Deal Announcement 03/25: Retail & Consumer / Engineering & Construction

The Deal

The PwC M&A team is pleased to announce the successful sale of the main German activities of the insolvent Ziegler Group (“Ziegler”) to Rettenmeier Holding. 

Ziegler is a leading German wood producer and processor. While experiencing strong revenue growth in recent years, the company filed for insolvency in November 2024, among others, due to drastically increasing raw material prices. Attorney at law Volker Boehm (Schultze & Braun) was appointed as insolvency administrator of the whole Ziegler Group and initiated a structured, international M&A process which was led by PwC M&A. Rettenmeier acquired major parts of the German wood processing operation of Ziegler including the Betzenmühle sawmill which is the largest sawmill in Europe with 6 sawing and planing lines, almost 2.2 million solid cubic meters of wood processed per year, and more than 650 employees. 

Volker Böhm mentioned: “Rettenmeier, as one of the leading European providers in the wood processing industry, has the necessary expertise to lead the acquired companies back to success.”

Dr. Stephan Lang, CEO of Rettenmeier added: “Ziegler Group’s existing sawmill in Plößberg is an excellent location with very good softwood resources and many forest owners in the area who can supply us reliably. This and the sawmill's motivated employees are the most important foundations for leading the sawmill out of provisional insolvency and into a secure future. Rettenmeier is determined to develop the site further and make the sawmill to a major player in Europe again.”

The sale of the Ziegler Group was led by the collaborative efforts of the German and Austrian PwC M&A teams, effectively utilizing the combined expertise in the wood industry and distressed M&A practice. Despite a very complex transaction and situation, PwC was able to keep a fierce competition between several interested investors, from leading international wood producer and processor to financial investors, until the signing of the transaction on 31 January 2025. Rettenmeier finally convinced the creditors with the most attractive offer and strategic concept. The deal was closed on 31 March 2025.

Ziegler Group and the target

Ziegler Group, based in Plößberg (Bavaria), operated a total of 4 sawmills in Germany, Sweden and Romania. The Swedish sawmills in Balungstrand and Bäckebron, as well as the Romanian sawmill in Sebes, were sold in separate M&A processes managed by PwC to separate investors. Ziegler covered the entire value chain from wood procurement to the production of building materials, wood products and wood pellets. Overall, Ziegler Group employed ~2,000 people and generated sales of >€530 million in 2024. Within Ziegler Group, the German operations contributed >€350 million in sales and employed ~1,500 people.

Rettenmeier Holding

Rettenmeier, based in Wilburgstetten (Baden-Württemberg), ranks as one of Europe’s largest suppliers of wood products with 1,600 employees at six locations. With the acquisition of Ziegler, Rettenmeier further extends its position as a leading sawmill operator in Europe. Rettenmeier is part of the Cordes Group, which is based in Bremerhaven. The Cordes Group, employing 950 people, ranks as one of Europe’s largest suppliers of wood and planed goods. Together with Rettenmeier, the Group reportedly generates sales of >€1,1 billion.

Schultze & Braun

Schultze & Braun is law firm based in Germany, specializing in insolvency administration and restructuring. Established in 1975, the firm has grown to become one of the leading experts in insolvency law in Europe, offering services in insolvency proceedings, corporate restructuring, and legal advice for businesses facing financial difficulties. Volker Böhm, known for his expertise in insolvency administration and restructuring, plays a key role in handling complex insolvency cases and providing strategic legal advice to clients facing financial difficulties.

PwC

The global PricewaterhouseCoopers network is a worldwide association of independent auditing and consulting companies which together employ more than 370,000 people in 149 countries. Our global network comprises over 2,900 M&A professionals all over the world, realising approx. 400 successful transactions per year. Our Distressed M&A team led by Timo Klees (Partner) is market leading in Germany and has successfully advised on more than 80 transactions out of special situations and insolvency situations in recent years. Latest transactions include among others Manz AG, Nobiskrug, Flensburger Schiffbau-Gesellschaft, Erndtebrücker Eisenwerk Gruppe, Auto-Kabel, Compleo, Prophete, Steuler Fliesengruppe, Tennis-Point, Ludwig Pfeiffer, Aluminium Rheinfelden, Poggenpohl, Dradura, Fintyre, Thomas Cook and Vapiano.

The German PwC M&A team included Timo Klees (Partner), Dr. Alexander von Friesen (Partner), Julia Jaumann (Senior Manager), Julius Karp (Senior Manager), Jan Klaus (Senior Associate), and Philipp Huber (Senior Associate). The Austrian PwC M&A team consisted of Thomas Vorlaufer (Director), Stephan Brandweiner (Senior Manager), Koen Stam (Senior Manager), and Ferdinand Croy (Senior Associate).