Deal Announcement 05/24: Automotive

The Deal

The PwC M&A team is pleased to announce the successful sale of FRIMO Group (“FRIMO”) to FRIMO Innovative Technologies GmbH, which is backed by entrepreneur Hans-Guenter Bayer.

The FRIMO Group is an international market and technology leader in its market segment. It designs and builds equipment and tools for a wide range of technologies, specialising in equipment for the production of plastics and composite material in large quantities for both automotive interiors and exteriors, such as interior panels, roof/floor modules and bumpers. This equipment is supplied to all leading car manufacturers (OEMs) in Germany and worldwide.

FRIMO generates an annual turnover of EUR 160m with 900 employees.

As a result of supply problems in the automotive industry, far-reaching global and geopolitical crises and drastically increased energy and raw material costs, attorney at law Stefan Meyer (PLUTA Rechtsanwälte) was appointed as insolvency administrator by the local court.

The insolvency administrator immediately initiated an international M&A process that has been led by the Distressed M&A / Automotive experts of PwC.

The transaction was structured as a combination of asset and share deals and is effective from May 2024. FRIMO’s foreign companies in Hungary, Poland, the US, Mexico and China are also taken over.

PwC advised the insolvency administrator with its in-depth distressed and automotive M&A expertise.

PwC advised FRIMO and PLUTA with its in-depth distressed and automotive M&A expertise. Despite the very ambitious timeline, PwC was able to keep a fierce competition between several interested investors until the signing of the transaction. Hans-Guenter Bayer finally convinced the sellers with the most attractive offer and strategic concept.

PwC

The global PricewaterhouseCoopers network is a worldwide association of independent auditing and consulting companies which together employ more than 364.000 employees in 151 countries. Our global network comprises over 3,700 deal professionals all over the world, realising approx. 700 successful transactions per year. Our Distressed M&A team led by Timo Klees (Partner) is market leading in Germany and has successfully advised on more than 70 transactions out of special situations and insolvency situations in recent years. Latest transactions include among others Tennis-Point, Steuler Fliesengruppe, Kratzer Automation, Compleo, Auto-Kabel, Prophete, IBEO, Ludwig Pfeiffer, Lechner, scanplus, Nobiskrug, Aluminium Rheinfelden, Poggenpohl, Dradura, Fintyre, Thomas Cook and Vapiano.

The transaction was led by Timo Klees (Partner) and Martin Schwarzer (Partner) as well as Julia Jaumann (Senior Manager), Thomas Klapsia (Senior Manager) and Julius Karp (Manager). The team was supported by Philipp Huber, Leonard Best and Dennis Söter (all Associates).