GERMANY - Stargate Capital acquires Gehring Group

Apart from insolvent Gehring GmbH & Co KG, the investor also acquired the businesses of its subsidiaries: Diato GmbH based in Ostfildern with around 40 employees; Gehring Naumburg GmbH & Co KG, with around 170 employees; and Gehring International GmbH and its international subsidiaries in the US, China, Brazil and France, with a further 80 employees. The acquisition is retroactive from 1 March 2009. The group is now held by newco Gehring Technologies GmbH.

The transaction was made possible when the pool banks agreed to provide financing, involving Baden-Württembergische Bank, Kreissparkasse Esslingen as well as Deutsche Bank.

Gehring GmbH & Co. KG is headquartered in Ostfildern and manufactures machines which are used for the production of car engines. The company filed for insolvency in November 2008 and was run by insolvency administrator Dr Tibor Braun. Gehring GmbH & Co. KG employs around 300 people and reported a turnover of around EUR 50m, while the total group employs over 500 people worldwide and achieved EUR 70m turnover in 2008.

Stargate Capital specializes in special situation German technology mid-market businesses and already holds another investment in this space - Bleichert GmbH in Osterburken. Stargate Capital operates out of offices in Munich and Shanghai.

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