Deal Announcement 03/18: Automotive
PwC acted as the exclusive financial advisor to insolvency administrator Nikolaos Antoniadis on the sale of Küpper Group to Thailand-based P.C.S. Machine Group Holding
Summary
The German PwC M&A team is pleased to announce the successful closing of the sale of the insolvent automotive supplier Küpper Group to P.C.S. Machine Group Holding (“P.C.S.”), a Thailand-based automotive supplier.
The Deal
After filing for insolvency on 19 May 2017, PwC M&A was engaged to initiate an international sales process. PwC approached selected strategic and financial investors, enabling a competitive auction between interested parties. The asset purchase agreement was signed with P.C.S. on 7 December 2017 and was closed on 31 March 2018. The acquisition enables P.C.S. to further pursue its growth strategy in Europe.
About Küpper Group
The group, headquartered in Velbert, is a German Tier 1 and Tier 2 supplier of high-quality metal cast and machined components for the automotive industry. The group’s activities are focused on complex turbocharger housings and manifolds. Key customers include BorgWarner Turbo Systems, Volkswagen Group and Schaeffler. The group employs approx. 1,000 people at its production facilities in Germany and Hungary and generates around € 150m in sales.
About P.C.S.
P.C.S. is a listed manufacturer of high-precision engine parts, transmission parts and final drive parts as well as aluminum die castings and steel forged components for the automotive industry. Headquartered in Thailand, the company employs some 2,500 people and generates around € 100m in sales.
PwC
The global PricewaterhouseCoopers network is a worldwide association of independent auditing and consulting companies which together employ more than 230,000 people in 158 countries. Our global network comprises nearly 1,550 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 the insolvent Küpper Group and the custodian / insolvency administrator Nikolaos Antoniadis on this transaction. Additional services were rendered by PwC Business Restructuring Services.
The PwC M&A deal team consisted of Martin Schwarzer (Partner), Wilfried Böckmann (Senior Manager), Christian Gieger (Senior Consultant) and Niklas Nagel (Senior Consultant).
