Ardian files fraud complaint against Weber family shareholders

The firm claims that for 2016, collective fraud of a particularly serious nature, credit fraud and inaccurate presentation of the net assets, financial position and results of operations of Weber Automotive occurred, according to a statement.

Ardian claims that the founding family intentionally recognised entries that have no value in the amount of up to €21m in the income statement. A customer rejected the receivable and paid €800,000 while the remainder was paid from Weber family assets via a Swiss holding company to Weber Automotive and then booked as sales and other operating income, according to a statement.

On 5 July 2019, Weber Automotive filed for insolvency under self-administration. The company has also been put up for sale, according to Unquote sister publication Mergermarket.

In 2016, the company secured a €130m loan from a banking consortium that included NIBC Bank, IKB Deutsche Industriebank, HSBC Holdings, ING Groep, Sudwestbank and Helaba, according to press reports. By 2017, €95m still remained outstanding, according to a report by Bloomberg.

Ardian acquired Weber Automotive in 2016 using equity from its €4bn LBO Fund VI. A capital increase, provided by Ardian and the founders, was part of the transaction. The founding Weber family held a minority stake following the transaction and continued to own the operational properties used by Weber.

Ardian will continue to support the company's management and the court appointed administrator in finding a solution for the continuation of Weber Automotive, according to a statement.

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• Ardian (formerly Axa PE)