Livingstone’s Special Situations team advised Stahl-und Plastic-Flanschen Handelsgesellschaft Lorenz GmbH & Co. KG on the sale of the business.
Founded in 1961 by Eugen Lorenz, Stahl-und Plastic specialises in the wholesale distribution of flanges, pipes, fittings, alloyed and unalloyed steels and related objects. In the production and processing of flanges, turned parts and similar items, the company is mainly supported by the LOMA Steel fittings Vertriebs GmbH & Co. KG. The company generated sales of c. €14 million in 2014.
Earlier this year Stahl-und Plastic-Flanschen Handelsgesellschaft Lorenz GmbH & Co. KG. filed for insolvency. With the approval of the preliminary insolvency administrator Dr. Marc d’Avoine, Livingstone was appointed in mid-July to initiate a structured M&A process to identify potential acquirers for the business.
“We are pleased with the successful negotiations and the quick process in which an excellent solution for all parties was achieved,” said lawyer Dr. Christoph Bode.
Claudia Witte added: “The acquisition of Stahl-und Plastic-Flanschen Handelsgesellschaft Lorenz GmbH & Co.KG will strengthen our Group. In addition to a well-known and reputable company, we were able to gain new valuable employees.”
Dr. Marc d’Avoine, insolvency administrator, said: “Within just 12 weeks, we managed to develop a restructuring solution. We are happy to have found a strong partner for the business, whilst securing employment for the workforce, and one who will also strive to develop the company in the long term.”
Dr. André Schröer, Partner at Livingstone Düsseldorf, commented: “We are very pleased that we have identified an experienced buyer for Stahl- und Plastic. Especially in the light of the continued challenging market conditions in the Engineered Products sector and their suppliers. We anticipate that there will be further restructuring cases in the next few months.”