Mobisol GmbH

GENERAL INFORMATION

Industry:

distribution of off-grid solar systems

Employees:

approx. 750 (worldwide)

Turnover:

roughly EUR 23 million

Region:

Berlin, Tanzania, Rwanda, Kenya

Initial situation

Mobisol GmbH, holding company of the Mobisol Group, was founded in 2011 with the goal to supply sustainable and clean energy. Since then, the former start-up has grown into an internationally active energy supplier with customers in 12 countries and a geographical focus on (East) Africa.

The company designs, distributes and maintains solar systems and larger installations. With the specifically developed „off-grid“ rooftop solar systems and accessories, Mobisol secures the energy supply for private households and companies in infrastructure-weak regions in rural East Africa, enabling customers to use of wide range of compatible appliances, such as refrigerators, televisions and stereo units. By combining the latest high-tech solar hardware with mobile payment technologies, the Berlin-based company also ensures affordable as well as flexible financing plans.

The company is a classic start-up and the business model is strongly focused on growth. The growth was financed by various equity and debt investors, whose collaterals (agreed under English law) partly were held by African subsidiaries.

In 2018, the Mobisol group ran into economic difficulties. In order to restore the companies sustainable profitability and safeguard workplaces, the restructuring was launched as part of the insolvency proceedings in self-administration pursuant to § 270 a InsO.

Services

Dr. Stefan Weniger assumed responsibility for operational restructuring as self-administering restructuring chief executive officer (CRO). Moreover, Daniel Fritz (DENTONS Europe LLP), who acted as chief representative, and Friedemann Schade (BRL) as custodian, were also involved.

During the proceedings, Restrukturierungspartner were responsible, among other things, for the continuation of business, development and implementation of numerous restructuring measures. At the same time, Restrukturierungspartner sought a new investor within a structured M&A process, willing to strategically support the business model of Mobisol and finance its further growth. In October 2019, the French energy group Engie took over the operating subsidiaries in East Africa as well as the holding company in Berlin including all employees and continues the business operations since take over.

In addition to the tight timeline, the complex business structures and the global group structure in seven different jurisdictions were particularly challenging for all the restructuring experts involved.