The German PwC M&A team is pleased to announce the successful signing of the sale of the insolvent automotive supplier SAM automotive group. The transaction comprises the sale of all assets of the German entities and all shares of the international subsidiaries in Mexico and Slovakia to Fuyao Glass Group Industries.
After filing for insolvency on 20 August 2018, PwC M&A was engaged to initiate an international sales process. PwC approached selected strategic and financial investors, enabling a competitive auction between interested parties. After the purchase agreements were signed with Fuyao Glass Group Industries, the creditors’ committee has approved the transaction on 11 January 2019. Closing is subject to antitrust authorities and expected by start of March 2019.
The Company, headquartered in Steinheim am Albuch, is a German supplier of aluminum components for the automotive industry. The product portfolio comprises roof rail systems and aluminum decorative trimmings. The Company operates 11 production plants in Germany and one site in Mexico and Slovakia respectively. SAM automotive group has generated approx. € 280m in revenues in 2017.
Fuyao Glass Group Industries is a global manufacturer of automotive glass solutions. With more than € 2bn in revenues and more than 25,000 employees Fuyao is one of the leading suppliers of automotive glass in the world. The Company was founded in 1987 and is headquartered in Fuqing, China.
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.
PwC M&A Germany acted as exclusive financial advisor to SAM automotive group and the insolvency administrator Dr. Holger Leichtle on this transaction.
The PwC M&A deal team consisted of Martin Schwarzer (Partner), Thomas Steinberger (Partner), Andreas Schillhofer (Partner), Sebastian Kirsch (Senior Manager), Christian Gieger (Manager), Mario Puclin (Associate), and Lei Ding (Associate).
For more information please contact Martin Schwarzer +49 (0) 69 9585-5667 or Christian Gieger +49 (0) 69 9585-3157.
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