Ennepetal/Wermelskirchen. 14. Februar 2020. The two screw manufacturers Emil Niggeloh GmbH (Ennepetal) and Hugo Dürholt GmbH (Wermelskirchen) are being united. Furthermore, production will be pooled at the site in Ennepetal. Those are the plans of the investor Investkapital Industrieholding AG, which has taken over the two insolvent companies. The purchase contracts were signed this week. The new firm will operate under the name of ENI Spezialschrauben GmbH. The employees were informed about the future of the screw manufacturer  in a workforce meeting today. All jobs remain secured. Emil Niggeloh and Hugo Dürholt are currently in the process of restructuring due to insolvency through the debtor-in-possession management. The Düsseldorf based restructuring advisory FalkenSteg is guiding the two companies through the process.

“Niggeloh and Dürholt have had a turbulent period recently. With this sale, the restructuring process is successfully completed and daily operations are now back on an even keel. A special thank you goes out the the employees, customers, suppliers, the Sparkasse Ennepetal-Breckerfeld, the advisors and trustees, whom have all worked towards this goal with immense commitment. I am looking forward to handing over these companies, which have been a longstanding part of our family tradition, into good hands.” says the managing partner Oliver Niebuhr at the workforce meeting.

Emil Niggeloh is one of the two production companies within the family-owned Niggeloh-Group and has been producing special screws for facility, machine, utility vehicle, bridge and ship construction for 120 years. The spectrum reaches from small-format special models all the way to screw bolts for large engines or mining machinery and excavators.

Hugo Dürholt was aqcuired by Emil Niggeloh in 2017. wurde 2017 von Emil Niggeloh erworben. They manufacture DIN screws, special screws and rotating parts fitted to customer specifications.

After ther merger, ENI employs about 60 employees at the site in Ennepetal. The production in Wermelskirchen will be closed this year and the remaining 16 employees will be relocated to Ennepetal. They are moved to a new site in the Talsperrenweg, which is currently under construction. “Investkapital is an entrepeneur-lead associated company. We do not see ourselves solely as funders, but as active entrepeneurs, who take on responsibility within the operations of the companies we acquire. It is our goal to strategically and operatively develop ENI further” says the new ENI manager Norbert Lüling.

Borth screw specialist companies had been confronted with financial difficulties, after planned order were not realisable, and applied for debtor-in-possession restructuring management on the 9th of september 2019 at the local court in Hagen in order to overcome the impending insolvency. The goal for both companies is to continue operations. For this, the management board remains active in office. Tillmann Peeters and Sebastian Wilde from the restructuring-specialised advisory firm FalkenSteg supported the process as chief representatives and developed the restructuring framework. During the process, significant restructuring goals were successfully achieved via increased orders and agreed-upon price increases. “A large part of the restructuring success is due to the employees making concessions with working hours. For this I must express my special thanks, as it has taken us a decisive step forwards towards successfully restructuring and ultimately selling the companies” says Tillmann Peeters. “During the process, production and delivery to customers have been permanently secured. With the new investor, ENI is taking on an even better position. Minor turnover fluctuations will be mastered more seamlessy” adds Sebastian Wilde. Both chief representatives will exit the company once the transference is completed.

Meanwhile, FalkenSteg partner Jonas Echhardt and Florian Weingärtner started the sales process, which lead to the now occurred transaction. During the international transaction process, a broad market interest was generated. The strategically solidified market positioning, the diversified customer spectrum as well as the deep production know-how of both firms were the main drivers for the transaction.

In order to circumvent disadvantages towards creditors, the company and the management board are supervised by an assigned trustee. Solicitors Dr. Jörg Bornheimer and Dr. Mike Westkamp from the law firm GORG were active as trustees for Emil Niggeloh GmbH and Hugo Dürholt GmbH, respectively. “The suppliers, customers and the Sparkasse have constructively accompanied the restructuring process and remained devoted to the company. This was the main prerequisite for a successful restructuring process”, says trustee Dr. Mike Westkamp.

Parties involved
Debtor-in-possession management advisors: Tillmann Peeters, Sebastian Wilde (all FalkenSteg)
Trustees: Dr. Jörg Bornheimer, Dr. Mike Westkamp (all GÖRG)
M&A advisors: Jonas Eckhardt, Florian Weingärtner (all FalkenSteg)

About ENI Spezialschrauben GmbH
ENI Spezialschrauben GmbH results from the fusion of both longstanding companies Emil Niggeloh GmbH and Hugo Dürholt. Emil Niggeloh has been active and family-run for 120 years. ENI produces DIN and special screws as well as turning parts for plant, machine, utility vehicles , bridge and ship construction. The spectrum reaches from small-format special models all the way to screw bolts for large engines or mining machinery and excavators. ENI employs approximately 60 employees at the site in Ennepetal.

For further information, see www.eni.de

About Investkapital Industrieholding AG
Investkapital Industrieholding is an entrepeneurially run associated company, which invests in mid-market companies and strategically enhances these.

For further information, see www.investkapital.com

About FalkenSteg
FalkenSteg advises deciders of european industry and service companies as well as international associated companies in the fields of corporate finance, debt advisory, restructuring and real estate. With the specialisation in special situations advising, FalkenSteg stands for established implementation competence, operative excellence and close-knit relationships at eye level. The advisory specialist accompanies clients through the turn-around, beginning with the financing projects, real estate management, company transactions all the way to out-of-court restructuring within insolvency proceedings. FalkenSteg employs 35 experts nationwide.

For further information, see www.falkensteg.com

About GÖRG
GÖRG belongs to one of the leading german independent corporate law firms and, within these, to the top 10 insolvency firms.

GÖRG employs over 290 highly specialised experts nationwide, including in Hamburg, Berlin, Cologne, Frankfurt and Munich. Among them, many insolvency and restructuring experts have previously gained high recognition through notable insolvency and restructuring cases.

For further information, see www.goerg.de