Deal Announcement 04/25: Industrial Products & Chemicals

The Deal

The PwC M&A team is pleased to announce the successful sale of MHM Holding GmbH and its subsidiaries (“hubergroup”) to a consortium consisting of MAVCO Investments and Avenue Capital.

hubergroup is known for its high-quality products in both the chemicals and printing ink industries, catering to global markets with remarkably sustainable practices. Following a breach of banking covenants, the implementation of a trusteeship and the search for a succession solution, a structured M&A process was initiated. The process exhibited high project complexity due to the decentralized corporate structure and numerous international locations of hubergroup. The trusteeship was led by Dr. Markus Stadler, Florian Dausend and Dr. Rainer Riggert. 

The successful sale of hubergroup was initiated with a focused global strategy targeting potential strategic and financial investors, with particular emphasis on key players from India due to hubergroup's significant production presence, which includes four sites in Gujarat, India. To ensure competitive dynamics, the process followed a competitive bidding strategy to maximize value for the stakeholders. The deal was closed on April 8, 2025.

hubergroup

hubergroup, based in Kirchheim, is an international leader in specialty chemicals and print solutions with a history stretching back 260 years. The Print Solutions Division produces inks, varnishes and printing auxiliaries for packaging, commercial and printing markets. The Chemicals Division produces specialty chemicals such as resins, pigments and additives at its plants in India. hubergroup employs more than 3,000 people in over 30 countries and generated annual sales of around €730 million in 2023.

MAVCO Investments and Avenue Capital

MAVCO is a private entity belonging to select members of the Murugappa family. 

Avenue Capital is a global investment firm across the United States, Europe and Asia, headquartered in New York. Founded in 1995, Avenue Capital draws on the skills and experience of over 60 investment professionals and has over $12 billion in assets under management.

Cornelius Treuhand

Cornelius Treuhand, based in Frankfurt, specializes in trust management, crisis resolution, and corporate restructuring. The firm has a notable track record in managing complex corporate situations, including acting as a trustee or interim shareholder in distressed companies. 

Schultze & Braun

Schultze & Braun is one of Germany’s leading law firms providing advice to companies in special situations. With over 600 employees across more than 30 locations in Europe, the firm offers comprehensive legal, tax, and business advisory services. In the field of restructuring, Schultze & Braun is particularly recognised for its expertise in collateral management, notably through the use of dual-purpose trusts.

PwC

The global PricewaterhouseCoopers network is a worldwide association of independent auditing and consulting companies which together employ more than 370,000 people in 149 countries. Our global network comprises over 2,900 M&A professionals all over the world, realising approx. 400 successful transactions per year. Our German M&A team led by Timo Klees (Partner) is market leading in Germany for special situations and has successfully advised on more than 80 transactions in recent years. Latest transactions include among others Manz AG, Ziegler Group, Nobiskrug, Flensburger Schiffbau-Gesellschaft, Auto-Kabel, Compleo, Prophete, Steuler Fliesengruppe, Tennis-Point, Ludwig Pfeiffer.

The German PwC M&A team included Timo Klees (Partner), Alexander Knögel (Partner), Julius Karp (Senior Manager), David Schaibasjan (Senior Manager), Jonas Luxenburger (Manager), Jan Klaus (Senior Associate), Michel Buchenthal (Senior Associate) and Philipp Huber (Senior Associate).