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Jet Investment acquires Hoeckle Group

Nicole Tovstiga
15 December 2017

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Czech GP Jet Investment has acquired Germany and Austria-based engineering group Hoeckle Gorup via its Jet I Fund.

The deal was finalised after Hoeckle submitted a request to enter into self-administration insolvency proceedings with the district court in Tübingen, Germany, in early 2017.

The move was made on the back of the failure to complete an out-of-court restructuring and remediation process that had extended for several months.

Being acquired by Jet is a success for the group and equips it to face future challenges in the automotive industry, Martin Mucha, partner at Grub Brugger law firm, told unquote".

Jet currently owns companies in the Czech Republic, Germany, Austria and Poland, with aggregate revenues of CZK 8.6bn and total EBITDA of CZK 878m.

The deal marks Jet's second cross-border investment in 2017. Its investment fund Jet I has assets of CZK 3.3bn, and the private equity firm intends to launch the subscription process for its second fund, Jet II, in 2018.

Company
Established in 1928, Hoeckle specialises in manufacturing of crankshafts and connecting rods. It employs a staff of 380 at manufacturing sites in Moessingen, Germany, and Langenegg, Austria. This year the company produced approximately 315,000 crankshafts and 1,400,000 connecting rods.

Its German site carries out small-series manufacturing of crankshafts and connecting rods, engine block machining, and assembling sub-assemblies for the automotive industry, as well as for industrial engines and compressors.

Moessingen is also the seat of the subsidiary Hoeckle Motors, which builds engines for biogas plants by modifying mass-produced engines from global brands. In addition, the company performs general servicing of these engines and sells replacement parts.

Additionally, in Austria, the company concentrates on production of large-series crankshafts.

The group posted a turnover of CZK 1.536bn for 2017. Customers include manufacturers of passenger cars (Daimler, Porsche, BMW), motorcycles (Harley Davidson), and snowmobiles (Polaris).

People
Jet Investment – Lubor Turza (partner).

Advisers
Company – Grub Brugger (legal).