PLATTLING, BAVARIA, GERMANY (December 2019) – German ventilation systems manufacturer Südluft Systemtechnik GmbH & Co. KG has been taken over by a strategic investor as part of an insolvency plan.
The company had been profitable until 5 August 2019, but had to file for insolvency under debtor-in-possession management on that date due to serious payment defaults by sister companies within the Eisenmann Group. During the restructuring process, insolvency expert Dr Stephan Kolmann from BBL Bernsau Brockdorff helped the company to correct course, assuming the position of executive manager. Meanwhile, Dr Matthias Hofmann from Pohlmann Hofmann Insolvenzverwalter served as the debtor-in-possession administrator.
After the insolvency plan was unanimously adopted by the creditors and confirmed by the local court in Deggendorf on 16 December 2019, it is now likely that the insolvency proceedings be wrapped up as soon as January 2020. Hofmann, the debtor-in-possession administrator, reacted positively to the results of the process. “We were able to complete Südluft’s recovery in almost record time. The creditors can feel satisfied – not only with the speed of the process, but also with its outcome. At the end of the day, despite having liability for other companies in the Eisenmann Group, the dividend achieved is quite considerable,” Hofmann states.
An M&A process was initiated at the start of the preliminary insolvency proceedings to find a new investor for Südluft. From 1 January 2020 onwards, Croatian systems manufacturer and competitor We-kr D.o.o will be taking over the business and all Südluft’s employees in an asset deal as part of the insolvency plan.
FalkenSteg Corporate Finance was given sole responsibility for implementing the M&A process.
Südluft specialises in the development, planning and production of ventilation systems for industrial facilities and kitchens. The company, headquartered in the Bavarian town of Plattling, generated in 2018 around €34 million in revenue and employed some 190 people.
Pohlmann Hofmann Insolvenzverwalter
Dr. Matthias Hofmann
BBL Bernsau Brockdorff
Dr. Stephan Kolmann (Generalbevollmächtigter)
FalkenSteg Corporate Finance
Jonas Eckhardt (Partner)
Florian Weingärtner (Associate)
About the acquirer
WE-Kr d.o.o is a sheet metal systems manufacturer established in 2006. The group of companies is headquartered in the town of Lepoglava, Croatia, and has a branch in Oberhausen, Germany. WE-KR develops, manufactures and assembles sheet metal systems for a huge variety of different industries. The group employs 432 people and generated €42 million in revenue (2018). It has enjoyed annual growth of 15-20% since 2008. With the acquisition of Südluft GmbH, the new owner will be adding to its range of sheet metal systems and machine and systems manufacturing. In return, Südluft will benefit from WE-KR’s expertise in areas such as green technology.