Hannover Finanz backs PWK's MBO

As part of the deal, Hannover Finanz acquired a majority stake in the business for an undisclosed amount, while the management team retained the remaining stake.

Following the carve-out process, the company will join the group PWK Ibex, a merger of Gebrüder Kunze and Ibex Automotive, and rename as PWK Automotive. Prior to the deal, the company also acquired two production plants in Gelenau and Zittau, in the German Saxony region, according to a statement.

Illinois-based metals group MacLean-Fogg acquired the business in January 2004 through its subsidiary MacLean-Fogg Component Solutions.

Company
Founded in 1898, Presswerk Krefeld produces steel and aluminium components for the automotive industry, including brake assemblies, shock absorbers, steering gear compressors and running gear. Headquartered in Krefeld, the business also has a presence in France, China and India.

Following the transaction, PWK Automotive expects to generate a turnover of €160m. It will employ a staff of 900.

People
Hannover Finanz – Volker Tangemann, Frank Löffler (partners); Jürgen von Wendorff (director); Jörg Friedrich Bätjer (investment manager); Jonas Anochin (junior investment analyst); Christina Silberberger (general counsel).
PWK Automotive – Harald Dorth (managing director).

Advisers
Equity – Deloitte (legal); RSM Altavis (financial due diligence, tax); Ricardo Strategic Consulting (commercial due diligence).

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