Restrukturierungspartner advise insolvency administrators: Ogepar Group acquires Lüneburger Eisenwerk
Lüneburg, 23.03.2018. The Luxembourg-based Ogepar Group, which includes engine plants and foundries throughout Europe with around 1,400 employees, has taken over Lüneburger Eisenwerk GmbH, one of the oldest iron foundries in northern Germany. A corresponding purchase agreement, effective March 1, 2018, was recently signed. The parties have agreed not to disclose the purchase price or financial details of the transaction. The new company will operate under the name Focast Lüneburg GmbH (http://focastluneburg.com/de/index.html).
With the takeover, the team around insolvency administrator Dr. Malte Köster from the law firm WILLMERKÖSTER has succeeded in less than five months in enabling the insolvent Lüneburg traditional foundry with its current workforce of around 130 to make a new start under the umbrella of a successful international group of companies.
As part of the takeover, the Ogepar Group has undertaken to invest around five million euros in the modernisation of the Lüneburg ironworks, which produces high-quality cast products for mechanical engineering and toolmaking as well as pumps and compressors. At the same time, the plant's employees are contributing to the restructuring, among other things by increasing weekly working hours and adjusting special payments.
Dr. Malte Köster as insolvency administrator: 'The Lüneburg ironworks will become part of a successful and internationally positioned group of companies with a good reputation in the market. Jobs are thus secured and stable prospects created. My thanks go to all those who made the restructuring possible, especially to the entire Lüneburg Ironworks team for their impressive commitment in a difficult situation. Special thanks also go to the works council and the representatives of IG Metall for their constructive cooperation, which was always characterised by fairness and trust.'
Köster and his team have continued business operations since filing for insolvency at the beginning of November 2017 and were able to stabilise them beyond the opening of insolvency proceedings on 1 February 2018. In this context, the insolvency administrator of Burkhard Jung and Werner Warthorst was supported by the management consultants Restrukturierungspartner in developing and implementing operational restructuring measures. At the same time, a structured investor process was set up in November 2017, which was also supported by the experts of Restrukturierungspartner. Following initial negotiations with potential domestic and foreign investors, the final negotiations with the Ogepar Group were concluded.
'With the Ogepar Group Lüneburg ironworks is put in good hands,' emphasise Burkhard Jung and Werner Warthorst.
After the acquisition of the insolvent Luitpoldhütte in Amberg near Nuremberg in December 2015, this is the second acquisition of an iron foundry in Germany for the Ogepar Group, which the Group realised with the support of the M&A team of MAZARS Law (Berlin) under the leadership of its partner Dr. Martin F. Köhler.
Consultant Ogepar Group: MAZARS Law (Berlin): Dr. Martin F. Köhler (M&A, lead management), Filip Rajsic (M&A), Janette Köhler (insolvency law), Dr. Tatjana Ellerbrock (employment law)
Insolvency administration Lüneburger Eisenwerk GmbH: WILLMERKÖSTER (Bremen): Dr. Malte Köster (insolvency/corporate law), Marc Kampfenkel (insolvency/corporate law), Sven Hemmerle (insolvency/tax law)
Consultant Insolvency Administrator: CMS Hasche Sigle (Cologne): Dr. Rolf Leithaus (M&A, insolvency law, lead management), Christian Lange, LL.M. (insolvency law, real estate law), Dr. Felix Fuchs (M&A, insolvency law), Schultze & Braun (Bremen): Alexander von Saenger (Arbeitsrecht)
Supplier pool: GÖRG (Cologne): Dr. Carsten Müller-Seils, LL.M. (pool administrator)