BDA advises MacLean-Fogg on sale of Presswerk Krefeld (PWK) to HANNOVER Finanz

BDA Partners is pleased to announce that its client, MacLean-Fogg Company, a group of global enterprises with customers in the automotive and power sectors, has agreed to sell 100% of its shareholding in Presswerk Krefeld (“PWK”), a German provider of high-tech-linkage and suspension components for the auto industry, to HANNOVER Finanz Group and PWK management.

Transaction terms were not disclosed. BDA acted as exclusive financial advisor to MacLean-Fogg.

The transaction was complex, involving three different deals: PWK’s acquisition of Gebrüder Kunze GmbH and IBEX Automotive GmbH from insolvency, as well the sale of PWK, within a demanding time frame. The sale is subject to customary antitrust approval and is expected to close in Q1 2017.

The new entity, PWK Automotive, will have 900 employees and approximately €160m annual revenues. With the newly acquired production locations in Gelenau and Zittau, Saxony, PWK will extend its range of products and technical capabilities in cold and hot forming and metal-cutting machining.

MacLean-Fogg received legal advice from Mayer Brown, including Dr. Marco Wilhelm (lead, Corporate & Securities, Frankfurt), Dr. Jens Peter Schmidt (Antitrust, Brussels), Dr. Malte Richter and Stefanie Skoruppa (both Corporate & Securities, Frankfurt).

Jonathan Aiken, BDA Director, London, said, “The complexity of this transaction demonstrates BDA’s ability to deliver innovative solutions for clients on a global basis. We’re proud to have helped achieve a solution that benefits our client as well as the management and employees of PWK.”