Heuking Kühn Lüer Wojtek advised Munich-based investment company VTC and its portfolio company Europoles on the acquisition of Polish steel pole manufacturer Kromiss. As part of the transaction, Europoles Holding GmbH as the controlling company of Europoles Group acquired all of the shares of Polish KROMISS-BIS sp. z o.o from its founder and his wife. The sellers in turn took out a minority shareholding of ten percent in Europoles Holding GmbH by means of a re-investment model and will also continue to act operationally for Europoles Group. The transaction was financed by VTC's equity funds and by a consortium of banks led by Commerzbank. Munich-based M&A partner Boris Dürr was Heuking Kühn Lüer Wojtek's lead adviser on the transaction.
Heuking Kühn Lüer Wojtek legally advised VTC and its portfolio company Europoles on the acquisition of Kromiss comprehensively. The advice included the structuring of the transaction, advice and support on anti-trust law, the negotiation of acquisition financing as well as the drafting and negotiation of the contract documentation for the acquisition of Kromiss and the sellers' re-investment.
Kromiss is the market leader in the area of tubular steel support structures and among other things operates Europe's most modern and largest factory for steel poles and high supporting structures. Kromiss is headquartered at Czestochowa, Poland, an additional production site is located at Chrzanów, Poland. As the market leader in Eastern Europe, Kromiss expects revenue of around EUR 40 million for 2014.
About Europoles Group:
Europoles Group is the leading pole manufacturer in Europe and offers standard and special solutions for poles, supports, towers and glass fiber-reinforced plastic. Europoles Group is headquartered at Neumarkt i. d.Opf. and has additional production sites and branches in Germany, Algeria, Oman, Poland, Switzerland, France, Spain, Morocco, and Turkey. By the acquisition of Kromiss, Europoles is further expanding its leading position in Europe and in particular in Eastern Europe. For 2014, Europoles Group expects revenue of about EUR 260 million.
VTC Group is an investment company, which is held by four partners experienced in the investment sector. VTC invests in sound companies with growth potentials. The individual group companies remain legally and operationally independent and possess a large degree of entrepreneurial autonomy, but obtain assistance from VTC with regard to strategic and financial questions. Due to its economic independence, VTC can pursue long-term entrepreneurial strategies in its investment companies and consistently assist the growth of the group companies. With this acquisition, VTC Group increases the annual revenue generated by its investment companies to about EUR 750 million and employs a total of over 4,000.
Counsel to VTC/Europoles Holding GmbH:
Heuking Kühn Lüer Wojtek, Munich
Boris Dürr (Lead, M&A),
Dr. Ulrich Jork (M&A),
Dr. Reinhard Siegert (Antitrust Law),
Alice Ballwieser (M&A)