Ten months later for the German construction group companies Ludwig Pfeiffer bankruptcy proceedings started under self-management regime, a large part of the group of companies was sold. The responsible district court of Kassel had White & Case Company Dr Andrew Kleinschmidt appointed administrator of the assets of German companies. Lawyer Thomas Rittmeister from the office Rimmer lawyers acts as a general representative in the process.
Three companies sold
Upon completion of an international merger and acquisition process, the investment company received Orlando the supplement. The object of the transaction are three companies of the Pfeiffer Group and six sub-companies, mainly active in Germany and Eastern Europe. The completion of the transaction is still subject to the approval of the relevant authorities. The companies of the Pfeiffer Group now sold, specializing in the construction of pipes and sewers, employ a total of approximately 1,200 people and, most recently, have generated an annual turnover of approximately 150 million euros. “In the constructive cooperation of all parties involved, it was possible to implement the best possible solution for the creditors of the German procedure and, at the same time, to ensure the continued existence of local business activities on a stable and long-term basis,” says the administrator. dr. Andrew Kleinschmidt.
He wanted another buyer
With the sale now taking place, the restructuring of the construction group is largely completed. Only for the insolvent Ludwig Pfeiffer GmbH & Co. KG of Kassel, Dr. Andreas Kleinschmidt also accompanied as trustee, a solution is still pending. The company manages more than 30 ongoing construction projects in 17 countries around the world, mainly in South America, Southeast Europe and Asia. “Despite the high time pressure and the immense complexity of the transaction, the ESSVP funds and their advisor Orlando have proven to be a pragmatic and solution-oriented investor,” explains Chief Representative Thomas Rittmeister. Founded 25 years ago, White & Case is one of the leading international law firms and is present in the main economic centers of the world in 44 offices in 30 countries. Around 250 lawyers, tax consultants and notaries are active in Germany in Berlin, Düsseldorf, Frankfurt am Main and Hamburg.
As editor of the Unternehmeredition, Alexander Görbing regularly reports on companies and economic events. His areas of interest include restructuring, merger and acquisition processes, financing and technology start-ups.
