Deal Announcement 03/21: Automotive

The Deal

The PwC M&A team is pleased to announce the successful sale of Minda KTSN Plastic Solutions GmbH & Co. KG (“KTSN Germany”) and its Polish 100% subsidiary Minda KTSN Plastic and Tooling Solutions sp.z.o.o.  (“KTSN Poland” and together “KTSN”) to Eissmann Group Automotive (“Eissmann”). PwC M&A acted as exclusive financial advisor to the insolvency administrator Dr. iur. hc Rainer M. Bähr.

KTSN Germany filed for insolvency in June 2020 due to financial difficulties. Dr. iur. hc Rainer M. Bähr was appointed as insolvency administrator and initiated a structured, international sale process for all of KTSN’s assets and shareholdings which was led by PwC M&A. 

The deal comprises all assets of KTSN Germany, headquartered in Pirna, Saxony, as well as the shareholdings in its non-insolvent subsidiary KTSN Poland based in Bydgoszcz.

KTSN Germany’s Mexican subsidiary Minda KTSN Plastic Solutions Mexico, S. de R.L. de C.V. based in Querétaro is not part of this deal.

The asset and share purchase agreement for KTSN was signed on 25th February 2021 and the transaction was closed on 31st March 2021.

KTSN Plastic Solutions GmbH & Co. KG

KTSN is a German Tier-1 automotive supplier. As a plastic injection-moulding specialist with a focus on kinematic interior applications, it serves especially premium passenger car customers, such as Audi, BMW, Daimler and VW. The product portfolio comprises kinematic and non-kinematic plastic components including glove boxes, cup holders, seat panels and oil pans. KTSN was founded in 1949 and is headquartered in Pirna, Germany. In 2020, KTSN Germany and KTSN Poland, including its own tool shop, generated together revenues of approx. € 45m with approx. 400 employees.

hww hermann wienberg wilhelm

hww hermann wienberg wilhelm is a service provider specialised in legal advice, restructuring, insolvency and receivership. hww is represented in more than 20 cities in Germany and has its own international network. hww hermann wienberg wilhelm has been appointed by numerous insolvency courts throughout Germany in thousands of insolvency proceedings during its many years of activity.

Eissmann Group Automotive

Eissmann, headquartered in Bad Urach, Germany, is a tier-1 automotive supplier in the manufacturing of high-quality shifter modules, trim components and full car interiors with an increasing share of plastic injection moulding. Eissmann employs more than 5,000 employees in different countries worldwide and has a turnover of more than € 470m.

PwC

The global PricewaterhouseCoopers network is a worldwide association of independent auditing and consulting companies which together employ more than 280,000 people in 157 countries. Our global network comprises over 1,600 M&A professionals all over the world, realising approx. 400 successful transactions per year. We specialise in a wide range of independent M&A services including advice on acquisitions and disposals, mergers, public takeovers, privatisations as well as structured financing.

The PwC M&A team was led by Martin Schwarzer (Partner) and comprised Wilfried Böckmann (Senior Manager), Niklas Nagel (Manager), Aleksandar Petkov (Senior Associate), and Gina Cohrs (Associate).