Baker McKenzie advised the (insolvent) Gienanth Group on the sale of its subsidiaries in Steyer (Austria), Eisenberg (Palatinate), Kulmbach and Fronberg. The sale took the form of four separate and independent transactions, each of which involved different (legal) challenges.
1. The three Austrian / Czech subsidiaries were sold to the Austrian NKMS Holding GmbH by way of a sale of shares. Gienanth Steyr Guss GmbH and its subsidiaries Gienanth Steyr MBA GmbH, based in Steyr, Austria, and Gienanth Czechia s.r.o., based in Kaplice, Czech Republic, were sold. The share purchase agreement was signed on July 3, 2024. The closing of the transaction is still pending and is expected to take place at the end of August 2024.
NMKS Holding GmbH operates several companies in the metal industry and is based in Vienna.
The Gienanth Group specializes in the production and finishing of high-quality iron castings using machine and hand moulding processes. Gienanth supplies ready-to-install product solutions made of cast iron for the mobility and mechanical engineering industries as well as decentralized energy supply with unit weights of up to 15 tons. With around 1000 employees, the group of companies generates an annual turnover of around 300 million euros.
2. The Eisenberg (Palatinate) and Kulmbach sites were sold to the DiHAG Integrated Foundry Group (DiHAG) at the end of June 2024. All of the approximately 530 employees in Eisenberg and all of the approximately 80 employees in Kulmbach as well as the respective company locations were transferred to DiHAG with effect from July 1, 2024 (Kulmbach) and July 10, 2024 (Eisenberg).
DiHAG Integrated Foundry Group, headquartered in Coswig/Saxony, comprises eight foundries in Germany, Poland and Hungary. The group produces iron and steel castings as well as products made from iron and steel in molds.
3. The Fronberg site with its approximately 150 employees was successfully sold to a German subsidiary of the Indian company Craftsman Automation Limited on July 22, 2024. The closing of the transaction is still pending and is subject to the usual regulatory approvals.
Craftsman Automation Limited specializes in the manufacture of high-precision components and systems for various industries, including the automotive and power transmission sectors, and operates worldwide. The company is listed on Indian stock exchanges.
"Once again, we were able to successfully advise the Gienanth Group thanks to our experienced team. We are pleased that we were able to play our part in preserving the jobs of numerous employees at the various locations," commented Prof Dr Artur Swierczok and Dr Tino Marz, who were together in charge of the transactions.
Baker McKenzie's restructuring and insolvency team regularly advises a large number of German and international companies and financial institutions on complex restructuring and insolvency mandates, including sales and purchases out of insolvency. Recent notable mandates include advising CV MK23 Frankfurt GmbH on the restructuring of the "CANYON" construction project, advising the lenders on the financial restructuring of the PIA Automation Group, advising SIG-i Capital on the financing of the FLABEG Group, and BMW in connection with the insolvency proceedings of Allgaier.
Legal advisor to Gienanth Group:
Baker McKenzie
Lead:
- M&A: Dr Tino Marz (partner, Munich)
- Restructuring: Prof Dr Artur M. Swierczok (counsel, Frankfurt)
Team:
- Restructuring: Joachim Ponseck (partner, Frankfurt)
- M&A: Dr Jon Marcus Meese (partner, Munich), Dr Jan Lucas Gutsche (associate, Düsseldorf), Tobias Beck (associate, Munich), Sophie Schubert (senior associate, Wien), Max Felbermayr (paralegal, Vienna)
- Banking & Finance: Matthias Töke (partner, Frankfurt), Kieran Verdano (associate, Frankfurt), Saskia Ilzhöfer (associate, Frankfurt)
- Tax: Thomas Gierath (partner, Munich)
- Antitrust & Trade: Markus Mossmann (associate, Düsseldorf), Nina Lenhard (senior associate, Vienna)
- Real Estate: Dr Florian Thamm (partner, Frankfurt), Till Pflug (associate, Frankfurt)
- Employment: Christian Koops (partner, Munich)
- Public Law: Anahita Thoms (partner, Berlin), Kimberley Fischer (associate, Berlin)