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.”
Euan Rellie, BDA Co-Founder, New York, said, “MacLean-Fogg has created significant value at PWK. BDA was pleased to help all the shareholders position themselves for the next stage of growth. BDA works seamlessly, across different borders and cultures, worldwide.”
BDA Deal Team
Euan Rellie, Senior Managing Director, New York
Jonathan Aiken, Director, London
Jakub Widzyk, Associate, London
About MacLean-Fogg Company
Founded in 1925, today MacLean-Fogg is a global enterprise with 40 global manufacturing facilities, annual sales in excess of $1 billion, and a worldwide workforce of more than 4,000 people. MacLean-Fogg is a privately held enterprise headquartered in Mundelein, IL USA. MacLean-Fogg is comprised of two primary businesses, MacLean-Fogg Component Solutions and MacLean Power Systems. www.macleanfogg.com
About HANNOVER Finanz
The HANNOVER Finanz Group, founded in 1979 and backed by institutional investors, has almost 40 years of experience as a private equity investor independent of banks or corporate groups. The HANNOVER Finanz Group is one of the few private equity houses in Germany to take on minority as well as majority shareholdings. www.hannoverfinanz.de
BDA Partners is a leader in cross-border investment banking involving Asia. BDA advises on M&A, capital raising, and restructuring. BDA has been consistently owned and managed by the same team since 1996. BDA has a track record of providing independent advice to blue-chip corporate and financial sponsor clients from North America, Europe, and Asia. BDA is headquartered in New York with offices in London, Dubai, Mumbai, Ho Chi Minh City, Singapore, Hong Kong, Shanghai, Seoul, and Tokyo. BDA formed a partnership with William Blair & Company in 2011. www.bdapartners.com
BDA carries out its US securities business through BDA Advisors Inc, a broker-dealer registered with the US Securities and Exchange Commission (SEC) and a member of FINRA and SIPC. BDA’s UK subsidiary is authorised and regulated by the Financial Conduct Authority. BDA’s HK subsidiary is licensed and regulated by the Securities & Futures Commission.