Heuking Kühn Lüer Wojtek advised DPE Deutsche Private Equity GmbH on the sale of Westfalia-Automotive and Terwa to Horizon Global, which was performed together with its co-investors.
Westfalia is the European market leader of towbars and rear-end transport solutions.
With the acquisition of sister company Terwa in 2015, which was central to expanding production capacity, it had strengthened its aftermarket footprint in Eastern Europe.
Horizon Global is a globally leading designer, manufacturer and distributor of towing, trailering and cargo management and related accessory products based in Michigan, USA, for original equipment, aftermarket, wholesale and retail customers.
Horizon Global intends to fund the acquisition with EUR 89 million in cash, EUR 36 million in Horizon Global stock and assumed net debt of EUR 42 million. With a share of 10 percent, DPE is set to become the largest shareholder in Horizon Global.
DPE Deutsche Private Equity is a Munich-based investor specializing in long-term expansion financing of medium-sized companies in German-speaking territories.
The transaction is subject to approval by the relevant antitrust authorities.
Counsel to DPE Deutsche Private Equity
Heuking Kühn Lüer Wojtek:
Dr. Peter Christian Schmidt (Lead),
Dr. Julius Wedemeyer,
Christoph Prochnau, LL.M.
Philipp Kümper (all Corporate/M&A),
Fabian Gaffron, all Hamburg
Peter Schäffler (both Tax), Munich
Dr. Michael Neises, Tobias Riemenschneider (both Finance), Frankfurt