Deal Announcement 08/20: Automotive

The Deal

The PwC M&A team is pleased to announce the successful sale of the operating assets, including the subsidiaries of e.GO Mobile AG (“e.GO”) to nd industrial investments B.V. (“nd Group”) and the management team led by Prof. Günther Schuh. e.GO is a German manufacturer of electric vehicles. In early 2020, e.GO has been in advanced discussions regarding a new financing round. Due to COVID 19 effects these discussions came to a hold and the production was stopped. As a result e.GO Mobile AG initiated insolvency proceedings under self-administration on April, 2nd 2020. After a broad international investor process nd Group and the management team acquired the operating business through Next.e.GO Mobile SE.

The asset purchase agreement was signed and closed in August 2020.

e.GO Mobile AG

e.GO is a German manufacturer of electric vehicles. Founded 2015 by Prof. Günther Schuh it has since developed into one of the leading full electric vehicle manufacturers in Europe. The Company’s state-of-the-art production site is based in Aachen, Germany and has already produced more than 600 cars.

FRH Fink Rinckens Heerma Rechtsanwälte Steuerberater PartG mbB

FRH is one of the leading German law firms for restructuring and insolvency administration. With more than 50 employees in 8 locations the firm handles large and highly complex proceedings across different industries.

White & Case LLP Insolvenzverwaltung

As only international law firm with comprehensive insolvency and restructuring practices White & Case LLP Insolvenzverwaltung is one of the leading insolvency law firms in Germany. The German team includes 16 renown insolvency administrators and more than 200 employees in more than 20 locations.

nd industrial investments B.V.

nd Group is a private equity and holding company based in Eindhoven, the Netherlands. nd supports businesses of all sizes, at all stages of growth and across a variety of sectors. Their experience with operating companies in challenging regions of the world also means they look beyond the geographical comfort zone of traditional investment firms.

Next.e.GO Mobile SE

Next.e.GO Mobile SE based in Aachen is a manufacturer of electric vehicles and sustainable mobility systems. On the RWTH Aachen Campus 400 employees of Next.e.GO Mobile SE take advantage of the unique network of science and business with 420 technology companies and a comprehensive research infrastructure. The agile teams work on a variety of cost-effective and highly durable electric vehicles for short-distance traffic. www.e-go-mobile.com

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.

PwC M&A Germany acted as exclusive financial advisor to general representative Dr. Paul Fink (FRH Rechtsanwälte) and the custodian Dr. Biner Bähr (White & Case) on this transaction. The transaction was led by Timo Klees (Partner) and Martin Schwarzer (Partner) and supported by Christian Gieger (Manager), Julian Coley (Manager), Aleksandar Petkov (Associate) and Gina Cohrs (Associate).