The German Livingstone sector teams ‘Distressed M&A’ and ‘Industrials’ have advised on the sale of major assets of Apparatebau Kötters GmbH, a supplier of transmissions, drive elements and machine components for special purpose mechanical engineering, to the newly founded Kötters Maschinenbau GmbH.
Apparatebau Kötters GmbH is a provider of turning, milling, welding, lacquering and assembly services for the implementation of customer-oriented solutions for individual and special components. It was founded in 1978 and has achieved annual sales below € 10 million over the past three financial years with about 50 own employees. The company has strong international customer relations and is supplier of transmissions, drive elements and machine components for special purpose mechanical engineering, even for companies listed on the DAX index.
“Within a few weeks it was fortunately possible to develop a remediation solution. A fast and professional sale process was of particular importance as suppliers and customers have called for planning security for the coming fiscal year. Through intensive discussions, we have found a buyer who will continue the tradition-rich company in Dorsten will take over the entire staff,” explained insolvency administrator Michael Wölte from the law firm Wölte & Kischko, Essen.
The company based in Dorsten filed for insolvency at the court of Essen at 1. October. On the same day, Michael Wölte of the law firm Wölte & Kischko has been appointed as preliminary insolvency administrator. After insolvency proceedings were opened on 1. December, he continued the operating business. After intensive work and an extensive search for investors in the context of a structured M&A process it was possible to find a buyer who acquires the company as part of a transferring restructuring out of insolvency.
Hans-Jörg Stäritz, CEO and shareholder of the acquiring company Kötters Maschinenbau explained, “We know about the future viability of the company and its experienced staff. It is our common aspiration to bring the company in the coming months in calmer waters, further expand the operation and so to contribute to the strengthening of the economic Dorsten region.”
“We are very pleased to have found a strong partner for Kötters, who will not only keep the workforce, but also strive to develop the company in the long term.” commented Daniel Hohler, Associate Director with Livingstone Partners Düsseldorf.