Restrukturierungspartner accompany Hock Group’s successful investor process
Berlin, 02.04.2019. About three years after filing for insolvency, we have succeeded in finding a buyer for further company of the insolvent Hock Group. Insolvency administrator Dr. Stephan Thiemann (PLUTA Rechtsanwalts GmbH) has sold Hock Sachsen GmbH to the RUPF Group with the support of the management consultancy Restrukturierungspartner. The sale of Hock Sachsen GmbH represents the final milestone in the Hock Group insolvency proceedings. The search for an investor was successfully completed and more than 620 jobs were saved.
Over the past three years, PLUTA lawyer Dr. Thiemann and his team had been able to continue the insolvency proceedings of Hock Sachsen GmbH, restructure it and put it back on a profitable footing. As of April 1st, the business operation with approximately 170 employees was sold to the RUPF Group. The two production sites in Grünhain-Beierfeld and Schwarzenberg will be continued. RUPF is a family-run, internationally active group of companies with headquarters in Königstein im Taunus, Germany, which is active in the fields of automotive engineering (automotive, truck, railway, agricultural), plant engineering (hydraulics, test benches) and mechanical engineering (tool grinding machinery, special purpose machinery).
At the beginning of May 2016, the Hock Group had to file for insolvency proceedings on several companies. Over the past three years, a comprehensive and intensive investor process has taken place with the aim of finding sustainable solutions for all companies and employees. The search for investors was accompanied by a team led by Burkhard Jung and Werner Warthorst, both managing directors of Restrukturierungspartner.
At the beginning of 2017, Werkzeugbau Weigel GmbH and the Metal Injection Moulding (MIM) division of Hock Sachsen GmbH were sold to various strategic investors. In January 2018, the sales of Dressel + Höfner GmbH & Co. KG and the Romanian company to the WELP Group and the sale of Hock GmbH to the BURGER Group.
The investor process has now been successfully completed: Hock Sachsen GmbH, the last company in the Hock Group, was transferred to an investor on April 1st. Particularly noteworthy: A total of around 80 percent of the jobs in the Hock Group were saved.
'For us an investor process in the context of insolvency proceedings running over such a long period of time is not every day’s business. But the PLUTA restructuring experts have succeeded in restructuring the operative companies of the Hock Group in the insolvency proceedings and thus made them interesting for investors again. Together we were able to find ideal solutions for the companies,' report Dr. Fabian Meißner and Klaus Wassermann, who managed the investor process as project managers.