The PwC M&A team is pleased to announce the successful conclusion of Project GEAR, the sale of C.u.W. Keller GmbH & Co. KG (“CWK”) to KUMERA Corporation (“KUMERA”). The gearbox specialist CWK filed for insolvency at the local court of Bonn at the beginning of April 2019. PwC M&A acted as exclusive financial advisor to the vendor insolvency administrator Dr. Jörg Bornheimer of GÖRG Partnerschaft von Rechtsanwälten mbB on this transaction.
The asset purchase agreement was signed on 29th of August 2019.
CWK, which is headquartered in Troisdorf (Germany), is an internationally renowned developer and manufacturer of high-quality large-scale gearwheels and gearboxes. In 2018, CWK generated revenues of approx. €31m with a workforce of 190 employees.
KUMERA, which is headquartered in Riihimäki (Finland), is a worldwide marketer of manufactured products and engineering services. The corporation consists of three major operating divisions: Power Transmission, Technology and Foundry. In 2018, KUMERA generated revenues of approx. €66m with a workforce of 500 employees.
GÖRG is one of Germany's leading independent commercial law firms and one of the top 10 insolvency law firms in Germany.
More than 290 highly specialised professionals work at five central locations in Hamburg, Berlin, Cologne, Frankfurt/M. and Munich as well as in 19 other insolvency administration offices throughout Germany. Among them are numerous insolvency and restructuring experts who have already attracted nationwide attention in renowned insolvency and restructuring proceedings.
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.
The transaction was led by Timo Klees (Partner) as well as Fabian Dalka (Senior Manager) and supported by Felix Lenk (Senior Associate) and Florian Middelkamp (Associate).
For more information please contact Timo Klees +49 (0) 69 9585-6614 or Fabian Dalka +49 (0) 69 9585-5537.
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