FUTURE OF BAKERY MACHINE MANUFACTURER FRITSCH SECURED
Munich, 11 July 2019. Dr. Hubert Ampferl, Partner of law firm Dr. Beck & Partner, successfully concludes the sale of FRITSCH Group to MULTIVAC Sepp Haggenmüller SE & Co. KG within 9 weeks.
FRITSCH Group is one of the world’s leading bakery machine manufacturers headquartered in Markt Einersheim. The product range includes machines for semi- and fully automatic production and processing of dough products, which are sold in relevant core markets of Europe and North America via four subsidiaries. In the fiscal year 2018 FRITSCH Group generated a total output of approx. 90 million Euro with about 600 employees.
Due to substantial losses from several major projects, the unsuccessful introduction of a new ERP system and ongoing order shortfalls, management of FRITSCH Group had to file for insolvency for all German subsidiaries in mid-April 2019. In the meantime, the Local Court of Würzburg has appointed Attorney at Law Dr. Hubert Ampferl as insolvency administrator with the opening of insolvency proceedings on 1 July 2019. Mr. Ampferl and his team together with company management succeeded in quickly stabilizing business operations and thus created the conditions for an international M&A process initiated on 1 May 2019.
It was possible to win numerous interested parties for FRITSCH Group within a very short time and a number of indicative offers were obtained by the end of May. After various negotiation rounds with the most promising bidders, the creditors’ committee decided to sell the company to MULTIVAC Sepp Haggenmüller SE & Co. KG, which had presented the most promising continuation concept. A total of approx. 500 FRITSCH employees will be taken over by MULTIVAC as part of a transfer of operations. MULTIVAC is one of the leading providers worldwide of packaging solutions for food products of all types, life science and healthcare products, as well as industrial items. The MULTIVAC Group has approximately 5,900 employees worldwide and is represented with over 80 subsidiaries on all continents. As a result of the takeover, FRITSCH will become part of a strong Group, enabling it to continue its business operations for the benefit of its stakeholders and customers.
Subject to approval by the antitrust authorities, the takeover of FRITSCH Group will take effect on 1 August 2019 and will secure all locations of FRITSCH Group.
ACXIT Recovery Management exclusively supported FRITSCH Group and the insolvency administrator as M&A advisors in the sales process.
About Attorney at Law Dr. Hubert Ampferl:
Dr. Hubert Ampferl, specialist lawyer for insolvency law, is partner of the law firm DR. BECK & PARTNER. Amongst others, Dr. Ampferl was insolvency administrator resp. trustee of Bavaria Yachtbau GmbH, Luitpoldhütte AG, Müller-Brot GmbH, René Lezard Mode GmbH, Nutzfahrzeuge Rohr GmbH and Wöhrl Mode und Textilhandelsdienstleistungen GmbH.
DR. BECK & PARTNER belongs to the leading insolvency law firms in Germany. The company has offices in Nuremberg, Munich, Regensburg, Ansbach, Hof, Würzburg, Augsburg and Landshut. (www.ra-dr-beck.de).
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. (recovery.acxit.com)
ACXIT Capital Partners is a leading independent corporate finance and investment advisory firm for mid-market clients and entrepreneurs in Europe and beyond. As an independent and privately owned firm, ACXIT maintains offices and representations in Frankfurt, Berlin, Munich, Leipzig, Zurich, Hong Kong and New York as well as strong alliances in the UK, France and India.
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