Livingstone Düsseldorf’s Special Situations team has advised administrator Dr. Marc d’Avoine on the sale of major assets of Hammerschmiede Hans van Triel GmbH & Co. KG to IPP van Triel GmbH, a subsidiary of International Piping Products (Europe) Ltd.
Founded in 1951, van Triel manufacturers stainless steel flanges, rings, discs and special forged parts a wide range of sectors from oil and gas and chemistry to plant and marine technology. The business has been acquired by IPP van Triel GmbH, a subsidiary of International Piping Prducts (Europe) Ltd, which will continue to develop the business and exploring the synergies between the two companies. IPP is a leading manufacturer of specialist piping products for the Oil, Gas, Petrochemical and Nuclear industries with annual revenues of €63m.
“After filing for insolvency, is was imperative that an acquirer for the business was found within a very short timeframe – the transaction completed in 11 weeks.” commentedinsolvency administrator Dr. Marc d’Avoine from ATN – d’Avoine Teubler Neu, Wuppertal.
Jared Ayres, CEO of IPP Group, said, “This acquisition further cements our place as the leading package supplier to the global energy industry. I am delighted that this makes IPP Group the leading Norsok certified mill in Europe, a distinct advantage for our customers.”
“We are very pleased to have found a strong partner for van Triel, securing the long-term development of the business, and employment for the majority of the workforce,” concluded Daniel Hohler, Associate Director at Livingstone Düsseldorf.