The insolvency administrator Martin Lambrecht has entered into an agreement with Lafayette Capital Partners (“LCP”) to sell 100% of the assets including all subsidiaries of Wessel-Werk GmbH (“Wessel”). Wessel is a global market leader in the design and production of vacuum cleaner nozzles located in Reichshof-Wildbergerhütte (Germany), Mooresville (USA) and Taicang (China).
PwC’s M&A team in Germany acted as exclusive financial adviser to the insolvency administrator. We managed a competitive sales process with international strategic- as well as financial investors.
Wessel is a global market leader in the design and production of vacuum cleaner nozzles. Over 50% of a vacuum cleaner's performance depends on the quality and dust pick-up effectiveness of a vacuum cleaner's nozzle. Leading vacuum cleaner manufacturers rely on Wessel's patented and innovative products for their premium vacuum cleaner brands.
In 2012, Wessel generated revenues of more than EUR 50m and employed more than 360 employees across its manufacturing plants and sales forces in Germany, China and USA.
LCP is a privately held investment firm backed by families and institutions. LCP focuses on majority investments in companies in turnaround, restructuring, buy & build, expansion capital and other special situations.
The PwC M&A team in Germany acted as exclusive financial adviser to the insolvency administrator.
PwC employs nearly 1,000 M&A 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), Kai Drigalla (Senior Manager), Thomas Klapsia and Florian Sonntag (both Consultants). In addition, support from PwC Restructuring Services was provided by Patrick Ziechmann (Partner) and Dirk Hickert (Manager).
For more information please contact Alexander von Friesen on +49 69 9585 5487
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