The PwC M&A team is pleased to announce the successful completion of Project SCREEN. The transaction comprises the sale of the IP including the LOEWE brand as well as additional assets relating to LOEWE’s TV business to Skytec Group (“Skytec”), a leading manufacturer of audio- visual equipment including television sets.
Additionally, the electronic manufacturing services business (“EMS”) of LOEWE was sold to Dr. Schneider Unternehmensgruppe (“Dr. Schneider”), a leading automotive supplier in the segment of plastic components. LOEWE is the manufacturer of premium TV and home entertainment solutions and filed for insolvency at the local court of Coburg at the beginning of May 2019.
PwC M&A acted as exclusive financial advisor to the vendor, insolvency administrator Rüdiger Weiß of WallnerWeiß Insolvenzverwalter Gutachter GbR (“Wallner Weiß”) on this transaction.
LOEWE, which is headquartered in Kronach (Germany), is an internationally renowned developer and manufacturer of high-quality TVs and home entertainment solutions. In addition to its TV and home entertainment business, LOEWE provides electronic manufacturing services for third parties. In 2018, LOEWE generated revenues of approx. €133m with a workforce of c. 460 employees.
Dr. Schneider, which is headquartered in Kronach-Neuses (Germany), specializes in the development and manufacturing of high-quality products for vehicle interiors. The group employs more than 4,000 people at a total of seven locations in Germany, China, Poland, Spain and the USA and generated sales of 548 million euros in 2018.
Skytec, which is headquartered in Larnaca (Cyprus), is a holding company, which through its subsidiary UMC Poland sp. z.o.o. manufactures and sells audio-visual equipment including television sets of own labels as well as private labeled licensed brands like SHARP and blaupunkt.
The WallnerWeiß Group, consisting of wwp WallnerWeiß Rechtsanwälte-Partnerschaft mbB and the companies for corporate restructuring and insolvency administration, has 16 sites nationwide and is specialized in corporate restructuring and exclusively active in this field. Because of this focus, the field of activity spans the entire range of the restructuring process, in particular the monitoring and execution of out-of-court and judicial restructuring measures in self- administration. In addition, the insolvency administrators of the WallnerWeiß Group are listed nationwide at more than 70 insolvency courts and are appointed especially in complex restructuring situations.
The global PricewaterhouseCoopers network is a worldwide association of independent auditing and consulting companies which together employ more than 250,000 people in 158 countries. Our global network comprises nearly 1,550 M&A professionals all over the world, realising approx. 400 successful transactions per year. We specialise in a wide range of independent M&A services including advice on acquisitions and disposals, mergers, public takeovers, privatisations as well as structured financing.
The transaction was led by Timo Klees (Partner) as well as Fabian Dalka (Senior Manager) and supported by Felix Lenk (Senior Associate) and Florian Middelkamp (Associate).
For more information please contact Timo Klees +49 (0) 69 9585-6614 or Fabian Dalka +49 (0) 69 9585-5537.
Partner, Co-Head Mergers & Acquisitions: Automobilindustrie, Industrielle Produktion
Tel.: +49 69 9585-5667
Dr. Alexander von Friesen
Partner, Co-Head Mergers & Acquisitions: Gesundheitswesen, Handel und Konsumgüter
Tel.: +49 69 9585-5487