Fuel cell producer Elcomax successfully sold to the Freudenberg Group

Munich, January 16th, 2018. Dr. Ulf Pechartscheck and Dr. Hubert Ampferl from the law firm Dr. Beck & Partner GbR successfully close the sale of the Elcomax Group.


The Elcomax group, with about 100 employees, pioneers the production of fuel cells for decentralized energy generation for one- to two-family homes and is the only market participant with a fully patented technology. The in-house developed energy generation system, sold under the brand “Elcore”, boasts an overall efficiency score of 104 percent and has been awarded an A++ German efficiency rating. The Elcomax Group is made up of the Elcomax GmbH and its wholly owned subsidiaries, Elcore GmbH, Efficiencity GmbH, and the Austrian headquartered Elcore Industrial Services GmbH.

Due to a reevaluation of its warranty claims and a failed financing round, the German companies belonging to the Elcomax Group filed for insolvency in October 2017. The application was filed in the local Munich court and attorneys at law, Dr. Hubert Ampferl and Dr. Ulf Pechartscheck (from Dr. Beck & Partner GbR), were assigned as (preliminary) insolvency administrators. ACXIT Recovery Management, with support from experienced restructuring expert Werner Rüberg, was, despite difficult market conditions, able to set the foundation for a successful investor process and sale of the Elcomax Group.

The acquirer is the family owned business group Freudenberg, which is an active supplier for various branches such as the automotive, manufacturing, textile, construction, and telecommunications sectors. The Freudenberg Group generated a revenue of about EUR 8.5bn with approx. 50,000 employees. The strategic rationale for the acquisition was to expand the applications for fuel cell technology from the automotive industry to include energy generation for residential real estate.

ACXIT Recovery Management accompanied the Elcomax Group and the insolvency administration as an exclusive M&A advisor in the search for investors.

ABOUT DR. BECK & PARTNER GBR
The law firm, founded in 1998 by Dr. Siegfried Beck, with eight insolvency administrators and 150 people on staff, is considered one of the leading German law firms specializing in insolvency situations. With offices in Nuremberg, Munich, Regensburg, Ansbach, Hof, Wuerzburg, Augsburg, and Landshut the law firm is able to advise on insolvency proceedings with local, regional, and global perspectives.
Dr. Hubert Ampferl, attorney at law, specialist in insolvency law and Diplom-Betriebswirt (FH) is a partner of the law firm Dr. Beck & Partner GbR as well as an insolvency administrator for Müller-Brot GmbH, René Lezard Mode GmbH, and Wöhrl Mode und Textilhandelsdienstleistungen GmbH.

Dr. Ulf Pechartscheck, attorney at law, is also a specialist in insolvency law and partner of the law firm. He is the insolvency administrator for Ackermanns Haus “Flüssiges Obst” GmbH & Co. KG, eVinci Mobility GmbH, as well as Zettl Process Technology GmbH & Co. KG.


ABOUT ACXIT RECOVERY MANAGEMENT
ACXIT Recovery Management, a part of ACXIT Capital Partners, is an independent consultancy firm exclusively dedicated to distressed mergers & acquisitions. ACXIT Recovery delivers tailored solutions and transactions for small and medium sized companies as well as for insolvency administrators. The managing partners of ACXIT Recovery have been in charge of more than 100 successful transactions in restructuring and insolvency situations over the last eight years.

ACXIT Capital Partners is a leading international corporate finance and investment advisory firm for mid-market clients and entrepreneurs in Europe and abroad. As an independent and privately owned firm, ACXIT maintains offices in Frankfurt, Berlin, Munich, Leipzig, Zurich, and Hong Kong as well as strong alliances in France, China, India, and USA. (www.acxit.com)

 

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Christian Nicolas Bächstädt, Managing Partner
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Christian Nicolas Bächstädt, Managing Partner