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As one of the leading providers of services for industrial companies, the KIEL Group specialises in the maintenance of industrial pipelines. Founded in 1944, the company works for major customers in the chemical, pharmaceutical, petrochemical/refinery and power plant operation sectors.
The group generated an annual turnover of 151 million € in the financial year 2020 with 1,200 employees. With its 16 companies, it operates at over 40 locations across Germany.
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As a result of the Covid-19 pandemic, turnover, profit, and liquidity collapsed. In April 2020, the group's main operating companies filed for insolvency.
The responsible preliminary insolvency administrator, Dr Jörg Gollnick of Heidland Werres Diederichs Rechtsanwälte (HWD), immediately initiated a sales process. After a challenging structured process of investors of only eight weeks, the ALTRAD-GROUP was successful. ALTRAD will take over the business operations and locations of the operative service companies with 1,000 employees as part of an asset deal. TMC, led by the partners Christian Lützenrath and Andreas Knaup, advised Altrad on the buy side together with dhpg, led by Dr. Alf Hillen and Björn Pauli, from Due Diligence to the successful conclusion of the contract negotiations.
The French ALTRAD GROUP is one of the world's leading providers of industrial maintenance services in the oil and gas, energy, power generation, process technology, environment and construction sectors. Founded in 1985, the group employs 42,000 people in more than 50 countries and has an annual turnover of 2.6 billion euros. In Germany, Altrad generated a turnover of more than 400 million euros with over 2,000 employees in 2020.
We, TMC Turnaround Management Consult GmbH, advised the Altrad Group together with dhpg Dr. Harzem & Partner mbB Wirtschaftsprüfungsgesellschaft Steuerberatungsgesellschaft in the context of the acquisition of the operational business of the KIEL Group. The tasks of TMC and dhpg included, among other things, Due Diligence and support during the contract negotiations. The legal Due Diligence and the negotiations of the purchase agreement were accompanied by Aulinger Rechtsanwälte.
TMC and dhpg advised the Altrad Group with the following team:
Christian Lützenrath, Managing Partner (TMC)
Andreas Knaup, Managing Partner (TMC)
Dr. Markus Kempers, Consultant (TMC)
Maximilian Bucher, Consultant (TMC)
Dr. Alf Hillen, Partner Restructuring and Insolvency Administration (dhpg)
Björn Pauli, Partner Valuation & Transaction Support (dhpg)