Deal Announcement 09/13: Retail & Consumer
PwC M&A acted as exclusive financial adviser to Chervon Holding Group Ltd. on the acquisition of Flex Elektro-werkzeuge GmbH
The Deal
On 30 September 2013 Chervon Holding Group Ltd. ("Chervon") acquired 100% of the shares in Flex Elektrowerkzeuge GmbH (“Flex”) from Flexbeteiligungs-GmbH (“Vendor”) whose shares are held by Dentons Treuhand Beteiligungsgesellschaft mbH and TBD Vermögensverwaltung GmbH as trustees for both the former shareholders of the Vendor and certain creditors of the Vendor.
A PwC M&A team from China and Germany acted as exclusive financial adviser to Chervon. This transaction gives testimony to our ability to present outbound opportunities to Chinese clients and to provide effective cross border M&A-advice in complex situations.
Chervon Holding Group Ltd.
Founded in the China market 20 years ago, Chervon is one of the world's top-10 manufacturers of power tools, with the holding company located in Hong Kong and the main operation of R&D and production in mainland China. Its ca. 5,000 employees design, develop and manufacture a wide range of power tools. Among its customers are global professional brands, “do-it-yourself” brands and the leading home improvement retailers for the residential sector. As a global player, Chervon's main business is in North America, Europe and Asia.
Flex Elektrowerkzeuge GmbH
Flex has a 90-year history in producing first-class specialty power tools and currently employs 250 staff. Flex invented the world’s first angle grinder 60 years ago and is a well known brand that has become synonymous for the angle grinder in colloquial German. Headquartered in Steinheim, Germany, Flex distributes worldwide with a focus on Europe and North America.
PwC
The PwC M&A team in China and Germany acted as exclusive financial adviser to Chervon Holding Group Ltd. PwC also provided FDD and Tax advice services to Chervon.
PwC employs nearly 1,000 M&A professionals all over the world, realizing approximately 300 successful transactions per year. We specialize in a wide range of independent M&A services including advice on acquisitions and disposals, mergers and public takeovers as well as structured financing.
The PwC M&A team comprised Gabriel Wong and Linda Cai (both Partner, Shanghai), Alexander von Friesen (Partner, Frankfurt), Rachel Kuang (Senior Manager, Shanghai), Wolfgang Frey (Senior Manager, Frankfurt), Stephan Fölsing (Senior Manager, currently on secondment in China) and Wanfeng Chen (Manager, Shanghai).
