Livingstone Düsseldorf’s Special Situations team has advised insolvency administrator, Stefan Meyer, on the sale of major assets of Dornseif e.Kfr., to newly founded Dornseif Winterdienst GmbH, a subsidiary of epex Group Deutschland GmbH.
With headquarters in Münster, Dornseif is a leading provider of winter maintenance solutions throughout Germany. The company had annual sales of between €6 and €11m in the past three financial years, employs 47 staff, and works with 700 – 800 sub-contractors.
epex Group is one of the largest providers of building maintenance services in Germany, with a reported annual turnover of €17.5m in 2014. Dornseif Winterdienst GmbH will operate as an independent subsidiary within the epex group.
“Just five weeks after filing for insolvency, Livingstone has implemented a solution for Dornseif. A quick and professional sale process was particularly important in this situation, as customers and sub-contractors were looking for reassurance and security of service ahead of the coming winter season,” explained the administrator Stefan Meyer.
Dr André Schröer, Director at Livingstone Düsseldorf commented: “We are very pleased to have found a strong partner for Dornseif, one which is not only committed to retaining the entire workforce, but has plans to develop the company in the long-term.”