Comet Feuerwerk GmbH in Bremerhaven, an affiliate of Chinese trading group Li & Fung, acquired the fireworks business of Bochum-based FKW Keller GmbH effective 1 August 2013. As part of an asset deal, customer and supplier contracts, all IP rights and licenses, trademarks and product approvals were transferred to FKW Keller GmbH. The Federal Cartel Office already approved the acquisition in preliminary examination proceedings. The parties agreed not to disclose the purchase price of the transaction.
Led by Düsseldorf-based partner Dr. Marc Scheunemann, Heuking Kühn Lüer Wojtek advised Comet Feuerwerk GmbH comprehensively in different fields of law. As a particular characteristic of the transaction, the seller had to file for insolvency at Bochum Local Court between signing and closing. Closing took place only one day after the court order of the preliminary insolvency procedure with consent of the preliminary insolvency administrator Nils Meißner and of the preliminary creditors' committee.
Since the takeover by Chinese trading group Li & Fung in 2004, Comet Feuerwerk has become the number two of the German fireworks industry. FKW Keller has been the number three in the German fireworks market to date. Comet Feuerwerk's solid market position is further strengthened by the combination of the Keller and Comet brands.
Counsel to Comet Feuerwerk GmbH
Heuking Kühn Lüer Wojtek, Düsseldorf:
Dr. Marc Scheunemann (Lead), M&A
Dr. Guido Hoffmann, Restructuring, Finance
Dr. Rainer Velte, Beatrice Stange, both Antitrust Law,
Christoph Hexel, Alexander Bork both Employment Law,
Dr. Georg Jacobs, Commercial, Astrid Lüdtke, IP
Heuking Kühn Lüer Wojtek, Berlin:
Dr. Stefan Proske, Restructuring, Insolvency Law
Heuking Kühn Lüer Wojtek, Hamburg:
Dr. Yiliang Dong, Chinese Law
Heuking Kühn Lüer Wojtek, Frankfurt am Main:
Thorsten Wieland, Dr. Sandra Müller, both IP