DLA Piper advises on sale of FLABEG to CORDET
DLA Piper has advised the insolvency administrator of the automotive supplier FLABEG, lawyer Volker Böhm of Schultze & Braun, on the sale of the group with headquarters in Germany and international sites (France, Hungary, China, Brazil, USA) to international investment company CORDET. CORDET intends to continue FLABEG’s business operations in full. The transaction is expected to close in October 2020. The creditors have already agreed to the sale. It was agreed not to disclose the purchase price.
The purchaser is CORDET, an investment company based in London, Luxembourg and Stockholm, which specialises in industrial companies. CORDET will also acquire all international FLABEG sites. CORDET specialises in investments in medium-sized companies throughout Europe, which operate in niche markets and are often among the market leaders in their respective fields.
FLABEG is a global market and technology leader for exterior and interior mirror glass, display cover glass, head up display components and instrument glass. The company recently generated annual sales of more than EUR85 million and currently employs a total of around 1,100 people worldwide. The two German FLABEG companies “FLABEG Automotive Holding GmbH” (Nuremberg) and “FLABEG Deutschland GmbH” (Furth am Wald) filed for insolvency in mid-May 2020. Insolvency administrator Volker Böhm, together with the management team, succeeded in stabilising FLABEG’s business operations and implementing important restructuring measures. Business operations continued in full throughout the insolvency proceedings. This also applies to the foreign FLABEG companies, which did not have to file for insolvency.
The DLA Piper team was led by partner Dr Dietmar Schulz assisted by senior associates Katharina Alessandra Plass (both Restructuring) and Hanna Lütkens (Corporate/M&A). Partners Pascal R. Kremp (Employment, all Munich) and Dr Konrad Rohde (Tax, Frankfurt) also assisted on the transaction.