ACXIT advised SWIFT CONJOY on the successful acquisition of Frankfurt Hahn Airport

Munich, 30 June 2022. On June 28th, 2022, the bidder consortium SWIFT CONJOY agreed on the acquisition of the business of Airport Frankfurt Hahn Group with insolvency administrator Dr. Markus Plathner.

Frankfurt Hahn Airport is an international airport in Rhineland-Palatinate primarily used by cargo/logistics and low-cost passenger airlines. While the airport is the fourth largest in Germany with regards to cargo volume handled, passenger traffic is mainly served by the Irish low-cost airline Ryanair. With one runway, one terminal, and around 430 employees, the company handles around 1.2 million passengers in 2022 who primarily depart to destinations in European countries. The main shareholder of the airport – which is formed by a group of companies, consisting of five operating entities – is the HNA Airport Group GmbH, a subsidiary of the Chinese conglomerate HNA. In addition, shares are held by the federal state of Hesse.

Due to the Covid-19 pandemic, passenger numbers fell drastically in 2020 and 2021. Additionally, economic problems at the Chinese parent company HNA added further pressure on the airport’s business operations as the financing was no longer guaranteed. As a result, Flughafen Frankfurt-Hahn GmbH and the other operating companies of the HNA Airport Group eventually filed for insolvency at the Bad Kreuznach District Court. The court appointed the experienced restructuring expert Dr. Jan Markus Plathner from the nationwide operating law firm Brinkmann & Partner from Frankfurt am Main as preliminary insolvency administrator on October 19th, 2021.

Already by the end of November 2021, a comprehensive and internationally structured investor process was initiated by the preliminary insolvency administrator. After an intense bidding competition, the creditors’ committee decided to accept the offer from the German-British bidding consortium SWIFT CONJOY who provided the most advanced future-oriented continuation concept and the best solution for creditors and employees. SWIFT CONJOY is a consortium of highly experienced travel/flight and airport experts as well as real estate developers. The aim of the consortium is to restructure and further develop the airport to not only bring it back to the successful times of its past years, but also develop a prosperous growth path.

ACXIT Capital Partners acted as the exclusive M&A advisor for SWIFT CONJOY in the bidding process.

About ACXIT

ACXIT Capital Partners is a leading international corporate finance and financial advisory firm for mid-market clients, and entrepreneurs in Europe and beyond. Since 1999, we offer our clients comprehensive corporate finance advisory services including M&A and capital markets advisory as well as debt and strategic advisory. As an independent, privately owned firm we maintain offices in Frankfurt, Munich and Zurich as well as strong alliances in the UK and France.

ACXIT Recovery develops and structures tailor-made solutions in the areas of distressed mergers & acquisitions and specializes in financial restructuring for medium-sized companies and insolvency administrators.

Transaction Lead ACXIT Capital Partners

Christian Nicolas Bächstädt, Managing Partner

 

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