Lincoln International (Special Situations Group) represents the insolvency administrator (White & Case) in the sale of insolvent Nier GmbH (Nier) to Vollmann Group and in the carve-out of Nier's medical engineering business to GPE Holding
Frankfurt, October 2006 - The insolvency administrator with the acceptance of the main creditors has sold the automotive business of insolvent automotive supplier Nier GmbH by way of an asset-deal to an affiliate of Vollmann Group and disposed Nier's Non-Core business unit Nier MBW Lübeck (medical engineering and prototyping business) to GPE-Holding by way of a carve-out.
Nier GmbH is a leading Tier-2 automotive supplier specialised in the production of precision parts based on hot-and cold-rolled flat steel products. The Company's service range enfolds proprietary prototyping, tool building as well as the development of customised assembly lines / special machines for large-scale series production. NIER's product offerings include small pilot series, niche and large-scale series of stamped and drawn parts as well as assembly components. The Company serves more than 30 renowned clients in the automotive sector and one main client in the field of medical engineering. At the time of filing for insolvency, the Company operated at three German production locations and generated revenues of EUR 73m in FY 2005.
Following a separate LI M&A approach for Nier's non-core operations in the area of medical engineering and prototype production, Nier's business unit Nier MBW Lübeck was successfully divested by way of a carve-out to GPE Holding in June 2006, i.a. ensuring a complete staff takeover at Nier's Lübeck plant.
In October 2006, the business of Nier GmbH was successfully sold by way of an asset deal to an affiliate of Vollmann Group. Throughout the process, Lincoln's Special Situations team approached more than 70 relevant investors (strategic investors/ relevant financial investors) and conducted a parallel process leadership including documentations for an Asset-Deal Scenario and an investor solution within the scope of insolvency proceedings (share deal + quota work-out of liabilities). In parallel, a sustainable increase of productivity and the Company's cash flows position could be achieved through ongoing operating and structural restructuring measures implemented by the administrator in the course of the ongoing insolvency proceedings (i.e. sale of non-core activities and relocation of production processes).
By maintaining an ongoing bidding competition, an above average valuation for the creditors and a sustainable insurance of more than 400 employment positions at Nier Group's Remscheid, Hohenlockstedt and Lübeck locations could be achieved.
Vollmann Group produces high quality components and assemblies at four sites in Germany. The Company's clients mainly derive from the automotive supply industry, the lighting industry and the telecommunications industry. Applied basic technologies include injection moulding and metal forming. The acquisition of Nier significantly strengthens the Company's competitive positioning by adding Nier's complementary metal forming capacities and automotive product offerings. Combined sales of Vollmann and Nier's automotive business will exceed Euro 120 million.
GPE Holding (GANDERKE PLAST ENGINEERING) is active in the area of plastic moulding and the assembling of medical equipment at two sites in Germany.
About Lincoln International
Lincoln International specializes in merger and acquisition services and private capital raising for leading organizations involved in mid-market transactions. With offices in Chicago, Frankfurt, Los Angeles, New York and Paris, and strategic partnerships with China Everbright and other partner firms in Asia, Lincoln International has strong local knowledge and contacts in the key global economies. The organization provides clients with senior-level attention, in-depth industry expertise, and integrated resources. By being focused and independent, Lincoln International serves its clients without conflicts of interest. More information about Lincoln International can be obtained at www.lincolninternational.com.
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