Seven at a stroke – within four months all operational business units of the REMAG Group were successfully sold to three different investors

Munich, 26th April 2018. REMAG AG sells the operational business units of its subsidiaries HAGMEYER Stahlcenter GmbH with its sites in Geislingen and Göppingen, BTM Bewehrungstechnik GmbH and STAHL Ehrenfriedersdorf GmbH & Co. KG to the Sülzle Stahlpartner Group, Rosenfeld; the REMAG AG subsidiaries Soest and REMAG Stahl Distribution and Service GmbH, Nuremberg are taken over by Indian Steel Mont GmbH, Düsseldorf and PVG Kaltprofile Verarbeitungstechnik GmbH & Co KG is acquired by Wickeder Profile Walzwerke GmbH, Wickede. Thus for all seven operational business units, a new perspective was found within the shortest time.


The REMAG Group, a medium-sized company with its headquarter in Mannheim and offices throughout Germany, has been specialising in the sale of different kinds of prefabrication and manufacturing goods for over 70 years. In the financial year of 2016, the company generated a total revenue of approximately 180 Mio. EUR with 490 employees.

On 20th October 2017, the REMAG Group has filed for insolvency under self-administration at the local district court in Mannheim. Since then there were ambiguities regarding the continuation of limits of a trade indemnity insurance provider and the overall financing could not be secured. The recovery board of REMAG AG, Britta Hübner, together with Dr. Florian Dausend of Cornelius Treuhand Holding GmbH & Co. KG, Frankfurt, which is the trustee of the shares of the operational units of the REMAG Group, were able to successfully sell all seven business operations through asset deals and managed to secure three-quarters of all employees. Within the scope of the M&A process, the separation of the REMAG Group turned out to be the best solution for all participants. In the course of the procedure, the self-administration was supported by the specialised law firm focusing on restructuring; Wellensiek Rechtsanwälte, and Stefan Meyer of Pluta Rechtsanwälte GmbH for the PVG Kaltprofile Verarbeitungstechnik GmbH & Co KG. Attorney Tobias Hoefer of the law firm Hoefer Schmidt-Thieme, Mannheim, was the designated trustee.

ACXIT Recovery Management was exclusively mandated as the M&A consultant for the REMAG Group throughout the investor process. The law firms Rittershaus Rechtsanwälte (corporate) and Zirngibl Rechtsanwälte (real estate) provided the seller with legal advice.

The international Sülzle Group, a family-run company in the fourth generation, is one of the most important providers of reinforcing steel in Germany. In total, the SÜLZLE group employs around 850 people in 20 office locations in Germany and France.

Steel Mont GmbH is an Indian business group under the leadership of Rajesh Saraiya, operating in the fields of steel trading and production, commodities and shipping. Steel Mont has its representatives and production facilities in India, Russia, Ukraine, Turkey, Czech Republic, Italy and Germany.

Wickeder Profile Walzwerke GmbH, based in Wickede (Ruhr) is part of the Wickeder Group, a global leader in metallic preliminary products and metal processing services. The Wickeder Group has its production facilities on three different continents and employs 1,100 people.

About Cornelius Treuhand Holding GmbH & Co. KG
Cornelius Treuhand has specialised in trust solutions for companies in special situations. With its interdisciplinary approach for clarification and structuring of legal and management issues in crises situations, CTHG acts as a central coordinator in the restructuring process to achieve a balance of interests among all participants.

About Wellensiek Rechtsanwälte
Wellensiek Rechtsanwälte is a specialised law firm focusing on restructuring companies that operate in several offices throughout Germany. The experts of Wellensiek have a long-standing experience of managing crises of national and international companies. Their core competencies are in the field of advising clients on insolvency proceedings and crises management. Further areas of focus include the advice of management bodies and to develop trust solutions for medium-sized and large companies.

About Hoefer Schmidt-Thieme
The law and insolvency firm Hoefer Schmidt-Thieme maintains nine offices in Germany and specialises in company restructuring according to insolvency proceedings and trusteeship.
The attorney Tobias Hoefer is the founder of the law firm Hoefer Schmidt-Thieme and has extensive experience in company restructuring. Tobias Hoefer is a member of the “Gravenbrucher Kreis”, an association of insolvency administrators and restructuring experts of leading cross-regional German insolvency firms.

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 the USA. (www.acxit.com)

 

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TRANSACTION LEAD
Nikolaus J. Röver, Managing Partner