ISRINGHAUSEN Acquires Automotive Supplier GMA
German Automotive Supplier GMA Gustav Meyer Stanztechnik GmbH & Co. KG (“GMA”) had to apply for self-administration at the local court of Bielefeld in February 2017. Isringhausen GmbH & Co. KG (“ISRINGHAUSEN”) has acquired the operating business of GMA through an asset deal.
GMA Gustav Meyer Stanztechnik GmbH & Co. KG, founded in 1962 and centrally located in Western Germany, is long established within the fine blanking and conventional stamping industry. In 1994, GMA Stanztechnik Kaplice, spol. s r.o. (“GMA-CZ“) was established in the Czech Republic, both companies are referred to as „GMA Group“.
The family owned GMA Group generated in 2016 more than 40m € with over 340 employees, of which 130 were employed by GMA-CZ. GMA Group produces drawn-, stamped-, fine-blanked and bended parts for the automotive, electric and white goods industry. In addition, both companies provide a broad range of services like assemblies as well as finishing and surface treatment.
After filing for self-administration at the local court of Bielefeld in February, GMA Group has been supported by Kay Deppermann as Chief Restructuring Officer and succeeded in continuing its business activities without any restriction. At the same time, potential investors in Europe, the US and Asia were approached by Saxenhammer & Co. Corporate Finance GmbH (Berlin) acting as exclusive investment banker. Against other bidders, the purchase approach of ISRINGHAUSEN prevailed.
ISRINGHAUSEN is a global market leader in the development and manufacture of innovative seating systems for commercial vehicles as well as technical springs with 50 plants across 20 countries. Its products are used in trucks, buses and construction equipment. ISRINGHAUSEN is part of AUNDE Group with its brands AUNDE, ISRINGHAUSEN and FEHRER, the group has approx. 18,000 employees and comprises 100 plants in 27 countries.
ISRINGHAUSEN acquired the operating business of GMA through an asset deal with the newly-founded GMA Metall GmbH as acquisition vehicle. GMA-CZ has been sold through a share deal. With this transaction, all employees of GMA Group will keep their jobs. The parties agreed not to disclose the value of the transaction.
The creditors’ committee appointed by the insolvency court has already approved the transaction. The transaction has also been approved by Cartel Authorities. All closing conditions in the purchase agreement are met or waived as of September 16th, 2017.