Livingstone’s Special Situations team has advised on the sale of Neschen AG, a leading international supplier of modern self-adhesive products and high-quality coated media for a wide range of graphics, documents and industrial applications, to a subsidiary of listed investment company Blue Cap AG.
Neschen, headquartered in Bückeburg, Germany, has been a manufacturer and distributor of adhesive-coated products for the printing and advertising industry for over 125 years. The product portfolio in the graphics sector ranges from finishing, protective and adhesive films to printable media, which can be used with state-of-the-art digital printing techniques for avant-garde architecture, decorations and advertising. The company is the first port of call for printing service providers as well as for architects, designers, photographers, interior designers and advertising studios.
With more than 300 employees, Neschen generates a reported turnover of approximately €60m. The acquisition will significantly boost the growth of Blue Cap.
Neschen filed for insolvency in April 2015 because of a dispute with a hedge fund, and was advised and supported by FelbierMall GmbH under the administration of Arndt Geiwitz, Neu-Ulm.
The company appointed Livingstone to carry out a structured M&A sale process. As part of the process, Livingstone approached selected potential national and international investors and acquirers.
Blue Cap has existing adhesive businesses in its portfolio, and there are a number of synergies between the companies, especially in the areas of adhesive production, the further processing of adhesives, and the international distribution of the products. Therefore Blue Cap offered an excellent strategic fit for the business.