always committed to developing long-term recovery solutions in the interests of all creditors and the distressed firm. In late 2017, he joined law firm JAFFÉ Rechtsanwälte, which for over two decades has been one of Germany’s leading law firms in the fields of insolvency administration, insolvency law and procedural law, especially in dealing with complex and cross-border proceedings. In 2018, Dr Liebig was among the ten most-frequently appointed insolvency administrators in Germany.


Operational restructuring
Planer und Kollegen GmbH
Thomas Planer
Klaus Ziegler

About Planer und Kollegen
Planer und Kollegen is an owner-operated recovery and restructuring consulting firm with locations in Landsberg am Lech and Freising, Germany. As well as operational restructuring, the comprehensive range of services provided by its consultants includes in-depth knowledge of insolvency law. As specialised SME advisors, Planer und Kollegen’s recovery experts always endeavour to provide practical and realistic assistance to companies in difficult situations.

M&A Advisory
Falkensteg GmbH
Jonas Eckhardt (Partner)
Florian Weingärtner (Associate)

Since its founding more than sixty-five years ago, POLIGRAT has specialised in the development, production and application of processes for the chemical and electrochemical finishing of metal surfaces, including in architecture, machinery manufacturing and medical equipment – areas in which its products have a number of technical unique selling points. POLIGRAT processes are used around the world for surfaces that require reliable production and need to meet the most stringent requirements in terms of functionality and appearance. This is implemented by providing turnkey methods and equipment, including systems and chemicals – or by completing the processes as a service at the company’s own sub-contracting firms and on customer premises.