Poppe GmbH and Veritas AG’s liquid silicone rubber business have been sold to Elastofirm B.V.
Poppe, headquartered in Gießen, Germany, is a manufacturer of technical rubber components and customized sealing solutions, such as distance holders, water drain hoses and sealing profiles to various industries, including German premium automotive original equipment manufacturers (OEMs) and leading international Tier-1 suppliers. The LSR business, located at the Veritas headquarters in Gelnhausen, Germany, serves its customers with innovative silicone-based seals and rubber components.
Elastofirm, headquartered in the Netherlands, is an independent group of elastomer companies with specialized solutions for a broad range of industries and applications. Its companies are leading players in niche markets and offer solutions for demanding customers. Together the businesses will support the future growth of Elastofirm.
Lincoln International acted as the exclusive mergers and acquisitions (M&A) advisor to the insolvency administrator in this transaction, leading the process throughout all deal stages. This included careful selection and customized approaches of potential buyers, working closely with the management and insolvency teams in preparing the business for sale as well as negotiation of deal structure and agreements, purchase price and commercial terms. Lincoln International achieved an outstanding result for the stakeholders, despite the process taking place under the impacts of the COVID-19 pandemic. All employees are taken over by the acquirer.
Lincoln International’s automotive M&A team successfully ran a competitive sale process and achieved the best outcome for all stakeholders in this complex carve-out transaction.
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