On 30 August 2013 The Carlyle Group ("Carlyle") acquired 100% of the shares in Klenk Holz AG ("Klenk" or the "Company") from Isartor Erste Beteiligungsverwaltung und -treuhand GmbH, who acted as trustee for the Klenk family (the "Trustee"), and a minority shareholder. In conjunction with the acquisition, Carlyle also acquired all outstanding bank debt of Klenk from its lenders. Klenk is a leading European wood processor headquartered in Oberrot, Germany.
PwC’s M&A team in Germany acted as exclusive financial adviser to the Trustee and the Company. We arranged a competitive sales process involving both financial and strategic investors worldwide and managed a highly complex situation comprising amongst others: (i) Need for a banking pool with 19 banks to agree on final deal terms; (ii) Unwinding a JV situation with a large national utility in biomass energy supply; (iii) Prolongation or replacement of existing agreements on factoring and working capital securities; (iv) Fulfillment of numerous operational pre-signing / pre-closing conditions.
Klenk Holz AG, founded in 1904 and headquartered in Oberrot, Germany, employs over 1,200 professionals. With revenues of € 387m in 2012, Klenk is one of the leading companies in the European wood-processing industry with its own timber harvesting subsidiary. With its three production plants, it processes primarily spruce and pine wood to serve the DIY, retail, export packaging and construction industries.
The Carlyle Group is an internationally active asset manager with US$ 180bn under management as of June 2013. It has expertise in a series of sectors, amongst which aerospace, defence & government services, consumer & retail, energy, financial services, healthcare, industrial, technology & business services, telecommunications & media and transportation. The Carlyle Group employs over 1,400 professionals in Africa, Asia, Australia, Europe, the Middle East, North America and South America.
The PwC M&A team in Germany acted as exclusive financial adviser to the Trustee and the Company.
PwC employs nearly M&A 1,000 professionals all over the world, realizing approximately 300 successful transactions per year. We specialize in a wide range of independent M&A services including advice on acquisitions and disposals, mergers and public takeovers as well as structured financing.
The PwC deal team consisted of Alexander von Friesen (Partner), Alexander Wenzel (Senior Manager), Felix Huber (Senior Consultant), Nicolas Kreuziger and Tillmann Immisch (both Consultants).
For more information please contact Alexander Wenzel on +49 69 9585 3466
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