Sun Capital's Flabeg acquired by lender Cordet

Flabeg filed for insolvency in May 2020, as reported. Volker Böhm of Schultze & Braun, was appointed as provisional insolvency administrator, while Alfred Hagenbusch of Wellensiek provided legal advice on the restructuring. Böhm was advised by DLA Piper.

The insolvency filing affected only Flabeg's German operations, but Cordet has wholly acquired the company, including its subsidiaries in five further countries, according to a statement. The Germany-based subsidiaries will be acquired via an asset deal and will be restructured prior to completion of the transaction.

Cordet said in a statement that it expects to see demand for Flabeg's products increase in future, given that its glass components are not linked exclusively with combustion engine vehicles.

Sun Capital acquired Flabeg in September 2015, investing via its sixth fund, which held a final close in July 2014 on $2.1bn. The GP had originally initiated a sale process for the business in August 2017, Unquote sister publication Mergermarket reported.

In November 2016, Cordet supported a refinancing of €25m, which also included a revolving credit facility from Unicredit, according to Unquote sister publication Debtwire. In 2018, the lenders provided further financing of €45m to Flabeg to support its growth, according to Debtwire.

Company
Flabeg was established in 1882 and has 1,120 employees, 220 of whom are based in Germany. Headquartered in Furth, the company has additional operations in France, Hungary, China, Brazil and the US. Flabeg produces glass and mirrored parts for the automotive industry, such as exterior and interior mirrors, glass display covers and head-up display components. It reported 2019 revenues of €85m.

People
Cordet Capital – Magnus Lindquist (co-managing partner).
Flabeg – Andreas Katzer (CEO).

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