Future for renowned Munich architecture office SSP
Munich, 15 July 2019. Insolvency administrator Attorney at Law Axel W. Bierbach successfully completed the sale of Architekten Schmidt-Schicketanz und Partner GmbH to Kling Consult GmbH.
Architekten Schmidt-Schicketanz und Partner GmbH has been founded in 1972 and is an architecture office operating across Germany. SSP covers the entire spectrum of architectural projects, with a strong focus on object planning of public buildings, supplemented by high-quality renovation projects. Currently c. 40 employees work for the firm in various project teams.
The management filed for insolvency in mid-April due to the imminent inability to pay as a result of disputes with its client Deutsches Museum in Munich regarding fee claims in the course of the general renovation of the Museum’s collection building. All further projects of SSP, such as the refurbishment and modification of the Fire Station 1 in Munich or the construction of a new underground depot for the Germanisches Nationalmuseum in Nuremberg were on schedule and profitable. Swift stabilisation of the company’s operations by the (preliminary) insolvency administrator Axel W. Bierbach
(Law firm Müller-Heydenreich Bierbach & Kollegen) as well as the excellent reputation of the architectural office made it possible to quickly enter discussions with international potential investors.
Mr. Bierbach was appointed as insolvency administrator by the Local Court of Munich with the opening of insolvency proceedings on 1 July 2019. He was able to secure all jobs and transfer the business operations after only two weeks to Kling Consult GmbH, which convinced the creditors’ committee with the strongest offer. “I am very pleased that we have succeeded in finding such a suitable investor within such a short time, taking over SSP in its existing form as well as all its employees. I am convinced that SSP, its employees, and clients now have a good future ahead of them,” Bierbach said.
Kling Consult is a leading planning office and has been a reliable partner to all technical segments within the construction industry for 65 years. With over 260 employees and a total of 8 locations, the company is represented in Germany and the United Arab Emirates. SSP will continue to operate independently with its employees and will now, as part of a strong corporate group, be able to benefit from a combination of both high expertise and increased competitiveness in the future.
ACXIT Recovery Management exclusively supported Schmidt-Schicketanz und Partner and the insolvency administrator as M&A advisors in the sales process.
About Müller-Heydenreich Bierbach & Kollegen:
The law firm Müller-Heydenreich Bierbach & Kollegen (www.mhbk.de) has specialized on insolvency administration for decades with attorneys-at-law in Munich and other locations in Bavaria. Six court-appointed insolvency administrators are working on insolvency proceedings at several local courts in Bavaria and Thuringia. The law firm’s main competencies are transferred restructurings, insolvency plans, self-administration as well as group insolvencies. (www.mhbk.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 France, China and India.
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