Deal Announcement 08/16: Automotive
PwC acted as the exclusive financial advisor to the insolvency administrator Dr. Jan-Philipp Hoos on the sale of Kemmerich Group to Portugal-based Sodecia S.A.
Summary
The German PwC M&A team is pleased to announce the successful closing of the sale of the insolvent automotive supplier Kemmerich. Kemmerich comprises five insolvent German companies as well as the non-insolvent subsidiaries located in Spain, the Czech Republic and the USA (together “Kemmerich Group”) to Sodecia S.A., a Portuguese automotive supplier. The transaction was signed in less than three months after filing for insolvency.
PwC M&A Germany acted as exclusive financial advisor to the insolvency administrator on this transaction.
The Deal
After filing for insolvency on 3 June 2016, PwC M&A was engaged by the insolvency administrator to initiate a competitive sales process. After approaching selected strategic and financial investors, PwC M&A advised on the entire sales process enabling a highly competitive auction between interested potential investors. In line with the challenging time schedule, the purchase agreement was signed in less than three months with Sodecia S.A. on 31 August 2016. The acquisition enables Sodecia to further pursue its consolidation strategy in Europe and the USA as well as to increase its product portfolio.
About Kemmerich Group
The company was founded in 1897 by Albert Kemmerich in Attendorn and is a well-recognized supplier to the international automotive industry for quality stamped, drawn and bending parts. Its customers include mainly OEMs such as VW, BMW, Daimler, GM and Ford. The company employs some 1,000 people at its production facilities in Germany, Spain, Czech Republic and the USA and generates around €180m in sales. In June 2016, the company had to file for insolvency.
About Sodecia
Sodecia is a full service supplier to the automotive industry, offering a range of chassis, powertrain and body in white products. Headquartered in Portugal, the company has around 4,200 employees and generates around €530m in sales.
The transaction expands Sodecia’s footprint in the European and US-American automotive space and allows the company to strengthen existing OEM relationships.
PwC
The global PricewaterhouseCoopers network is a worldwide association of independent auditing and consulting companies which together employ more than 200,000 employees in 157 countries. Our global network comprises nearly 1,550 M&A professionals all over the world, realizing approx. 390 successful transactions per year. We specialize in a wide range of independent M&A services including advice on acquisitions and disposals, mergers, public takeovers, privatizations as well as structured financing.
The PwC M&A team in Germany acted as exclusive financial advisor to the insolvency administrator Dr. Jan-Philipp Hoos. Additional services were rendered by PwC BRS and PwC Tax.
The PwC M&A deal team consisted of Martin Schwarzer (Partner), Wilfried Böckmann (Senior Manager), Corvin Martens (Senior Consultant), Hendrik Krämer and Jan Meerjanssen (Consultants).
