Deal Announcement 06/21: Automotive

The Deal

The PwC M&A team is pleased to announce the successful sale of Minda KTSN Plastic Solutions Mexico, S. de R.L. de C.V. (“KTSN Mexico”) to Eissmann Group Automotive (“Eissmann”).
PwC M&A acted as exclusive financial advisor to the insolvency administrator Dr. iur. hc Rainer M. Bähr.

In June 2020, Minda KTSN Plastic Solutions GmbH & Co. KG (“KTSN Germany”), the parent company of KTSN Mexico, filed for insolvency 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. In this regard, all assets of KTSN Germany, headquartered in Pirna, Saxony, as well as the shareholdings in its non-insolvent subsidiary KTSN Poland based in Bydgoszcz, have been sold to Eissmann with effect of 1st April 2021.

In the course of a structured and competitive investor process for the non-insolvent Mexican KTSN entity, on 15th June 2021, all shares of KTSN Mexico have also been acquired by Eissmann. The transaction was closed on 30th June 2021.

KTSN Plastic Solutions Mexico, S. de R.L. de C.V.

KTSN Mexico is a Mexican 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, and VW. The product portfolio comprises kinematic and non-kinematic plastic components including glove boxes, hang-on-parts, and steering column shrouds. KTSN Mexico was founded in 2016 and is headquartered in Querétaro, Mexico. In 2020, KTSN Mexico generated revenues of approx. € 12m with approx. 120 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) and Niklas Nagel (Manager). For more information please contact Martin Schwarzer +49 (0) 69 9585-5667 or Wilfried Böckmann +49 (0) 69 9585-5895.