MBS Logistics Group is a global provider of integrated logistics services with nearly 40 years of industry experience. The company operates an international network of 26 locations and employs more than 450 people. Its service portfolio includes air, ocean, road, and rail transportation, as well as contract logistics, project logistics, customs and compliance services, and time-critical multimodal solutions. In addition to its core freight forwarding business in Germany and Central Europe, MBS Logistics operates in China, Vietnam, and the United States, serving industries including aerospace, automotive, e-commerce, mechanical engineering, technology, consumer goods, and healthcare.

AD Ports Group is a global enabler of trade, logistics, and industry listed on the Abu Dhabi Securities Exchange. Noatum Logistics, the logistics arm of the group, pursues an expansion strategy combining organic growth with targeted, value-enhancing acquisitions. The acquisition of MBS Logistics provides Noatum Logistics with meaningful access to the Central European market and expands its portfolio of global trade routes.

Closing is subject to customary regulatory approvals and other conditions and is expected in the second half of 2026.

Counsel Shareholders MBS Logistics Group
HEUKING:
Dr. Oliver Böttcher,
Dr. Alexander Jüngst (both lead),
Mark Rossbroich, LL.M. (King's College London),
Ilona Schütz, all Cologne,
Laura Jochem, LL.M. (University of East Anglia, Norwich), (all Corporate / M&A), Düsseldorf,
Markus Schmülling (Employment Law), Cologne,
Mathis Dick, LL.M. (Real Estate), Düsseldorf,
Fabian G. Gaffron (Tax Law),
Dr. Frederik Wiemer (Merger Control), both Hamburg

Our clients purchased jewelry from an Essen-based jeweler containing 42 stones described as “brilliants.” In reality, these were synthetic, i.e., artificially manufactured stones with a significantly lower market value than natural diamonds, also known as mined diamonds.

The jeweler had not disclosed, either before or during the conclusion of the sales contract, that the stones were artificially manufactured and synthetic. When this came to light, he initially refused to rescind the sales contract and pay damages.

In the ensuing litigation, the Essen Regional Court indicated that fraudulent misrepresentation by the jeweler against our clients was likely:

“[…] in light of this, the Defendant should have disclosed the synthetic origin during the sales negotiations. Since it failed to do so, it appears likely that fraudulent misrepresentation is to be affirmed. […]“

Following this indication, the jeweler refunded the purchase price and paid damages.

This case underscores the importance of transparency and disclosure obligations in the trade of gemstones, jewelry, and other luxury goods. Even though synthetic diamonds are visually nearly indistinguishable from natural mined diamonds, dealers may not make false representations to consumers. Otherwise, in addition to cease-and-desist actions under unfair competition law, they face complete rescission of sales contracts and liability for damages.

Counsel for the Buyer
HEUKING:
Dr. Georg Jacobs, LL.M (Boston University),
Marc Dümenil (both Trademark and Trade Name Law), both Düsseldorf

Participants in the financing round included Digitaler Hub Region Bonn AG and NRW.BANK. In addition, the round was supported by several angel investors.

The HEUKING team led by Dr. Patrick Müller, LL.M., Ilona Schütz, and Laura Jochem, LL.M., regularly advises start-ups, scale-ups, and investors in the venture capital sector across all growth stages, particularly on financing rounds, convertible loans, employee participation programs, and exits.

Counsel to Femi-ON
HEUKING:
Dr. Patrick Müller, LL.M. (University of the West of England, Bristol), (Lead),
Ilona Schütz,
Laura Jochem, LL.M. (all Venture Capital), all Düsseldorf

Dr. Biehl was most recently a Partner in the Munich office of Greenberg Traurig LLP. Before that, he was a Partner at McDermott Will & Emery.

Dr. Björn Biehl advises clients on domestic and international M&A and private equity transactions, as well as corporate restructuring and insolvency matters. His practice focuses in particular on strategically complex carve-out and turnaround transactions at the intersection of M&A, restructuring, and insolvency law. He also has significant experience advising financial investors in the healthcare sector.

"Björn Biehl's arrival is an important step in expanding our Private Equity practice. We see considerable potential in the area of special situations in particular: these mandates require a seamless combination of transaction expertise and restructuring know-how. The resulting synergies allow us to advise investors in a more targeted and integrated manner across the entire lifecycle—from acquisition through complex restructurings to exit," said Boris Dürr, the firm's Managing Partner.

"With Björn Biehl joining us, we are strategically strengthening the intersection of M&A and restructuring. Especially in distressed situations and in transactions arising from insolvency proceedings—such as transfer restructurings and investor entry through restructuring plans—integrated solutions are critical. The close collaboration between our teams in both practice areas, reinforced by Björn Biehl as a highly distinguished expert, enables us to support our clients even more effectively in these particularly challenging transaction processes," said Prof. Dr. Georg Streit, Head of the Restructuring Practice."

Björn Biehl is an outstanding addition to our transactions team and our Healthcare and Life Sciences practice in Munich, which continues on its growth trajectory following the addition of the Life Sciences team from Taylor Wessing," said Dr. Oliver Treptow, Co-Head of the Healthcare & Life Sciences Practice Group in Munich.

The building, constructed in 1998 and extended in 2021, comprises a total lettable area of 3,979 m² and 180 outdoor parking spaces. The ground floor and outdoor parking spaces are let to Aldi Süd, whilst the two upper floors are let to Studierendenwerk Vorderpfalz (AöR), which operates a student hall of residence with 34 flats on the premises.

The transaction underscores HIH Invest's continued strategic focus on core-oriented mixed-use assets with stable, long-term income streams. The acquisition further highlights sustained market activity for high-quality real estate, even amid challenging macroeconomic conditions.

A team led by HEUKING partner Dr Sönke Görgens carried out the legal and tax due diligence on behalf of the purchaser and provided comprehensive support throughout the acquisition process. Technical and ESG due diligence was conducted by CASE Real Estate. On the sell side, BNP Paribas Real Estate advised on the sale process, with DLA Piper providing legal counsel.

Counsel to HIH Invest Real Estate GmbH
HEUKING:
Dr Sönke Görgens (Lead Partner),
Annalena Huhnholz (Real Estate & Construction), both Hamburg,
Bettina Neheider (Public Construction Law), Munich,
Simon Pommer, LL.M. (Tax Law), Hamburg

STRABAG AG is a German subsidiary of STRABAG SE, an Austrian publicly listed construction and technology group headquartered in Vienna. The company operates in the fields of building construction and civil engineering, transportation infrastructure construction, and construction and environmental engineering, working predominantly on a project basis. Its business activities are primarily focused on Europe, supplemented by select non-European markets.

The Stumpp Group is a family-owned German construction company headquartered in Balingen, Baden-Württemberg. It primarily operates in building construction, civil engineering, structural engineering, and infrastructure and transportation construction. The company works predominantly on a regional and national level for public-sector clients and private investors.

Counsel to STRABAG AG
HEUKING:
Dr. Stefan Bretthauer (Lead Partner), Hamburg,
Beatrice Stange, LL.M. (King's College London), Düsseldorf,
Dr. Ruth Jungkind, Munich,
Jia-Xi Liu (all Antitrust Law), Hamburg

The Urban Mining Group is pursuing the development of a strong group of companies in the recycling and recovery sector. The focus is on waste management, processing, bulk material logistics, and the reuse of large quantities of construction materials — in particular excavated soil and construction debris. Blasius Schuster serves as the platform and first transaction of the new group.

HEUKING provided comprehensive advice to the sellers and Mr. Imhäuser on the sale and related matters as well as the reinvestment; HEUKING has been familiar with Blasius Schuster through its ongoing advisory relationship.

Counsel to Blasius Schuster GmbH & Co KG, Weimer Beteiligungsgesellschaft mbH
HEUKING:
Dr. Anne de Boer, LL.M. (RSA), (Lead), (M&A / Finance), Stuttgart,
Dr. Sascha Schewiola (Employment), Cologne,
Antje Münch, LL.M. (IP, Media & Technology / Information Technology),
Dr. Frank Baßler (Real Estate & Construction), both Stuttgart,
Bettina Neheider (Public Law / Environmental Law), Munich,
Benjamin Birzele (Corporate / M&A), Stuttgart

The subsidiary of MRS Holding GmbH, MRS Electronic GmbH & Co. KG, headquartered in Rottweil (Baden-Württemberg), has been developing and manufacturing intelligent control electronics as well as customized hardware and software solutions for the vehicle industry for over 25 years. The product portfolio includes, among other things, compact controllers, gateways, relays, and HMI systems for commercial vehicles, construction and agricultural machinery, and specialty vehicle sectors. The company employs approximately 250 people and, in addition to its headquarters, maintains international locations in Croatia, Poland, Turkey, and the United States.

Würth Elektronik ICS GmbH & Co. KG, headquartered in Niedernhall, is a systems provider for electromechanical and electronic solutions in the areas of signal and power distribution, function control, and display and operator interface solutions. The company is considered one of the leading providers in Europe, particularly in the field of power distribution for mobile machinery and commercial vehicles. Würth Elektronik ICS is part of the family-owned Würth Group.

Counsel to the Shareholders of MRS Holding GmbH
HEUKING:
Dr. Peter Christian Schmidt (Lead Partner / Corporate Law / M&A),
Dr. Kai Bandilla (Distribution Law),
Dr. Henrik Lay (Tax Law),
Dr. Stefan Bretthauer (Antitrust Law), all Hamburg,
Anna Richter, LL.M. (Corporate Law / M&A), Cologne,
Philipp Roman Schröler (IP, Media & Technology), Düsseldorf,
Jan Mensching, LL.M. (Nottingham Trent University), (Corporate Law / M&A),
Jia-Xi Liu (Distribution and Antitrust Law), both Hamburg,
Ramona Bauer-Schöllkopf, LL.M. (Queen Mary University of London), (Corporate Law / M&A), Stuttgart,
Jonas Türkis, LL.M. (University of Cape Town), (Employment Law),
Oliver Kammerer (Tax Law), both Hamburg

3TS Capital Partners is a technology-focused growth equity firm that invests across Europe in sectors such as technology, media, and technology-enabled services. With over 450 million Euro raised from investors including EIF, Tesi, Cisco, EBRD and Erste, 3TS combines a strong financial foundation, strategic support, and extensive networks across Europe and the United States. The investment in Patronus was made through the TCEE Fund IV.

Patronus was founded in Berlin in 2020. The company offers a safety and companion solution for seniors, consisting of a mobile emergency smartwatch and a family app. With 25,000 active customers and more than half a million emergency calls answered, Patronus is today the digital market leader in the mobile emergency call segment in Germany.

Counsel to 3TS Capital
HEUKING:
Benedikt Raisch,
Dr. Alexander Schott, both Lead,
Dr. Emanuel Teichmann (all Corporate/M&A), all Stuttgart,
Shimon Merkel, LL.M. (Tel Aviv University), (Corporate/M&A), Berlin,
Dr. Stefanie Greifeneder,
Sarah Aschenbrenner,
Miriam Steinhart, LL.M. (The University of Edinburgh), (all Health Care & Life Sciences), all Munich,
Antje Münch, LL.M. (IP), Stuttgart,
Dr. Philip Kempermann, LL.M.,
Georg Thomas, LL.M. (University of Glasgow),
Julian Rosenfeld (all IT/Data Privacy), all Düsseldorf,
Dr. Sascha Schewiola,
Laura Soltysiak (both Employment Law), both Cologne

He comes from K&L Gates LLP, where he served as a partner in the areas of international and domestic arbitration and litigation.

Dr. von Pachelbel has extensive experience in complex commercial disputes, particularly under the rules of leading arbitral institutions such as the ICC, DIS, SCC, VIAC, Swiss Rules, and UNCITRAL. In addition to his work as party counsel, he regularly serves as an arbitrator in domestic and international arbitration proceedings.

Johann von Pachelbel regularly advises on matters involving (international) contract law, tort law, commercial and corporate law (including post-M&A disputes), distribution law, and intellectual property law, frequently in connection with clients in the energy, mechanical engineering, automotive, packaging, logistics, and financial services industries.

At HEUKING, Dr. von Pachelbel will work closely with partners Daniel Froesch (litigation and arbitration) and Thorsten Wieland (intellectual property) and will further expand the commercial practice at the Frankfurt office. "In Dr. von Pachelbel, we see an ideal fit. His advisory expertise spans litigation and arbitration law through to substantive intellectual property, commercial, and distribution law matters. Dr. von Pachelbel will leverage his experience to support us in advising our mid-market and industrial clients on their operational advisory and dispute matters. For his clients, HEUKING's broadly diversified practice offers an ideal platform for their commercial law advisory projects and also in the event of disputes," said Thorsten Wieland, deputy managing partner of the Frankfurt office.

Based in Munich, SC Media House is an influencer marketing agency specializing in creative, data-driven campaigns for brands. Since its establishment in 2018, the company has established itself under its founder Oliver Huber as a specialist in campaigns designed to generate targeted reach and measurable results. To this end, SC Media House works with an international network of content creators.

“Our goal is to connect talent, brands, and companies and support them in telling unforgettable stories, creating impactful events, and sharing exceptional content. Together with our partners, we aim to strategically expand our service portfolio, unlock international growth potential, and leverage and further strengthen the synergies with ECD International, one of the leading international premium agencies for experiential marketing,” said Oliver Huber, Founder and Managing Director of SC Media House.

HEUKING comprehensively advised the seller on structuring and implementing the transaction, including the bidding procedure. The HEUKING team advised SPCR Invest GmbH and founder Oliver Huber throughout the entire sale process, including the contract negotiations as well as signing and closing.

Counsel to SPCR Invest GmbH
HEUKING:
Ulrich Weidemann (Lead), (M&A / Private Equity), Frankfurt,
Dr. Patrick Müller, LL.M. (University of the West of England, Bristol), (Lead),
Laura Jochem, LL.M. (University of East Anglia, Norwich), (all Private Equity / Venture Capital), both Düsseldorf,
Monique Sandidge (Employment), Frankfurt,
Julian Rosenfeld (IP, Media & Technology),
Torsten Groß, LL.M. (University of Westminster), (Employment), both Düsseldorf,
Klaus Weinand-Härer (Private Equity / Venture Capital), Frankfurt

BRYGHT is a platform that enables creators, coaches, and digital entrepreneurs to build independent business models from their audiences. The company offers an integrated infrastructure comprising its own marketplace, payment solution, memberships, community features, and direct communication between creators and their communities. The platform is GDPR-compliant, euro-denominated, and specifically designed for the European market.

Since its launch in October 2025, BRYGHT has experienced dynamic growth. The gross merchandise volume generated through the platform has doubled month over month since October. With the investment by Axel Springer, BRYGHT is adding a critical new dimension to its platform: distribution. Going forward, creators on BRYGHT will gain access to selected media channels and reach provided by Axel Springer.

BRYGHT was founded in 2024 by Til Wiesenberg, Max Knöfel, and Jonas Wiesenberg and is headquartered in Essen.

The team led by Dr. Patrick Müller, LL.M. previously provided comprehensive legal counsel to BRYGHT in connection with a pre-seed financing round in April 2025.

Counsel to BRYGHT GmbH
HEUKING:
Dr. Patrick Müller, LL.M. (University of the West of England, Bristol), (lead),
Ilona Schütz,
Laura Jochem, LL.M. (University of East Anglia, Norwich), (all M&A / Venture Capital), all Düsseldorf

In addition to existing shareholders RWTH Aachen and Freigeist, new investors ALAGO, NRW.BANK, and Theo Bongartz participated in the financing round. The round was also supported by several business angels.

A Düsseldorf-based HEUKING team led by Dr. Patrick Müller, LL.M., Ilona Schütz, and Laura Jochem, LL.M., provided legal advice to BioThrust on the structuring and execution of the financing round. The team regularly advises start-ups and VC investors in various VC financing rounds.

Counsel to BioThrust
HEUKING:
Dr. Patrick Müller, LL.M. (University of the West of England, Bristol) (lead),
Ilona Schütz,
Laura Jochem, LL.M. (all Venture Capital), all Düsseldorf

MotionLab.Berlin's Hardtech Innovation Accelerator offers start-ups far more than access to prototyping labs, co-working spaces, and testing facilities. The program provides a turnkey "Business-in-a-Box" model — a specialized partner network that supports founders so they can focus on their developments.

HEUKING supports the start-ups from the very beginning in tackling complex legal and tax challenges in a structured manner — from IP protection and patent strategy to shareholders’ agreements, investor terms, and preparation for financing rounds. The goal is to position these companies as investor-ready at an early stage. To this end, the firm brings specialized expertise as hardtech specialists as well as a deep, long-established network within the venture capital community to the partnership.

"Hardtech start-ups face critical legal milestones every day — whether it's navigating the high-stakes world of IP strategy or executing their first significant financing rounds. That is exactly where we come in," says Ariane Neubauer, Partner at HEUKING. "At HEUKING, we combine a deep understanding of the venture capital landscape with the specialized advisory that hardtech founders need — from company formation through each growth phase all the way to exit. We support start-ups so that they are not only legally protected but also strategically positioned for success — ensuring their legal foundation is investor-ready," adds Dr. Henrik Lay, Partner at HEUKING.

"We are very pleased to have Ariane Neubauer and Henrik Lay together with the HEUKING team as our exclusive Legal Partners. Their core expertise in Venture Capital and Tax Law ensures that our founders are investor-ready from day one," says Tayla Sheldrake, MotionLab.Berlin.

MotionLab.Berlin is the official deep tech hub of the City of Berlin and a central node for the hardtech ecosystem. Since 2017, MotionLab.Berlin has united over 2,000 members — including start-ups, researchers, and innovative companies — and provides hardware founders with a specialized environment of infrastructure, know-how, and partners. In addition, MotionLab.Berlin will operate Europe's largest makerspace on the Modell-Campus ringberlin in Berlin-Mariendorf, enabling hardtech innovation from idea to market readiness.

Interested start-ups can apply for the Hardtech Innovation Accelerator (Batch 5) until May 10. For more information and to apply, visit: https://motionlab.berlin/apply/

Niclas v. Woedtke joins from Taylor Wessing, where he advised on Corporate/M&A and established himself as a leading practitioner in venture capital transactions in the biotech sector. Prior to that, he worked at Boehringer Ingelheim and Otto Group.

His practice focuses on advising growth companies, with particular emphasis on spin-offs from corporates and universities in technology-driven and research- intensive fields. He also advises venture capital and venture debt investors on equity and debt investments throughout the entire company life cycle, including exits, and offers corporate and transactional advice to clients in the life sciences and healthcare sectors.

“Niclas von Woedtke is an excellent addition to our teams advising growth companies and venture capital investors. With his strong industry expertise in life sciences, he offers significant potential for new mandates and cross-practice collaboration,” said Dr. Michael Dröge, Partner at HEUKING’s Hamburg office. Boris Dürr, Managing Partner at HEUKING, added: “We are gaining an experienced colleague whose profile will further strengthen our existing capabilities, and we very much look forward to working with him. Niclas von Woedtke will be based in Hamburg and will also work extensively from Munich, jointly with his former and, now again new, colleagues from our Life Sciences team.”

In September 2025, a team of three female Equity Partners from Taylor Wessing in Munich, with whom von Woedtke had previously worked closely, joined HEUKING’s Health Care & Life Sciences practice. This collaboration will now be continued and further expanded at HEUKING.

"I am very pleased about this renewed recognition and the trust placed in us by our Indian clients and colleagues," says Imhof. "India is one of the most dynamic economies in the world. A deep understanding of local markets, regulatory developments, and cultural nuances remains key to successful and sustainable investments and transactions."

Economic relations between Germany and India have continued to strengthen in recent years. Topics such as energy cooperation, hydrogen technology, digitalization, and skilled workforce exchange are particularly in focus. Companies and governments from both countries are increasingly pursuing partnerships to capitalize on opportunities in a rapidly evolving market environment. The conclusion of the free trade agreement between the EU and India—the "mother of all deals"—underscores the excellent economic and political relations and offers German and Indian companies of all sizes new opportunities and privileged access to the second- and fourth-largest economies in the world.

To compile the International A-List, the India Business Law Journal surveys hundreds of lawyers in India as well as numerous international in-house counsel each year. The final selection combines these nominations with the editorial team's more than 30 years of market observation.

The current edition of the A-List is published in the India Business Law Journal and is available online at law.asia.

As part of a responsible succession arrangement by the previous majority shareholder and SAP co-founder Dr. Hans-Werner Hector, vitagroup AG has divested the Health Dialog business unit to Legian Investment Partner AG, an investor with extensive experience in the healthcare sector. The transaction aims to secure the continued successful development of Health Dialog over the long term while simultaneously opening up new growth opportunities. The company has deliberately chosen to prioritise continuity: the entire Health Dialog management team is staying on board and will continue on the current course together with the new partner. The two established locations in Mannheim and Chemnitz also remain central pillars of future development, with Mannheim continuing to serve as the company's headquarters. The outgoing CEO Emek Altun sends a strong signal of confidence and future viability.

Gregor Hilverkus and Dirk Mühl, Legian Investment Partner AG, comment: "We are very impressed by Health Dialog's performance in recent years and look forward to supporting Emek Altun and his team in the continued development of the company as shareholders."

Kamilo Kolarz, CEO of vitagroup AG, states: "I am very pleased for Health Dialog to have found in Legian the perfect partner for sustainable stability and continued growth. We deliberately chose an experienced investor with proven expertise in the healthcare sector. The decision in favour of Legian – rather than a direct market participant as the new shareholder – is a clear signal of our commitment to further expanding our leading role as an independent service provider and innovator in healthcare delivery."

Health Dialog helps people gain direct and straightforward access to optimal outpatient care. By meaningfully combining analogue and digital services, it enhances time- and location-independent care for patients. With over 300 medical staff and around-the-clock availability, the Telemedical Centre (TMZ) offers comprehensive services for associations of statutory health insurance physicians (Kassenärztliche Vereinigungen) and statutory insurers (Gesetzliche Krankenversicherungen) – ranging from emergency medical services and on-call physician services to appointment scheduling. The care platform healthMatch provides patients with a complementary, time- and location-independent digital gateway to their optimal care services.

Counsel to Legian Investment Partner AG
HEUKING:
Mark Rossbroich, LL.M. (King's College London),
Dr. Oliver von Rosenberg, LL.M. (Georgetown University Law Center) (both lead),
Christopher Kleinert (all M&A / Private Equity),
Dr. Lutz Martin Keppeler (IT / Data Protection), all Cologne,
Fabian G. Gaffron,
Simon Pommer, LL.M. (both Tax),
Sandra Pfister, LL.M. (Sydney),
Beliardis Ehlert-Gasde (both Finance), all Hamburg,
Christoph Hexel (Employment), Düsseldorf

VALEARA group is making a significant contribution to mental healthcare in Germany through an integrated, interdisciplinary care model. It provides patients with rapid access to high-quality treatment options, including psychiatric outpatient clinics, day clinics, specialist practices, and facilities for child and adolescent psychiatry. The group is also investing in the future of care by systematically training therapeutic professionals through its own academy. VALEARA currently employs approximately 1,000 people across 15 facilities at 13 sites, treats around 220,000 outpatient cases annually, and records about 40,000 patient days per year in its day clinics.

The transaction structure provides for a reinvestment by the existing shareholders led by GENUI. Together with Luxempart and the management team led by CEO Dr. Christian Utler, they will support VALEARA group in its next expansion phase. Luxempart’s investment is intended to preserve and further strengthen the group’s distinctive corporate culture and its consistent focus on delivering high-quality treatment outcomes for patients.

Luxempart is a publicly listed investment company headquartered in Luxembourg, with net assets of approximately EUR 2.5 billion. As a long-term investor, Luxempart supports its portfolio companies with capital and expertise and pursues a partnership-based growth strategy across its European core markets of France, the Benelux countries, the DACH region, and Northern Italy. Its experienced team of nearly 30 investment and support professionals combines an entrepreneurial mindset with a track record spanning more than 30 years.

GENUI is a private equity firm founded in 2014 by renowned entrepreneurs and investment experts. It operates offices in Hamburg and Zurich. Backed by a network of more than 30 entrepreneurs, GENUI invests in market-leading companies focused on health, sustainable transformation, and digitalization.

Counsel to Luxempart S.A.
HEUKING:
Boris Dürr (Lead, Private Equity/M&A),
Christian Schild, LL.M. (London),
Marcel Greubel,
Felix Noack,
Marilena Schöck,
Dr. Martin Ströhmann, LL.M. (Chicago), (all Corporate / M&A),
Dr. Oliver Treptow,
Catarina Angelika Gröger, LL.M.,
Kim Anna Schwick (all Health Care),
Peter Michael Schäffler (Tax),
Dr. Karolina Magdalena Badura (Financing),
Dr. Reinhard Siegert,
Dr. Ruth Jungkind (both Antitrust),
Sophia Schock,
Bettina Neheider (both Public Law/Subsidies),
Dr. Julia Christine Mattes (IP), all Munich,
Dr. Bodo Matthäus Dehne (Foreign Trade),
Fabian Schmitz (Real Estate),
Michael Kuska, LL.M., LL.M. (IT),
Dr. Eylem Kaya, LL.M., (Health Care),
Julian Rosenfeld (IT), all Düsseldorf,
Kerstin Deiters, LL.M., EMBA,
Leana Loewke (both Employment), both Cologne

The sale is in line with the new strategic direction of the ad pepper Group, which envisages a refocusing away from digital agency services towards platform-driven business models (i.e., Webgains and solute). The sale of the majority stake in ad agents thus enables a targeted focus on synergistic and scalable business models within the ad pepper Group and consolidates financial resources for future organic and inorganic growth.

Founded in 1999 and publicly listed since 2000, ad pepper media International N.V., headquartered in Amsterdam and Nuremberg, is the holding company of the ad pepper Group, one of Europe's leading performance marketing providers. The solute holding operates leading price comparison portals with billiger.de, shopping.de and juhuu.at.

The team led by Dr. Alexander Schott regularly advises ad pepper on transaction-related matters.

Counsel to ad pepper media International N.V.
HEUKING:
Dr. Alexander Schott (Lead, Corporate/M&A),
Marco Bahmann (Corporate/M&A), both Stuttgart,
Sven Radke, LL.M. (Capital Markets), Cologne,
Fabian G. Gaffron (Tax),
Simon Pommer (Tax), both Hamburg

Inhouse Counsel:
Marco Pallucchini Wrede (General Counsel)

Matthiessen advises and represents employers in out-of-court disputes involving both individual and collective employment law. His practice focuses on advising companies in the healthcare sector. In this field, he has also advised and represented diaconal institutions for many years in employment and church law matters, with a particular focus on employee representation law.

“Dr. Michael Matthiessen is an excellent addition to our team. He is highly regarded in his field. With his many years of experience advising and representing companies in the healthcare sector and his expertise in church employment law, he further enhances our firm’s strong position in advising the institutional churches as well as diaconal and charitable organizations. We are delighted to continue growing in this area as well,” said Dr. Utz Andelewski.

With the addition of Dr. Michael Matthiessen, HEUKING’s Employment Law Practice Group now comprises 61 lawyers.

Founder and shareholder Hubert Schulte-Schmelter, who has guided the company strategically in recent years, is fully withdrawing from the business. Operational management remains in the proven hands of the three managing directors Hagen Mesters, Sascha Güldenmeister, and Raphael Dombrowski, along with Manuel Kloubert as authorized signatory (Prokurist). Raphael Dombrowski and Manuel Kloubert are joining as new shareholders, thereby broadening the ownership structure. As a strategic partner, VR Equity Partner — a private equity firm specializing in mid-market succession solutions and a subsidiary of DZ Bank — is acquiring a minority stake in the newly established holding company.

With this step, 1AVista Reisen is executing a planned generational transition that ensures continuity and stability while unlocking new growth opportunities. The participation of VR Equity Partner secures additional financial resources for planned investments and brings extensive expertise in succession processes.

1AVista Reisen GmbH, headquartered in Cologne, was founded in 2007 and has since established itself as one of Germany's leading river cruise operators. The company specializes in river cruises on Europe's waterways as well as on select long-distance routes such as the Nile.

VR Equity Partner is a private equity firm headquartered in Frankfurt am Main that specializes in mid-market succession solutions and growth financing. The firm supports owner-managed mid-sized companies through shareholder transitions and strategic development initiatives. VR Equity Partner pursues a partnership-oriented approach and places particular emphasis on preserving established corporate cultures and existing management structures.

Counsel to the Shareholders of 1AVista Reisen GmbH
HEUKING:
Dr. Marc Scheunemann, LL.M., Düsseldorf/Frankfurt,
Dr. Timo Piller (both lead), Düsseldorf,
Dr. Ulrich Jork, Munich,
Robert Clev, LL.M. (all Corporate/M&A), Düsseldorf,
Michael Below (Public Law), Düsseldorf,
Kerstin Deiters (Employment), Cologne,
Dr. Tilman Spancken (Real Estate), Düsseldorf,
Dr. Reinhard Siegert,
Ruth Jungkind (both Antitrust), both Munich,
Klaus Weinand-Härer,
Sebastian Eibich (both Tax), both Frankfurt

Deutsche Beteiligungs AG is a listed private equity firm based in Frankfurt am Main that has been investing in mid-sized companies since 1965. Its sector focus includes manufacturers of industrial products, industrial service providers, and IndustryTech companies, in particular businesses whose products enable automation, robotics, and digitalization, as well as companies in business services, IT services, software, healthcare, environmental services, energy, and infrastructure. DBAG operates in the two business areas of Fund Investment Services and Private Equity Investments and manages assets of some EUR 2.7 billion (as of 2025).

Kraft & Bauer Holding GmbH develops, manufactures, and installs fire protection systems for precision machinery tools and is a leading provider in this industrial niche. Its systems help reduce the risk of unscheduled downtime, property damage, and production losses, while generating recurring revenue through regular maintenance. Under DBAG’s ownership, the company further strengthened its market position and expanded its international presence, particularly beyond the German-speaking region. DBAG considers this the right time to transfer the investment to a new owner that will drive the company’s next growth phase while also ensuring long-term stability.

The team led by Dr. Oliver von Rosenberg regularly advises on domestic and international M&A transactions, including acquisitions and disposals of mid-sized industrial companies as well as private equity investments.

Counsel to Deutsche Beteiligungs AG
HEUKING:
Lead Dr. Oliver von Rosenberg, LL.M. (Georgetown University Law Center),
Mark Rossbroich, LL.M. (King’s College London),
Christopher Kleinert
Meike Daniels (all Corporate / M&A), all Cologne,
Dr. Markus Löbbert (Corporate / M&A), Düsseldorf,
Sandra Pfister, LL.M. (Sydney),
Beliardis Ehlert-Gasde (both Finance),
Fabian G. Gaffron,
Simon Pommer, LL.M. (both Tax), all Hamburg,
Dr. Ruben A. Hofmann (IP), Cologne,
Dr. André Hofmann, LL.M. (Melbourne),
Thalia Roth (both Banking & Finance), both Frankfurt,
Dr. Tobias Plath, LL.M. (Insurance), Düsseldorf,
Christian Staps (Insolvency), Frankfurt

“With a broad client base, targeted investments in high-growth future fields, and the continued expansion of our advisory teams, we are building on the successful development of recent years,” said Prof. Martin Reufels, Managing Partner of HEUKING. “As a German law firm with a strong international network and 445 lawyers across eight offices, we are very well positioned to support our clients reliably and independently. New advisory areas, such as our work in the aerospace and defense sector, also contribute to our long-term success,” added Boris Dürr, also Managing Partner of the firm.

Personnel growth and strategic expansion at key locations

In 2025, HEUKING further strengthened its Equity Partnership with lateral hires in key areas. Ulrich Weidemann joined the Frankfurt office as Equity Partner for Corporate/M&A and Capital Markets Law. Also in Frankfurt, real estate lawyer Harald Francisco Heller joined as Equity Partner.

HEUKING also significantly expanded its Health Care & Life Sciences practice last year. In Munich, a team led by the three equity partners Dr. Manja Epping, Dr. Stefanie Greifeneder, and Dr. Sonja Ackermann is strengthening the firm's advisory services on regulatory issues in the life sciences sector, particularly in the areas of pharmaceuticals, biotech, and medical devices.

HEUKING is continuing its growth trajectory in 2026, most recently adding a five-member team in Hamburg to further strengthen Corporate/M&A and Real Estate Law.

The bridge financing was provided by a syndicate of banks led by Commerzbank Aktiengesellschaft and UniCredit Bank GmbH as coordinating bookrunners and mandated lead arrangers, as well as Crédit Agricole Corporate and Investment Bank, Deutsche Bank Luxembourg S.A., and Société Générale as bookrunners and mandated lead arrangers.

An A&O Shearman team led by Dr. Walter Uebelhoer and Sebastian Hanke acted for the lenders.

Counsel to Rheinmetall AG
HEUKING:
Sandra Pfister, LL.M. (University of Sydney), (Lead),
Beliardis Ehlert-Gasde,
Sebastian Mangold (all Finance),
Simon Pommer, LL.M. (Tax), all Hamburg,
Dr. Andreas Lenz (Corporate, Space/Aerospace & Defense), Cologne

Following a motion by Thalia, the court found Section 11(1) to (5) and (7), as well as Section 4(4) and (5) North Rhine-Westphalia Coronavirus Protection Ordinance, as amended on May 12, 2021, to be ineffective. Under the German “3G rule” in force at the time, persons who were tested or recovered were permitted to enter retail stores. However, as the court made clear at the hearing, the decisive issue was that the rules also permitted vaccinated persons to enter retail stores, provided the vaccination met the requirements of a federal ordinance. That federal ordinance, in turn, referred for the specific requirements to publications on the Paul Ehrlich Institute website. This indirect reference to changeable publications issued by a scientific institute lacked sufficient legal certainty and precision. Particularly strict standards applied because violations of the rules were subject to fines.

The judgment primarily clarifies the standards that statutory provisions had to satisfy even under coronavirus conditions. It also gives rise to new questions concerning compensation claims for unlawful restrictions imposed on the retail sector. More broadly, the ruling of Münster Higher Administrative Court (March 4, 2026, Case 13 D 239/21.NE) helps define the requirements applicable to cross-references in legal provisions.

Counsel to Thalia
HEUKING:
Michael Below, Düsseldorf,
Wolfram Sandner (both Lead, both Public Law), Stuttgart,
Michael Schmittmann (Competition & Advertising), Düsseldorf,
Cem Karaosmanoğlu (Public Law), Berlin

The properties sold are Shopping-Plaza Garbsen, Stern Center Sindelfingen, City Rondell in Villingen-Schwenningen, and Vechte Arkaden in Nordhorn. The buyers include both regional project developers and portfolio investors as well as supra-regional shopping center operators.

The Luxembourg property companies holding the assets have been subject to insolvency proceedings before Luxembourg Commercial Court since 2025. With the court’s approval, the insolvency administrator had subsequently initiated the sales process.

HEUKING advised the Luxembourg insolvency administrator comprehensively on all legal and tax aspects of the transaction, including matters at the intersection of German and Luxembourg insolvency law.

Counsel to Luxembourg insolvency administrator
HEUKING:
Dr. Marc Scheunemann (Lead), Düsseldorf/Frankfurt,
Dr. Tilman Spancken (Lead, Real Estate),
Mathis Dick, LL.M. (Real Estate),
Markus Vlasic, LL.M. (Real Estate),
Sandra Janberg, all Düsseldorf,
Maximilian Dehnert (both Public Law), Frankfurt,
Klaus Weinand-Härer (Tax), Frankfurt

Berger Bildungsinstitut GmbH is a certified education provider offering continuing vocational training, retraining, and corporate training programs across Germany. Its courses are primarily delivered digitally and focus on commercial and technical fields; essentially on qualifications in CAD, SAP, and PLC.

Odewald KMU II focuses on investments in mid-sized companies across German-speaking countries, with an emphasis on “German engineering,” intelligent services, health, and IT and software. Education partners group is part of the portfolio and holds a leading position in the continuing vocational training market through its training academies. The acquisition of Berger Bildungsinstitut GmbH further strengthens this position.

Counsel to Odewald KMU II
HEUKING:
Dr. Pär Johansson (Lead, Corporate/M&A),
Dr. Verena Hoene, LL.M. (IP, Media & Technology),
Dr. Sascha Schewiola (Employment),
Susanne Monsig,
Elisa Schülert (both Public Sector & Public Procurement),
Svea Kunz,
Lena Kurth, LL.M. (both IP, Media & Technology),
Julien Krause,
Chiara Diekmann (both Corporate/M&A), all Cologne

Patrick Narr is currently a Partner at Norton Rose and advises on corporate and real estate matters. He supports clients on national and international corporate and real estate transactions and has advised on numerous transactions in crisis and insolvency situations on both the buyer and seller sides. He also assists clients in structuring corporate arrangements (joint ventures, intercompany agreements, etc.) as well as in the formation and transformation of companies. In addition, Patrick Narr advises on complex corporate disputes. In real estate law, his practice focuses in particular on mandates in the hotel and logistics sectors as well as the comprehensive advice of project developers.

Dr. Karsten Alex, future Partner at HEUKING, is currently Counsel. He primarily advises on Corporate/M&A transactions in the technology/software and aviation sectors and supports the implementation of joint venture structures. He also advises on ongoing corporate matters (corporate housekeeping) as well as transformations and other structural measures. Dr. Alex additionally has many years of experience in real estate law, advising national and international investors and real estate companies, particularly on transactions in the residential, office, retail, and hotel asset classes.

Dr. Tobias Block is currently Counsel and has worked closely with the team led by Patrick Narr and Dr. Karsten Alex for many years. He advises national and international clients in real estate law, private construction law, and litigation. His work includes both single-asset and portfolio transactions as well as contract drafting, particularly construction contracts in the context of project development.

Malte Meyer will join HEUKING as a Salaried Partner. In addition to advising on all corporate law matters, particularly national and cross-border transactions, his practice has a strong focus on real estate transactions. He specializes in the comprehensive advice of commercial project developments – especially in the logistics and data center sectors – as well as advising clients in the hotel industry.

Sebastian Sievers will join HEUKING as a Senior Associate. He advises on Corporate/M&A and real estate law, with a focus on corporate and real estate transactions as well as ongoing corporate matters.

“The addition of this well-coordinated team is a genuine asset for our Hamburg office. Their expertise will not only strengthen our capabilities but also create valuable cross-practice synergies for our existing teams. In addition, the new members are an excellent fit for our demographic profile and therefore support our sustainable development,” said Boris Dürr, Managing Partner at HEUKING. Michael Dröge, Head of the Hamburg office, also welcomes the move: “These new colleagues will be a strong addition to our local teams and will further strengthen our advisory services in both practice areas. We look forward to working together.”

In July 2025, HEUKING had already recruited a larger team from Taylor Wessing for the Life Sciences practice at its Munich office.

fach.digital GmbH and Morawitz Consulting GmbH are among the leading specialized providers of digital (social) recruiting for skilled professionals. Both companies support clients through strategic advisory services, the design of tailored recruiting campaigns, and the targeted use of a broad range of digital recruiting channels. Through these acquisitions, HiOffice Group strengthens its position as a full-service provider of technology- and AI-enabled end-to-end solutions in recruitment process outsourcing.

ODEWALD KMU III focuses on investments in medium-sized companies across German-speaking countries. Following its acquisition of High Office IT GmbH in September 2025, HiOffice Group is continuing its growth trajectory with this transaction, thus further expanding its presence in the digital recruiting market across the German-speaking region.

Counsel to Odewald KMU III
HEUKING:
Dr. Pär Johansson (Lead), (Corporate/M&A),
Dr. Verena Hoene, LL.M. (University of Washington), (IP, Media & Technology),
Dr. Sascha Schewiola (Employment),
Svea Kunz (IP, Media & Technology),
Julien Krause,
Chiara Diekmann (both Corporate/M&A),
Lena Kurth, LL.M. (Stellenbosch University), (IP, Media & Technology), all Cologne

Deinzer was founded in 1966 and has established itself as a premium full-service provider of multi-material solutions for shop fittings for leading retailers and brands. Today, the company, based in Langenfeld, Germany, generates annual sales of EUR 30 million. Deinzer has been shaping visibility at the point of sale for decades and, with its strong team, which consists of 180 people, has built a reputation for high-quality custom design and production as well as strong customer relationships.

HL Display was founded in 1954 and operates in more than 70 countries, providing in-store merchandising and communication solutions to the food retail, branded goods and non-food retail sectors. HL Display is headquartered in Stockholm, Sweden. HL Display has sales companies in 24 countries covering 40 countries, as well as sales partners operating worldwide. Its seven production facilities in Sweden, Poland, Germany, the UK, Canada and China handle a wide range of industrial processes, including plastics and metal processing, printing and assembly. The company employs around 1,400 people and has net sales of 3 billion SEK (approx. 270 million Euro). HL is a subsidiary of the listed Swedish private equity company Ratos.

Counsel HL Display AB
HEUKING:
Dr. Philipp Jansen,
Dr. Pär Johansson, (both Lead),
Dr. Christoph Schork, (all Private Equity, Corporate/M&A),
Dr. Verena Hoene (IP, Media & Technology),
Dr. Sascha Schewiola (Employment), all Cologne,
Fabian G. Gaffron (Tax),
Dr. Frederik Wiemer (Antitrust), Hamburg,
Dr. Markus Collisy (Public Sector & Public Procurement),
Klaus Weinand-Härer,
Sebastian Eibich,
Maximilian Dehnert, all Frankfurt,
Mathis Dick,
Markus Vlasic (all Real Estate & Construction), both Düsseldorf,
Simon Pommer,
Julia Kimberly Schramm (both Tax), both Hamburg,
Manuel Poncza (IT & Telecommunications),
Julien Krause,
Maike Bamler (both Private Equity, Corporate/M&A),
Lena Kurth (IP, Media & Technology),
Laura Soltysiak (Employment), all Cologne

hellomed Group GmbH, based in Berlin, was founded by Enrico Bernardo, Felix Morawski, and Tim Bogdan and is developing hellomedOS, a software solution for quality-assured medication management in outpatient and inpatient care. With hellomedOS, hellomed is digitizing particularly error-prone, system-relevant processes between care companies, pharmacies, patients, and relatives. The aim is to increase medication safety, noticeably reduce the workload on nursing staff, and reduce avoidable follow-up costs in the healthcare system.

HEUKING regularly advises start-ups and VC investors on funding rounds. The team led by Dr. Patrick Müller had previously advised hellomed in June on a late seed funding round and a related share capital increase.

Counsel to hellomed Group GmbH
HEUKING:
Dr. Patrick Müller, LL.M. (University of the West of England, Bristol), (Lead), Düsseldorf,
Ilona Schütz, Düsseldorf/Cologne,
Caroline Frohnwieser, Hamburg,
Laura Jochem, LL.M. (University of East Anglia, Norwich), (all Venture Capital), Düsseldorf

The Regional Court assessed the manufacture and sale of certain gas distributors and hollow fiber membrane modules equipped with these gas distributors. Supratec usually refers to them as "HA10," "HA15," and "HA20." The judges ruled that the defendants unlawfully used the patented technology.

HEUKING attorneys Dr. Anton Horn and Dr. Birthe Struck and patent attorney Dr. Detlef Raasch represented Veolia in the proceedings. "The Düsseldorf Regional Court carefully substantiated its decision," Horn commented on the outcome of the proceedings. The relevant European patent has also been validated in France, Hungary, and Spain, among other countries.

Veolia is a global company providing solutions in the areas of water, waste, and energy. It develops and produces a wide variety of technologies and solutions for wastewater treatment. Veolia holds numerous patents through its IP holding company BL Technologies, including the European patent EP 2 473 258 B1 relevant to this case.

Advisors to Veolia
HEUKING:
Dr. Anton Horn,
Dr. Birthe Struck, LL.M. (both lead),
Philipp Schröler,
Dr. Detlef Raasch (all patent law), all Düsseldorf

The lead investor in this round is High-Tech Gründerfonds (HTGF). Other investors include NRW.BANK, AFI Ventures, the early-stage impact arm of Ventech (France), and Evercurious VC (Greece). In addition, the company receives subsidies from the Federal Ministry for Economic Affairs and Energy (BMWE).

Co-reactive GmbH is developing a novel carbon mineralization technology that converts CO₂ into high-performance CO₂-negative cementitious additives (SCMs). The aim is to improve the strength and durability of cement-based building materials and thus contribute to the decarbonization of the large-volume construction sector. The company is now scaling up from the prototype to a 1,000-ton demonstration plant. Industrial pilot plants on a ten-thousand-ton scale are already being prepared.

The company was founded in 2024 based on the long-standing research of co-founder Dr. Andreas Bremen at RWTH Aachen University and supported by the EXIST program of the BMWE. Together with Orlando Kleineberg and Willi Peter, the founding team is pursuing its vision of sustainably transforming the construction industry through low-carbon materials.

Co-reactive was legally advised by a team led by Düsseldorf-based HEUKING Partner Dr. Patrick Müller, LL.M. (VC). HEUKING regularly advises start-ups and VC investors in various VC financing rounds.

Counsel to Co-reactive GmbH
HEUKING:
Dr. Patrick Müller, LL.M. (University of the West of England, Bristol), (lead),
Ilona Schütz,
Laura Jochem, LL.M. (University of East Anglia, Norwich), (all M&A / Venture Capital), all Düsseldorf

A HEUKING team led by Stuttgart-based Partner Dr. Hermann Ali Hinderer comprehensively advised Nolex AG on the transaction in all legal matters.

Nolex AG, headquartered in Pfäffikon (Canton of Schwyz), is a Swiss stock corporation operating as an investment holding company. It focuses on financing and holding strategic interests in small and medium-sized enterprises and supports portfolio companies in their long-term strategic and operational development. Nolex AG pursues an entrepreneurial, long-term investment approach and is independent of institutional investors.

Holzmedia GmbH, based in Burgstetten (Baden-Württemberg), specializes in the design, development, and distribution of premium media furniture and integrated solutions for meeting and conference rooms. Its offering combines furniture design with seamlessly integrated information and communication technology tailored to modern collaboration and work environments. Holzmedia develops its products for professional use in both domestic and international markets.

Counsel to Nolex AG
HEUKING:
Dr. Hermann Ali Hinderer (Lead, Corporate/M&A),
Antje Münch, LL.M. (IP. Media & Technology), both Stuttgart,
Laura-Felicia Bokranz, LL.M. (University of Cape Town), (Employment), Düsseldorf,
Carina Bart (Employment),
Marco Bahmann, LL.M. (University of Sydney), (Corporate/M&A), both Stuttgart

The transaction comprises 62 operational sites and includes the associated customer relationships as well as the business segment’s organizational and operational structures. This strengthens LAVA ENERGY’s existing customer base and further expands its activities as an energy supplier for the housing sector.

Headquartered in Stuttgart, LAVA ENERGY is an owner-managed energy services provider focused on developing and implementing sustainable energy concepts for industry and commerce. The company pursues a holistic approach, supporting customers on their path toward climate-neutral processes. The HEUKING team led by Dr. Rainer Herschlein has been advising LAVA ENERGY on an ongoing basis for several years.

GETEC Group is one of Europe’s leading energy services providers, offering end-to-end solutions for efficient and sustainable energy supply. With a strong focus on decarbonization and digitalization, GETEC supports companies in advancing their energy transition and sustainability objectives.

Counsel to LAVA ENERGY GmbH
HEUKING:
Dr. Rainer Herschlein, LL.M. (Fordham University),
Dr. Emanuel Teichmann (both Lead, both Corporate/M&A), Stuttgart,
Fabian G. Gaffron (Tax), Hamburg,
Marc Baltus,Eva Rauschenbach, LL.M. (University of Cape Town),
Jonah Franzen (all Energy), all Düsseldorf

“Gerling Garden” is a revitalized, listed ensemble in the heart of Cologne, combining contemporary office and retail space, restaurants, a 207-room hotel (“The Circle”), and landscaped inner courtyards and roof terraces. The district blends architectural elements from the 1950s and 1960s with sustainable upgrades and newly created terraces, transforming the former Gerling site into a vibrant, forward-looking urban quarter.

Counsel to Deka Immobilien
HEUKING:
Dr. Henrik Lay (Lead),
Oliver Kammerer (both Tax), both Hamburg

The centrotherm group is a leading global technology company specializing in the development, production, and sale of high-temperature process equipment, with a long-standing track record as a supplier to both the semiconductor and photovoltaic industries. With more than 700 employees and branches in the USA, France, China, India, Japan, Korea and other countries, centrotherm group generated revenues of approximately EUR 240 million and EBITDA of approximately EUR 40 million in 2024. centrotherm shares are listed at Frankfurt Stock Exchange.

Solarpark Blautal GmbH is an investment company majority-owned by the Hartung family, who founded centrotherm more than 70 years ago and launched it on the stock exchange in 2007.

Ardian is one of the world’s leading independent private equity investor headquartered in Paris with approximately US$ 192 billion in assets under management. Ardian launched the Ardian Semiconductor platform through an exclusive partnership with Silian Partners, a team of recognized experts from the semiconductor industry.

Counsel Solarpark Blautal GmbH
HEUKING:
Boris Dürr, (Overall Lead),
Marcel Greubel, (Lead, both M&A),
Dr. Sebastian Pollmeier, (Corporate / M&A),
Marilena Schöck,
Felix Noack, (both M&A),
Markus Joachimsthaler, LL.M. (Capital Markets),
Peter M. Schäffler, (Tax),
Astrid Wellhöner, LL.M. Eur. (Employment),
Dr. Reinhard Siegert,
Dr. Ruth Jungkind, (both Antitrust), all Munich,
Dr. Bodo Dehne, (Investment Control), Düsseldorf,
Steffen Wilberg, (Real Estate),
Dr. Julia Mattes, (Trademark Law), both Munich

The acquisition provides CarWise with direct access to the German market, complemented by a local team of experienced professionals and an established customer base. By combining their complementary strengths in leasing ERP and fleet management platforms, the two companies are creating a broader, highly specialized ERP offering for leasing companies, fleet operators, and mobility providers across Europe.

Carano Software Solutions GmbH, headquartered in Berlin, has specialized in digital solutions for the fleet and mobility industry since the early 1990s. For more than three decades, the company has developed software enabling end-to-end digitalization of the vehicle lifecycle for corporate fleets, ranging from digital procurement and ongoing fleet and lifecycle management to financing-related processes. The Carano platform integrates numerous external service providers, including banks, leasing companies, insurers, and fleet service providers, allowing corporate customers to manage procurement, operation, and remarketing in an integrated environment. Carano currently serves more than 170 corporate clients with over 200,000 vehicles, including many well-known market participants.

CarWise, headquartered in Almere, the Netherlands, has been operating as a provider of an integrated ERP platform for the leasing and rental industry since the late 1980s, with a strong market presence in the Benelux region. Its solutions cover the entire leasing and rental value chain and enable end-to-end automation of processes such as quotation and lease-term drafting, contract and fleet management, billing, and reporting. With a team of some 70 specialized professionals and operations in several European countries, CarWise has been pursuing a buy-and-build strategy since Main Capital Partners joined in 2024, aimed at strengthening its European market position and expanding its product portfolio.

HEUKING advised the shareholders of Carano Software Solutions GmbH comprehensively on the transaction and supported the seller throughout all legal aspects of the sale process.

Counsel to Carano Software Solutions GmbH
HEUKING:
Dr. Henrik Lay (Tax),
Christoph Prochnau (both Lead),
Philipp Börger, all Hamburg,
Magdalena Köster, LL.M. (University of Cape Town), (all Corporate / M&A), Cologne

HWP currently operates more than 30 established craft businesses under one roof and is backed by GRIP – Goldbeck Robens Industrial Partners, the joint platform of the Goldbeck and Robens entrepreneurial families. One of the largest privately managed craft groups in Germany, HWP operates in three specialized sectors: Building Maintenance, Technical Building Services | Roofing & Solar, and Painting & Finishing. With the acquisition of Huiskamp group, HWP is expanding its service offering to include key future-focused fields such as asphalt and road construction, sewer and cable construction, broadband infrastructure, 5G network infrastructure, and the development of charging infrastructure.

HEUKING legally advised comprehensively on the transaction, including its tax aspects.

Counsel to HWP Handwerkspartner GmbH
HEUKING:
Christoph Prochnau, LL.B. (Lead, Corporate / M&A), Hamburg,
Magdalena Köster, LL.M. (University of Cape Town), (Corporate / M&A), Cologne,
Dr. Henrik Lay (Tax),
Julia Kimberly Schramm (Tax),
Philipp Börger (Corporate / M&A), all Hamburg,
Mathis Dick, LL.M. (Düsseldorf) (Real Estate), Düsseldorf,
Dr. Ullrich Schlichtherle (Real Estate), Hamburg,
Beatrice Stange, LL.M. (King's College London), (Merger Control), Düsseldorf,
Dora Asch (Employment), Hamburg

HEUKING’s mandate included support throughout the due diligence process as well as drafting and negotiating the transaction documentation. Based in Kaltenkirchen, G. Heinemann Medizintechnik GmbH has been manufacturing and distributing ENT treatment units and ENT diagnostic devices since 1983. The companies in the endoscopy group develop and manufacture high-quality, innovative, reusable endoscopes, as well as camera and lighting systems and insufflators for a range of medical applications. Key production steps are carried out in Germany at the Illmensee, Kaltenkirchen, and Eichstetten sites. The group’s customers include international OEMs and distributors across Europe, North America, Latin America, and Asia.

SHS Capital, based in Tübingen, is a German private equity investor focusing on innovative healthcare companies and has been active in the sector since 1993. The investment in the endoscopy group is being made from SHS’s sixth fund, launched in 2022, with a volume of about EUR 270 million.

A team led by Dr. Alexander Schott regularly advises G. Heinemann Medizintechnik GmbH and the companies in the endoscopy group on a range of legal matters.

Counsel to G. Heinemann Medizintechnik GmbH
HEUKING:
Dr. Alexander Schott (Lead, Corporate/M&A),
Dr. Peter Ladwig (Corporate/M&A),
Marco Bahmann, LL.M. (University of Sydney), (Corporate/M&A),
Antje Münch, LL.M. (IP, Media & Technology), all Stuttgart,
Christoph Hexel (Employment), Düsseldorf,
Carina Bart (Employment), Stuttgart,
Veronika Straub (Real Estate), Stuttgart,
Birgit Schreier (Commercial), Hamburg,
Michael Kreisler, LL.M. (Foreign Trade), Berlin,
Fabian G. Gaffron,
Simon Pommer, LL.M.,
Julia Kimberly Schramm (all Tax), all Hamburg

Founded in 2007 and headquartered in Frankfurt am Main, TestSolutions is a software testing specialist with some 250 employees. The company provides comprehensive testing services for highly regulated industries, including aviation, automotive, finance, and healthcare. Its service portfolio spans test consulting and test management, test automation, and performance testing. TestSolutions also operates its own academy for professional testers, training in line with international standards. The company uses flexible onshore and offshore delivery models and increasingly leverages AI-supported tools to accelerate testing cycles and shorten customers’ time to market.

Patrimonium Private Equity is advised by Patrimonium Private Equity Advisors AG, a subsidiary of Patrimonium Asset Management AG. Patrimonium manages private market investments across real estate, private debt, private equity, and infrastructure, primarily in Switzerland, Germany, and neighboring countries. As of December 31, 2024, Patrimonium managed assets of CHF 5 billion and employed more than 70 people in Zurich and Lausanne.

Counsel to TestSolutions GmbH
HEUKING:
Dr. Peter Christian Schmidt (Lead, Corporate / M&A),
Dr. Eva Kettner, LL.B. (Employment),
Sandra Pfister, LL.M. (University of Sydney), (Finance),
Jan Mensching, LL.M. (Nottingham Trent University), (Corporate / M&A),
Beliardis Ehlert-Gasde (Finance),
Paul Paepke (Employment),
Sebastian Mangold (Finance), all Hamburg

Keystone Photonics is a pioneer in optical probing technology for silicon photonics (SiPh) and co-packaged optics (CPO) wafer testing. These technologies are key for next-generation data centers powering AI and high-performance computing – accelerating data communications to handle massive information loads with dramatically lower power consumption.

FormFactor is a leading provider of essential test and measurement technologies along the full IC life cycle – from characterization, modeling, reliability, and design de-bug, to qualification and production test. FormFactor is listed on the NASDAQ stock exchange.

Driven by demand for AI infrastructure, SiPh is forecast to surge at nearly 30% annual growth rate (MarketsandMarkets, 2025, Silicon Photonics Market – Global Forecast to 2029). The acquisition of Keystone Photonics strengthens FormFactor’s position at the forefront of this growth, extending its integrated test system leadership for advanced semiconductor packaging and leveraging its unique lab-to-fab position as SiPh and CPO manufacturers leap from concept to high-volume production.

Counsel to the shareholders of Keystone Photonics GmbH
HEUKING:
Dr. Katharina Prasuhn (lead), Munich,
Dr. Alexander Jüngst, Cologne,
Marilena Schöck (all corporate law / M&A), Munich,
Dr. Henrik Lay (tax law), Hamburg,
Dr. Lutz Martin Keppeler (IT law), Cologne,
Antje Münch (IP law), Stuttgart,
Michael Kreisler (foreign trade law), Berlin,
Dr. Laura Pütz (employment law), Cologne

The authorisation to provide crypto custody under MiCAR marks a significant milestone in the company’s development. As a licensed crypto-asset service provider, HADC can now offer secure, compliant and reliable crypto custody solutions to clients across Europe.

For HAL, MiCAR approval is another important milestone. HADC was one of the first companies to obtain a German license for crypto custody services and has established itself as a specialist provider for financial institutions. HADC will continue to focus on institutional clients with its MiCAR license and will further expand its business under the umbrella of the Dutch ABN AMRO.

A team led by HEUKING partner Dr. Dr. Johannes Blassl, who has been advising HAL on various projects for some time, provided legal advice to HADC throughout the MiCAR authorisation procedure. This underscores HEUKING's role as legal advisor to financial institutions on crypto assets.

The team led by Frankfurt-based Partner Dr. Dr. Johannes Blassl regularly advises banks across practice groups on the legally compliant design and implementation of crypto-based business models.

Counsel to Hauck Aufhäuser Digital Custody GmbH
HEUKING:
Dr. Dr. Johannes Blassl (Lead),
Svenja Brinkmann (both Banking & Finance), both Frankfurt

Everwood Capital manages highly specialized investment vehicles, including the Transport and Logistics Fund, which invests in SME companies in the transport and logistics sector.

CITIUS EXPRESS GmbH provides tailored national and international “door to door” transport services, serving in particular industrial and commercial clients, freight forwarders, and freight brokers.

With the acquisition of CITIUS EXPRESS GmbH Everwood Capital expands its portfolio in the transport and logistics sector.

The acquisition of CITIUS EXPRESS GmbH was part of an internationally structured transaction, whereas Castril Logistics, S.L. acquired, in addition to the shares in CITIUS EXPRESS GmbH, the Spanish sister company Trans-Pan Europe S.L. and other group companies.

Legal Advisors to Everwood Capital:
HEUKING:
Dr. Martin Imhof (Lead),
Dr. Christiane Göb-Krumme,
Dr. Melina Brune (alle Corporate / M&A / PE),
Anna Schenke (Employment),
Beatrice Stange, LL.M. (London), (Merger Control / FDI), all Dusseldorf,
Judy-Anne Krug, LL.M (Christchurch), (Transport and Logistics), Hamburg

Counsel to Deutsche WertpapierService Bank AG
HEUKING:
Dr. Dr. Johannes Blassl (Lead),
Dr. Christoph Gringel,
Svenja Brinkmann, all Financial Regulatory, all Frankfurt

“We are very pleased that 16 colleagues are once again taking an important career step with us. The number of appointments, their distribution across different practice areas and offices, and the diversity of the group illustrate the enormous potential of our younger colleagues. We are proud to have so many highly qualified lawyers on our team,” said Boris Dürr, Managing Partner at HEUKING.

The increased number of Counsel and Senior Counsel appointments this year also shows that our expanded career model is working in practice and is very well received.

The following lawyers have been admitted as Equity Partners (in alphabetical order):

Dr. Florian Arnold (Munich) advises on real estate and construction law with a particular
focus on infrastructure projects. He represents national and international companies as well as public authorities, in particular in complex construction and infrastructure projects, and enforces their interests in court. He also advises on alternative construction contract models such as integrated project management (IPA). Florian Arnold has been with HEUKING in Munich since 2013.

Julia Cramer (Hamburg) works in the areas of investment funds, regulatory law, and related corporate law. She advises in particular on structuring investments in alternative assets (such as real estate, renewable energy plants, and private equity), on licensing requirements, and on the implementation of new regulations. Her clients include capital management firms, issuing houses, investment funds, asset managers, and project developers. Julia Cramer has been with HEUKING in Hamburg since 2012.

Dr. Marvin Lederer (Düsseldorf) advises on construction and real estate law. His practice focuses on judicial and extrajudicial advice on all aspects of private construction and architectural law. He has been with HEUKING in Düsseldorf since 2019 and advises on the drafting and negotiation of architectural and specialist planning agreements as well as on construction contract law, property development law, and condominium law. He also regularly represents clients in complex litigation.

Benedikt Raisch (Stuttgart) advises companies and private equity clients in corporate and M&A. He comprehensively advises on transactions for both sellers and buyers, including full acquisitions, carve-out transactions, acquisitions with rollovers, and the establishment of investment structures. In addition, he advises various portfolio companies of PE clients as well as group companies and group structures of strategic clients. Further focal points of his work include SE formations, management and employee participation programs, virtual participation schemes and alternatives, and interim financing such as convertible loans. He has been with HEUKING in Stuttgart since 2015.

Dr. Thomas Schulz, LL.M. (Nottingham Trent University) (Hamburg) is a specialist lawyer for employment law. His practice focuses on individual and collective labor law as well as sports law. He advises companies and associations on all labor law issues, in particular on restructuring, individual personnel measures, and compliance matters. Using his specialization in sports law, he also assists teams and professional athletes in employment and contract law issues. Thomas Schulz has been with HEUKING in Hamburg since 2013.

Leonard Urban (Düsseldorf) practices corporate law and private client law. He specializes in advising and representing family businesses and high-net-worth individuals, particularly in disputes within family-owned companies. Another focus of his practice is foundation law. He advises on the establishment of foundations and regularly represents family foundations, their governing bodies, and beneficiaries in court and arbitration proceedings. Urban has been with HEUKING in Düsseldorf since 2018.

Furthermore, the following individuals will be appointed as Senior Counsel as of January 1, 2026:

Dr. Kai Uwe Büchler (Munich) specializes in restructuring and insolvency law with interfaces to other areas of law such as criminal law, corporate law, and medical law. He has been a member of the Restructuring Practice Group since joining in July 2013. Büchler handles non-insolvency restructurings, carve-outs, StaRUG proceedings, ongoing insolvency proceedings, and, in particular, the purchase and sale of companies shortly before or after insolvency. In addition to his work as a lawyer, he is a lecturer at the University of Mannheim in the corporate law program.

Dr. Martin Ströhmann, LL.M. (Chicago), (Munich), focuses his practice on compliance and internal investigations, both in the development of compliance management systems tailored to clients, their corporate culture, and specific needs, and in the organization and implementation of often highly complex internal investigations in Germany and abroad. He also advises on the interface between compliance and insolvency law as well as on general corporate law issues. Dr. Ströhmann has been with HEUKING since 2019.

The following colleagues will be appointed as Salaried partners or Counsel as of January 1, 2026 (in alphabetical order):

Salaried Partners

Christina Emde, (Düsseldorf) | Public Sector and Procurement | Transport, Traffic & Infrastructure – Her professional focus is on procurement law. She has a particular focus on research and development and digitalization projects. She also has extensive experience in European, administrative, budgetary and contract law.

Dr. Julia Kristina Fiedler, LL.B., (Hamburg) | Employment – Prior to joining HEUKING, Dr. Fiedler worked for several years as in-house counsel for an international corporation, where she was responsible for all matters of employment law relating to the German group companies. She has extensive experience in negotiations with works councils at all levels as well as in supporting restructuring and M&A projects. She regularly advises management on strategic employment law issues and assists in developing and implementing employment law standards.

Bettina Neheider, (Munich) | Public Sector and Procurement | Real Estate & Construction | Health Care & Life Sciences – She advises on public law, with a particular focus on public construction law and subsidy and tax law. In addition to private companies, project developers, investors, institutional real estate owners, and wealthy private individuals, she also represents numerous public authorities.

Dr. Emanuel Teichmann, (Stuttgart) | Corporate Law/M&A | Private Equity/Venture Capital – A key focus of his advisory practice is M&A transactions, particularly in the mid-cap segment and at the interface with private equity. Other areas of focus include general corporate law and advising in the start-up and venture capital environment.

Counsel

Julia Kathrin Degen, LL.M., (Cologne) | Insurance law | Litigation & Arbitration – She provides forensic and advisory services in insurance and liability law, particularly in the areas of property insurance and financial loss liability insurance (coverage disputes and defense against claims), as well as in insurance distribution law.

Dorothee Kirsten Linnartz, LL.M., (Düsseldorf) | Real Estate & Construction – She provides comprehensive advice on all aspects of real estate law. Her practice focuses on advising on real estate transactions, commercial tenancy law, and legal asset management.

Dr. Andrea Trebeck, (Cologne) | Insurance | Litigation & Arbitration – She handles a wide range of insurance law mandates, in particular in the field of technical insurance. She also advises and represents clients in liability proceedings and has recently focused on claims relating to wind farms.

Oscar Weller, LL.M., (Frankfurt) | Litigation & Arbitration | Real Estate & Construction – His practice focuses on advising and representing clients in disputes, both out of court as well as before state courts and arbitration tribunals. In addition to his dispute resolution work, Oscar Weller also advises in the field of real estate.

On December 1, 2025, all 56,946,204 ordinary shares of the company were admitted to trading on Düsseldorf Stock Exchange. The shares are included in the Primary Market segment, which is characterized by enhanced transparency requirements and is particularly attractive for growth-oriented companies with capital market ambitions. In connection with the inclusion, Dr. Max Herzberg, founder, director, and major shareholder, is offering 50,000 shares from his portfolio in a public offering conducted exclusively in Germany via Düsseldorf Stock Exchange.

Vidac Pharma Holding PLC is the holding company of Vidac Pharma Ltd., an Israel incorporated clinical-stage biopharmaceutical company dedicated to developing novel therapies for cancer and oncodermatological diseases. Vidac Pharma Ltd. is developing drug candidates for the treatment of various indications, including cancer, skin cancer and solid tumors. The listing strengthens Vidac Pharma Holding PLC’s presence on the German capital market and offers investors the opportunity to participate in an innovative company in pharmaceutical research and development.

The client was legally advised by a team led by HEUKING Partner Dr. Mirko Sickinger, LL.M., jointly with Salaried Partner Sven Radke, LL.M. and Franziska Marisa Decker, M.A.

Counsel to Vidac Pharma Holding PLC
HEUKING:
Dr. Mirko Sickinger, LL.M. (Columbia University),
Sven Radke, LL.M. (London Metropolitan University),
Franziska Marisa Decker, M.A. (Business for Legal Professionals), all Capital Markets, all Cologne

Dr. Heine spent 15 years as an Equity Partner at KEENWAY Patentanwälte (formerly KNH Patentanwälte) in Düsseldorf, where he handled numerous patent filings and led opposition and court proceedings. Under his leadership, the firm expanded successfully. Since 2023, he has been practicing in his own firm and has already worked with HEUKING on several matters during this time.

A physicist with a minor in medicine, Dr. Heine obtained his doctorate at a chemical institute of RWTH Aachen University and has extensive experience in the field of medical technology. He is therefore an excellent addition to the Life Sciences team, which joined HEUKING from Taylor Wessing on September 1, 2025.

Commenting on the appointment, Dr. Anton Horn, Partner and head of HEUKING’s patent team, said: “We are very pleased to welcome Dr. Christian Heine, a recognized expert, to our firm. His many years of experience and deep technical expertise will further strengthen our team and provide additional value to our clients.”

The patent team consists of experienced lawyers, patent attorneys, paralegals, and engineers, primarily based in Düsseldorf and Munich. HEUKING is the only nationwide German law firm with this combination of expertise. The team represents clients in patent prosecution and patent litigation.

TeleAlarm group is a leading provider of hardware and software solutions that help the elderly and people with physical disabilities to live independently in their own home, or in a care home environment. The group employs about 70 people and generated sales of about EUR 30 million in 2024.

ASSA ABLOY Deutschland GmbH is part of ASSA ABLOY group, a leading global provider of access solutions. ASSA ABLOY offers innovative products and services in the field of door and security technology and manufactures mechanical and electromechanical locks, locking systems, and access control systems. The group employs some 63,000 people worldwide and generates sales of around SEK 150 billion (about EUR 13.128 billion). ASSA ABLOY, headquartered in Stockholm, Sweden, operates sites in Germany, Switzerland, Belgium, the Netherlands, and Austria.

PRIMEPULSE SE is the investment company of the founders of TecDAX-listed IT service provider CANCOM SE. PRIMEPULSE invests in growth-oriented IT and technology companies in the Germany/Austria/Switzerland region. Its portfolio companies benefit from PRIMEPULSE’s many years of experience and strong network in the IT sector, as well as its deep understanding of business models and markets, which it actively contributes to their strategic development.

The team led by Boris Dürr regularly advises PRIMEPULSE SE on M&A transactions, most recently on the acquisition of Samhammer, the sale of a majority stake in IT service provider glueckkanja AG, and the sale of a majority stake in Stemmer Imaging AG to MiddleGround Capital.

Counsel to TeleAlarm Holding GmbH
HEUKING:
Boris Dürr (Lead counsel for the entire transaction),
Christian Schild, LL.M. (Lead on contract negotiations, both Corporate / M&A),
Peter M. Schäffler (Tax), all Munich,
Dr. Henrik Lay (Corporate / M&A / Tax), Hamburg,
Dr. Lutz Martin Keppeler (IT / Data Protection), Cologne,
Dr. Bodo Matthäus Dehne (Foreign Trade / Investment Control), Düsseldorf,
Dr. Ruth Jungkind (Antitrust / Distribution), Munich,
Sarah Radon, Düsseldorf,
Felix Noack,
Marilena Schöck (all Corporate / M&A), both Munich

HEUKING, represented by a team led by Prof. Dr. Georg Streit, advised the defendants and their criminal defense counsel on matters of insolvency law. In the criminal proceedings, law firms Schork Kauffmann Bremenkamp (Dr. Alexander Schork, LL.M., and Franziska von Ziegler) and KIPPER DURTH SCHOTT (Dr. Oliver Kipper and Jakob Lehners) acted as defense counsel for Max Müller and Ipek Demirtas.

The HEUKING team maintained close coordination with its peers handling the criminal defense and contributed key input on the insolvency law issues that were material to the preliminary investigation.

“We are pleased that, following the settlement of the insolvency administrator’s claims without any detriment to our clients (cf. our press release dated April 25, 2025), the criminal proceedings in connection with the ALNO insolvency have now also been brought to a successful conclusion for them,” said Prof. Dr. Streit. “We would like to thank the criminal defense teams involved for their excellent and successful collaboration.”

Counsel on insolvency law
HEUKING:
Prof. Dr. Georg Streit (Lead),
Dr. Kai Büchler,
Dr. Fabian Bürk (all Insolvency), all Munich

Counsel on criminal law
Schork Kauffmann Bremenkamp:
Dr. Alexander Schork, LL.M. (Lead),
Franziska von Ziegler

Counsel on criminal law
KIPPER DURTH SCHOTT:
Dr. Oliver Kipper (Lead),
Jakob Lehners

Donnerstag.ai Technologies GmbH develops and operates an AI-supported platform for the automated reconciliation of credit notes and self-generated invoices. The start-up helps companies identify discrepancies at an early stage, make payments predictable and secure liquidity. The solution is aimed in particular at industries such as logistics, retail and temporary employment and is fully GDPR-compliant and hosted in the EU. The company was founded by Barbaros Özbugutu and Volkan Özkan, who have accumulated extensive experience in the fields of FinTech and payment transactions.

The HEUKING team, led by Dr. Patrick Müller, LL.M., advised Donnerstag.ai on all legal aspects of structuring and implementing the financing round. HEUKING regularly advises start-ups and VC investors in various VC financing rounds.

Counsel to Donnerstag.ai Technologies GmbH
HEUKING:
Dr. Patrick Müller, LL.M. (Bristol), (Lead),
Ilona Schütz,
Laura Jochem, LL.M. (Norwich), (all Venture Capital), all Düsseldorf

STINAG Stuttgart Invest AG has resolved to apply to revoke the inclusion of its shares in trading. To date, the shares have been listed, among others, on the Freiverkehr Plus segment of Baden-Württemberg Stock Exchange in Stuttgart and on Munich Stock Exchange’s m:access segment. The company sees no further benefit in maintaining the listings and considers the delisting to be in the company’s best interests.

Consequently, STINAG has entered into a delisting agreement with its majority shareholder, Brasserie Holding SA, Lenzburg, Switzerland. Brasserie Holding will launch a voluntary public purchase offer for up to 2,784,337 STINAG shares at EUR 15.50 per share in cash. The offer, which is not subject to a minimum acceptance condition, is expected to be published on November 20, 2025.

A long-established holding company with roots in Stuttgarter Hofbräu AG, today STINAG Stuttgart Invest AG focuses entirely on real estate. The group targets portfolio optimization through forward-looking, value-enhancing investments with a balanced risk/return profile. Its activities include expanding high-yield asset classes and developing the portfolio through in-house developments, revitalizations, portfolio purchases, and project acquisitions. STINAG places great importance on a sound balance between equity and debt to ensure a stable equity ratio and sustainable profitability.

HEUKING has comprehensively supported STINAG for many years across legal matters, particularly in real estate acquisitions and disposals, and in matters relating to corporate and stock corporation law.

Counsel to STINAG Stuttgart Invest AG
HEUKING:
Jens-Hendrik Janzen, LL.M. (University of Queensland), (Lead), Stuttgart,
Dr. Thorsten Kuthe, (Co-Lead),
Stefan Westerheide, LL.M. oec.,
Meike Dresler-Lenz,
Magdalena Köster, LL.M. (University of Cape Town),
Meike Daniels (all Capital Markets), all Cologne

As part of the financing round, existing convertible loans were converted into equity. In addition, get.de invested a seven-figure sum as a cash investor and assumed the role of lead investor. NRW.BANK also participated in the funding round.

get.de Partners GmbH is part of the get.de (Good Entrepreneurs in Tech) network. The company positions itself as an entrepreneurial partner for digital business models and contributes both capital and operational expertise. The partners at get.de have jointly founded more than 15 start-ups, supported over 50 buy-and-build transactions, and achieved exit values exceeding EUR 500 million.

The investment in maesn fits in with get.de's strategic orientation: software business models with clear problems, high repeat potential and scalability. The maesn platform addresses the increasing complexity of integrating enterprise software and offers a unified API solution to simplify these processes.

The HEUKING legal team around Pär Johansson, Tim Remmel, Patrick Müller, Ilona Schütz and Laura Jochem was happy to support the deal. The HEUKING VC team regularly advises start-ups and VC investors in various financing rounds.

Counsel to get.de Partners GmbH
HEUKING:
Dr. Pär Johansson,
Tim Remmel, LL.M., (both Corporate / M&A), both Cologne,
Dr. Patrick Müller, LL.M. (Bristol),
Ilona Schütz,
Laura Jochem, LL.M. (Norwich), (all Venture Capital), all Düsseldorf

Handelsblatt Research Institute surveyed 1,600 lawyers at 180 law firms about their most renowned peers in foreign trade law for the ranking, which was then finalized by a jury of experts.

HEUKING’s foreign trade practice spans a wide variety of legal fields including customs law, export control and embargoes, investment control, foreign trade criminal law, investment protection, and foreign trade compliance. Anna Coenen has been admitted to the bar since 2014 and advises in the fields of White Collar & Criminal Compliance, Compliance and Internal Investigations, and Foreign Trade Law.

In-house at HOERBIGER, Group General Counsel Dr. Michael Stelzel, MSc, MA, CSE led the legal workstream. In addition, Michael Kullmann provided comprehensive in-house legal support for the transaction.

The sale includes Hoerbiger Kompressortechnik GmbH (HKS) in Schongau, Germany, parts of Hoerbiger Valves (Changzhou) Co. Ltd. in China, and the Indian reed valve business. The product segment specializes in the development and manufacture of performance-defining compressor components used in refrigeration compression and mobile brake air compression, among other applications. Nimbus is taking over all 300 employees in the reed valve product segment, around 270 of whom are based at the Schongau site in Germany.

HEUKING’s mandate also covered the legal structuring of the carve-out from HOERBIGER group and advice on numerous service and supply agreements with companies in Germany, Austria, Poland, India, and China.

HOERBIGER Deutschland Holding GmbH is part of HOERBIGER group, a global technology company focused on compressor technology, drive technology, and hydraulics, aiming to increase efficiency and safety in a wide range of industrial applications.

Nimbus is a European industrial holding company with more than 20 years of experience in developing mid-market industrial businesses. The firm pursues a long-term approach and combines capital with operational expertise to foster sustainable growth.

Counsel to Hoerbiger Deutschland Holding GmbH
HEUKING:
Prof. Dr. Georg Streit (Overall Lead, Carve-out),
Dr. Ulrich Jork (Co-Lead M&A), both Munich,
Dr. Marc Scheunemann (Co-Lead M&A), Düsseldorf/Frankfurt,
Dr. Katharina Prasuhn (all Corporate/M&A),
Dr. Reinhard Siegert, both Munich,
Dr. Markus Collisy (Environment), Frankfurt,
Markus Schmülling (Employment), Cologne,
Dominik Eickemeier (IP, Media & Technology), Cologne,
Tim Petermann (Commercial), Hamburg,
Dr. Tilman Spancken (Real Estate),
Christoph Hexel (Employment),
Michael Below (Environment),
Dr. Bodo Dehne (Foreign Investment Control), all Düsseldorf,
Dr. Ruth Jungkind (Antitrust), Munich,
Frank Hollstein (Commercial), Frankfurt,
Dr. Kai Uwe Büchler (Restructuring), Munich,
Dr. Timo Piller (Corporate/M&A),
Anna Schenke (Employment), both Düsseldorf,
Svea Kunz (IP, Media & Technology), Cologne
Dr. Karolina Badura (M&A), Munich

HOERBIGER in-house:
Dr. Michael Stelzel, MSc, MA, CSE, Executive Vice President, Group General Counsel & Chief Compliance Officer
Michael Kullmann, Head of Legal – Automotive Division

ver.di demands that Sophien- und Hufeland-Klinikum gGmbH (Weimar) enter into a collective bargaining agreement. To enforce this, ver.di had called on the hospital’s employees to participate in several warning strikes in 2024. These warning strikes had been temporarily prohibited by rulings of Erfurt Labor Court on October 9, 2024 and July 31, 2025, as well as by a decision of Thuringian Regional Labor Court on October 11, 2025 (cf. previous press releases).

Represented and legally advised by a team led by HEUKING Partner Dr. Utz Andelewski, Evangelische Kirche in Mitteldeutschland (KdöR) [Protestant Church in Central Germany, a corporation under public law], Diakonisches Werk Evangelischer Kirchen in Mitteldeutschland e.V. [Social Service Agency of the Protestant Church in Germany, a registered association], and Sophien- und Hufeland-Klinikum gGmbH successfully opposed ver.di’s continuing demand for a collective agreement and obtained a prohibition on industrial action. Erfurt Labor Court ultimately affirmed the Federal Labor Court’s case law that church institutions adhering to collective agreements are not subject to strike action. The court thus expressly reaffirmed the constitutionally protected autonomy of churches and their institutions, notwithstanding ver.di’s assertion that the balance between the right to strike and church autonomy is evolving.

Litigator on behalf of Evangelische Kirche in Mitteldeutschland (KdöR), Diakonisches Werk Evangelischer Kirchen in Mitteldeutschland e.V., and Sophien- und Hufeland-Klinikum gGmbH
HEUKING:
Dr. Utz Andelewski (Lead),
Ann-Kathrin Weber,
Dr. Christopher Wiencke (all Employment), all Berlin

see also:

https://www.heuking.de/en/news-events/latest-news/article/weimar-hospital-successful-with-heuking-once-more-verdi-forced-to-cancel-warning-strike-again.html

https://www.heuking.de/en/news-events/latest-news/article/verdi-prohibited-from-striking-at-weimar-hospital-heuking-obtains-temporary-injunction.html

Mildner, who had served as CFO since May 2023, sought advice from Dr. Andreas Walle, Partner in the employment law practice, and Jonas Trompeter, Senior Associate, both from HEUKING’s Hamburg office, regarding his departure.

Mildner’s ties to HEUKING span many years: from 2004 to 2007, he was himself an Equity Partner at the firm and already collaborated with Dr. Andreas Walle, who has been with the firm since 1998.

Counsel to Martin Mildner
HEUKING:
Dr. Andreas Walle (Lead),
Jonas Trompeter (both Employment), both Hamburg

Performtec GmbH, headquartered in Kirchheim unter Teck, has specialized in the development and production of professional wheel and rim washing systems since 2002. Its solutions serve car dealerships, wheel hotels, workshops, and vehicle fleets. The portfolio features patented technology and continuous innovation, including the BIG WHEEL and Modular series.

Counsel to Performtec GmbH
HEUKING:
Charlotte Schmitt, LL.M. (Lead),
Dr. Rainer Herschlein, LL.M. (Fordham University), (both Corporate / M&A), both Stuttgart,
Fabian G. Gaffron,
Simon Pommer, LL.M. (both Tax), both Hamburg

OSPHIM’s founding team – Louisa, Yannik, Mauritius and Jakob – brings more than 30 years of combined experience in plastics processing, software development, and business strategy. With deep sector expertise and a commitment to continuous innovation, they help customers increase efficiency and precision in manufacturing.

In total, OSPHIM was able to secure the support of nine investors in the early-stage financing round. With the capital increase, the new shareholders acquire corresponding shares in OSPHIM GmbH. A shareholders' agreement will be concluded between the shareholders after the capital increase has been implemented.

OSPHIM develops AI-based software solutions for the plastics processing industry. The app combines data visualization, anomaly detection, and intelligent process setup for informed decisions with minimal data usage—AI made in Germany. The plug-and-play system can be seamlessly integrated into existing production environments and enables efficient control. The company was founded in January 2024 by Dr. Louisa Desel, Yannik Lockner, Mauritius Schmitz, and Jakob Pesch.

HEUKING supported OSPHIM comprehensively on all legal aspects of structuring and implementing the financing round.

Counsel to OSPHIM GmbH
HEUKING:
Dr. Patrick Müller, LL.M. (Bristol), (Lead),
Laura Jochem, LL.M. (Norwich), (both Venture Capital), both Düsseldorf

The new notes (ISIN NO0013639112) carry a fixed annual coupon of 7.75%. Strong demand from institutional and retail investors underscores capital-market confidence in DEAG’s growth strategy.

Net proceeds will be used to refinance the 2023/2026 bond, advance both organic and inorganic growth initiatives, and reduce minority interests in subsidiaries. Placement was executed via an exchange offer, a public offering through Deutsche Börse’s DirectPlace subscription functionality, and a private placement.

DEAG is a leading European provider of live entertainment and ticketing. With more than 6,000 events each year and an international network across seven countries, DEAG covers a broad spectrum from music to family and spoken-word events.

HEUKING advised DEAG comprehensively on all capital markets law and corporate law aspects of the transaction. The engagement was led by Partner Dr. Thorsten Kuthe, who has repeatedly advised on Nordic bond issuances by German issuers.

Counsel to DEAG Deutsche Entertainment AG
HEUKING:
Dr. Thorsten Kuthe (Lead),
Miriam Schäfer (Co-Lead),
Christopher Görtz,
Alexander Hübner, LL.M., (all Capital Markets), all Cologne

The DefenseTech Incubator.NRW supports founders whose innovations strengthen national and European security architectures. Its focus ranges from dual-use technologies and AI-based systems to NewSpace, sensor, and communication solutions.

As exclusive Legal Partner, HEUKING advises participating companies on all relevant legal matters — particularly venture capital, public procurement law, export control, IT and data protection law, and regulatory compliance.

“Through this cooperation, we are building a bridge between technological innovation, venture capital, and the complex regulatory reality of the defense sector,” says Dr. Thomas Jansen, Partner at HEUKING in the field Aerospace & Defense. “In the defense and security domain, we are currently seeing the emergence of new markets and partnerships that combine technological progress, economic momentum, and security policy responsibility.”

“The current developments in the aerospace and defense sectors are opening up unprecedented opportunities for start-ups and investors alike – from disruptive technologies to new forms of civil-military collaboration,” adds Dr. Patrick Müller, Partner at HEUKING in the field of Venture Capital. “HEUKING is exceptionally well positioned to provide legal and strategic guidance to founders and investors as they seize these opportunities.”

HEUKING’s Aerospace & Defense practice is among the leading in Germany. The interdisciplinary team advises national and international companies, research institutions, investors, and public sector clients in all phases of complex technology, procurement, and development projects.

The firm’s Venture Capital practice supports founders and investors in financing rounds, investment structures, ESOP/VSOP programs, and transactions in technology-driven sectors. Combined with one of Germany’s top public procurement law practices, HEUKING offers unique legal expertise across the entire innovation and procurement cycle – from seed financing to public contracting.

“With HEUKING, we have a partner who understands the legal, financial, and strategic challenges in the DefenseTech and aerospace sectors, and who supports our founders with foresight,” says Dr. Klemens Gaida, Managing Director of DefenseTech Incubator.NRW. “The combination of venture capital expertise, procurement know-how, and deep industry understanding is a decisive success factor for defense start-ups.”

The partnership between HEUKING and DefenseTech Incubator.NRW underscores their shared goal of strengthening the innovation ecosystem for defense and security technologies in North Rhine-Westphalia and beyond. HEUKING advises companies, public institutions such as universities, ministries and research institutions, as well as investors on all matters relating to commercial law.

VIA Outlets operates factory outlet centers in nine European countries where manufacturers sell directly to consumers, focusing on premium designer and branded products offered at attractive prices. The centers attract visitors from well beyond the immediate region and typically draw from a catchment area of up to a 90-minute drive.

Legal support for the development plan procedure and the related urban development agreements is being led by HEUKING Partner Dr. Wolfram Sandner, a pioneer in the FOC sector. As early as the late 1990s, he advised an international operator on establishing factory outlet centers in Germany. Over the decades, he has also built extensive experience advising other large-format retailers such as furniture stores and retail parks, including successful representation before administrative courts, giving him deep planning-law expertise in this industry.

Counsel to VIA Outlets
HEUKING:
Dr. Wolfram Sandner (Lead), Stuttgart,
Dr. Cem Karaosmanoğlu (both Real Estate & Construction), Berlin

reverse.fashion was founded by Mario Osterwalder, Dr. Karsten Pufahl and Paul Doertenbach. The start-up's goal is to use artificial intelligence, RFID technology and automated image recognition to efficiently identify and classify used clothing and prepare it for recycling.

The start-up was provided with legal support by the HEUKING-Team around by Dr. Patrick Müller, LL.M. (Partner VC); Dr. Ruben Hofmann (Partner IP), Laura Jochem (Associate VC) and Lena Kurth (Associate IP). HEUKING regularly advises start-ups and VC investors in various VC financing rounds.

HEUKING looks forward to continuing to work with and support the company on its growth path.

Counsel to reverse.fashion GmbH
HEUKING:
Dr. Patrick Müller, LL.M. (University of the West of England, Bristol), (Lead, VC), Düsseldorf,
Dr. Ruben Hofmann (IP), Cologne,
Laura Jochem, LL.M. (University of East Anglia, Norwich), (VC), Düsseldorf,
Lena Kurth, LL.M. (Stellenbosch University), (IP), Cologne

Evolit Consulting GmbH is an Austrian IT company focused on customized software solutions for mobility and infrastructure. Founded in Vienna in 2011, Evolit provides end-to-end services from consulting to operations, employs more than 180 people, and has successfully delivered numerous projects.

VR Equitypartner is one of the leading equity financiers in Germany, Austria, and Switzerland. The firm supports mid-sized, often family-owned businesses with decades of experience in solving complex financing challenges and offers majority and minority investments as well as mezzanine financing. Its portfolio currently comprises some 40 investments with a total volume of about EUR 400 million.

FLEX Capital is a private equity investor specializing in mid-sized software companies in the Germany/Austria/Switzerland region.

The team led by Dr. Rainer Herschlein and Benedikt Raisch regularly advises VR Equitypartner GmbH on transactions and related matters.

Counsel to VR Equitypartner
HEUKING:
Dr. Rainer Herschlein, LL.M. (Fordham University),
Benedikt Raisch (both Lead, both Corporate/M&A), both Stuttgart,
Fabian G. Gaffron,
Simon Pommer, LL.M. (both Tax),
Beliardis Ehlert-Gasde (Finance), all Hamburg,
Dr. Emanuel Teichmann, Stuttgart,
Bastian Rieck, Cologne,
Ramona Bauer-Schöllkopf, LL.M (Queen Mary University of London), Stuttgart,
Larissa Krebs (all Corporate/M&A), Hamburg

With this acquisition, cleverly is expanding its range of services: in addition to individual 1:1 mentoring and tutoring, the company will now also offer playful live group courses that teach children programming, financial literacy, creativity, and critical thinking.

The acquisition was preceded by two capital increases through the issuance of new shares at a nominal value of one euro each. The share capital was increased to EUR 82,794 in total. Investors include Cologne-based Capnamic Ventures Fund III GmbH & Co. KG, which will be the largest shareholder.

cleverly was legally advised by a team led by Düsseldorf-based HEUKING Partner Dr. Patrick Müller, LL.M. (VC). HEUKING regularly advises start-ups and VC investors in various VC financing rounds and acquisitions.

Counsel to cleverly edu GmbH
HEUKING:
Dr. Patrick Müller, LL.M. (University of the West of England, Bristol), (Lead), Düsseldorf,
Mark Rossbroich, LL.M. (King’s College London), Cologne,
Ilona Schütz,
Laura Jochem, LL.M. (University of East Anglia, Norwich), (all M&A / Venture Capital), both Düsseldorf

Founded in 1994 as part of the Phoenix Contact group and headquartered in Blomberg (North Rhine-Westphalia), PHOENIX TESTLAB GmbH is a leading testing and certification body specializing in electromagnetic compatibility (EMC), radio, environmental, battery and product safety testing. With around 165 employees, revenues exceeding EUR 25 million, and a subsidiary in Taiwan, PHOENIX TESTLAB ranks among the most renowned corporate-independent providers of testing and approval services for global automotive OEMs, electronics companies, and other technology-driven industries.

NMi Group is a global provider of testing and certification services. Backed by British private equity investor Bridgepoint, NMi pursues a strategy of expanding its offerings through strategic acquisitions and innovation. PHOENIX TESTLAB is set to become NMi’s key hub in the DACH region.

Counsel to Seller
HEUKING:
Mark Rossbroich, LL.M. (King’s College London), (Lead, M&A / Private Equity), Cologne,
Simon Pommer, LL.M.,
Fabian Gaffron (both Tax),
Dr. Frederik Wiemer (Antitrust / FDI), all Hamburg,
Mathis Dick, LL.M. (Real Estate),
Christoph Hexel (Employment), both Düsseldorf,
Dr. Alexander Jüngst (M&A / Private Equity),
Dr. Lutz Keppeler (IT / Data Protection),
Jutta Schumann (IT / Data Protection), all Cologne,
Christian Staps (Banking / Finance), Frankfurt

Headquartered in Radom, Trend Group is a Polish manufacturer of household, decorative, and hospitality glassware. Established in 1989, the company has grown from a family business into an international supplier with substantial manufacturing capacity. Trend Glass combines traditional glassmaking with modern technology and offers a broad range of products, including vases, candleholders, and bespoke glass projects. Its customers include global retailers such as IKEA.

GALA Group, headquartered in Ansbach, is one of Europe’s leading manufacturers of candles, home fragrances, and home accessories, employing some 4,000 people worldwide. Founded in 1972 and majority-owned by Equistone since 2016, GALA operates multiple international production sites and supplies retailers, drugstores, and online platforms with both private-label and branded products.

Equistone Partners Europe is a European private equity firm based in London with additional offices in Germany, France, the Netherlands, and Switzerland. Formed in 2011 through a management buyout from Barclays Private Equity, Equistone focuses on majority stakes in mid-market companies with enterprise values between EUR 50 million and EUR 500 million, supporting portfolio companies in their growth and strategic development. Since 2002, it has invested more than EUR 10 billion in over 180 transactions.

Counsel to Trend Group
HEUKING:
Dr. Hermann Ali Hinderer, LL.M. (University of San Diego),
Benedikt Raisch (both Lead, both Corporate / M&A),
Dr. Frank Baßler (Real Estate & Construction), all Stuttgart,
Fabian G. Gaffron (Tax), Hamburg,
Dr. Stefan Jöster, LL.M. (Insurance / Reinsurance), Cologne,
David Loszynski, (Restructuring & Insolvency),
Sandra Pfister, LL.M. (University of Sydney), (Banking & Finance), both Hamburg,
Dr. Sascha Schewiola (Employment), Cologne,
Dr. Frederik Wiemer (Antitrust),Simon Pommer, LL.M. (Tax), both Hamburg,
Charlotte Schmitt, LL.M. (Corporate / M&A),
Ramona Bauer-Schöllkopf, LL.M. (Queen Mary University of London), (Corporate / M&A), both Stuttgart,
Beliardis Ehlert-Gasde (Banking & Finance),
Oliver Kammerer (Tax), both Hamburg,
Dr. Ramona Segler, LL.M. (Employment), Cologne

Polish counsel to Trend Group (Lead)
Wolf Theiss:
Bartosz Kuras,
Dominika Getka

Germany is one of Europe’s most attractive markets for companies and investors from Spain and Latin America. At the same time, these regions are gaining importance as target markets for German businesses. Cultural, linguistic, and regulatory differences call for tailored, culturally aware counsel to execute projects successfully.

The Spain & LatAm Desk provides comprehensive legal support in German and Spanish. Core areas include Corporate/M&A, Commercial and Distribution, Real Estate, Litigation, Tax, Finance, Employment, Energy, and IP/IT.

Spain has posted above-average growth within the EU in recent years, particularly in the tourism, digitalization, renewable energy, real estate, healthcare, and chemicals sectors. This creates a wide range of opportunities for German companies to pursue strategic partnerships and investments. On the other hand, structural challenges in the German economy, such as the shortage of skilled labor, also create attractive entry points for Spanish companies.

Latin America offers strong fundamentals, including a young population, expanding middle classes, and high demand for infrastructure, digitalization, and sustainable technologies. Mexico, Brazil, Chile, Colombia, and Peru are regarded as especially investor-friendly, and Argentina is currently experiencing an economic upswing. There is growing demand for legal support with joint ventures, M&A, and market entry.

With many years of experience, a strong international network, and a practical, business-oriented approach, the Spain & LatAm Desk helps clients navigate legal complexity and capitalize on new opportunities for sustainable success on both sides of the Atlantic.

Additional information is available on the Spain & LatAm Desk page.

Contact:
Sebastian Pollmeier, Munich,
Dr. Tania von Schwanebach, Stuttgart

The capital increase was managed by ICF BANK AG Wertpapierhandelsbank as sole global coordinator, with ICF BANK AG and M.M.Warburg & CO (AG & Co.) KGaA acting as joint bookrunners. ICF BANK AG also acted as indirect subscription agent, coordinating the technical execution. The subscription period ran from September 1 to 17, 2025, followed by the rump placement on September 18, 2025.

ICF BANK AG Wertpapierhandelsbank is one of Germany’s leading securities trading banks. It serves institutional and professional clients with services in connection with capital markets transactions, trading, and settlement. It specializes in the execution of complex capital measures.

UmweltBank Aktiengesellschaft combines finance with ecological and social responsibility since its foundation, financing projects in renewable energy, green construction, and social infrastructure. The capital increase supports the bank’s plan to expand its lending activities, particularly to finance sustainable projects.

Counsel to ICF BANK AG Wertpapierhandelsbank
HEUKING:
Dr. Mirko Sickinger, LL.M. (Columbia University), Cologne and Frankfurt,
Dr. Andreas Meyer, Frankfurt,
Franziska Marisa Decker, M.A. (all Capital Markets), Cologne

Established in Canada in 1984, Nitrex provides integrated solutions for industrial heat treatment worldwide. The NTS division designs and supplies turnkey systems for nitriding, nitrocarburizing, and vacuum heat treatment, while UPC specializes in automation, control technology, and process control for heat treatment and combustion processes.

Aichelin group, based in Mödling near Vienna, is part of Berndorf AG and is a leading global provider of industrial heat-treatment solutions. The company develops and manufactures industrial furnaces, heating systems, and automation and digitalization solutions for industries such as automotive, roller bearings, and precision parts. Aichelin employs around 1,100 people and operates subsidiaries in Europe, Asia, and North America.

Counsel to Aichelin group
HEUKING:
Benedikt Raisch,
Dr. Emanuel Teichmann (both Lead, both Corporate/M&A),
Antje Münch, LL.M. (IP/IT),
Carina Bart (Employment), all Stuttgart,
Dr. Ruth Jungkind (Commercial),
Michael Auer (Real Estate), both Munich,
Anna Coenen (Compliance), Düsseldorf

Additional counsel:
Dr. Bernd Grama,
Dr. Georg Zacherl,
Felix Webhofer, all GSV - Grama Schwaighofer Vondrak Rechtsanwälte (lead counsel for the entire transaction)

Founded in Q2 2025 and headquartered in Duisburg, Factor2 Energy develops and manages intellectual property rights in the field of CO₂-based geothermal energy. The company licenses these rights to project developers and also carries out its own power plant development projects.

The financing round was led by At One Ventures, with participation from Siemens Energy Ventures, Gründerfonds Ruhr, High-Tech Gründerfonds (HTGF), and Verve Ventures.

Factor2 Energy is pursuing a novel approach to the use of geothermal energy: instead of relying on water as has been the case to date, the company uses carbon dioxide (CO₂) as a heat transfer medium. This should make geothermal energy possible even in places where there are no volcanoes or hot springs – a decisive step for the energy transition in Germany. According to a recent report in Handelsblatt, Factor2 Energy's technology could even double the electricity yield compared to conventional methods and is particularly attractive for traditional oil and gas companies.

The start-up was legally supported by the HEUKING Venture Capital Team around Dr. Patrick Müller, LL.M. (HEUKING Partner VC Düsseldorf). HEUKING regularly advises start-ups and VC investors in various financing rounds.

HEUKING looks forward to continuing its collaboration and supporting the company on its growth path.

Counsel to Factor2 Energy GmbH
HEUKING:
Dr. Patrick Müller, LL.M. (Bristol), (Lead),
Laura Jochem, LL.M. (Norwich), (both Venture Capital), both Düsseldorf,
Dr. Henrik Lay (Tax), Hamburg,
Dr. Ruben A. Hofmann,
Dr. Peter J. Fries (both IP), both Cologne
Beatrice Stange, LL.M. (London), (Antitrust), Düsseldorf
Mark Rossbroich, LL.M. (London), (Venture Capital), Cologne

GIATA is a leading travel technology provider specializing in the normalization, management, and distribution of travel offers and hotel content. With a modular product suite, GIATA delivers tailored end-to-end solutions that ensure high-precision mapping of hotel information, leveraging advanced AI, digital fingerprints, and rigorous human quality assurance. Clients include major online travel agencies, tour operators, hotel groups, and global search engines in more than 70 countries, and GIATA’s technology materially streamlines distribution and sales processes across the sector.

SMARTSEER offers an AI-powered solution for automated generation of booking offers tailored to the travel sector. Its tool analyzes user behavior – especially click patterns – in real time on an anonymized basis, enabling personalized offer creation for bookers. SMARTSEER’s customers include well-known providers in the travel agency services space.

Counsel to GIATA
HEUKING:
Dr. Pär Johansson (Lead, Corporate/M&A),
Dr. Verena Hoene, LL.M. (University of Washington), (IP, Media & Technology),
Dr. Sascha Schewiola (Employment),
Svea Kunz (IP, Media & Technology),
Julien Krause,
Chiara Diekmann (both Corporate/M&A),
Lena Kurth, LL.M. (Stellenbosch University), (IP, Media & Technology), all Cologne

High Office IT GmbH specializes in digital recruiting and acts as an outsourced recruiting department for employers. The company designs tailored recruiting campaigns, produces employer-branding videos and recruiting films, and uses innovative application processes. It is one of the leading and fastest growing providers of social recruiting services in Germany, Austria, and Switzerland, with a particular focus on blue-collar hiring.

Odewald KMU manages EUR 350 million in fund commitments and focuses on investments in mid-sized companies in German-speaking Europe. Through the investment in High Office IT GmbH, funds advised by Odewald KMU are tapping into a dynamically growing market shaped by skilled-labor shortages, digital transformation, and the preferences particularly of younger employees.

Counsel to Odewald KMU
HEUKING:
Dr. Pär Johansson (Lead, Corporate/M&A),
Dr. Verena Hoene, LL.M. (University of Washington), (IP, Media & Technology),
Dr. Sascha Schewiola (Employment),
Svea Kunz (IP, Media & Technology),
Julien Krause,
Chiara Diekmann (both Corporate/M&A),
Lena Kurth, LL.M. (Stellenbosch University), (IP, Media & Technology), all Cologne

With the divestment, Vectron deliberately exits a non-core segment to concentrate on developing and marketing digital POS systems and industry-specific software. Dortmund-based acardo group AG is a leading provider of couponing and loyalty marketing and will enhance Verve Group’s portfolio as a technology-forward partner for consumer activation.

The agreed purchase price is EUR 24.5 million plus cash on hand and other price adjustments. The agreement features a coordinated structure accounting for multiple price-related adjustments and obligations, including earn-out payments to former shareholders, seller loans, and an intercompany loan between acardo and Vectron.

HEUKING’s scope included comprehensive legal advice on the transaction, led by Dr. Alexander Jüngst. Under the leadership of Dr. Thorsten Kuthe, HEUKING advises Vectron on an ongoing basis and previously advised on the majority takeover by Shift4 and on the execution of a control and profit transfer agreement with Shift4 group.

The sale of acardo group AG signals a clear streamlining of Vectron’s corporate structure and strategic focus within Shift4 group. The mandate underscores HEUKING’s long-standing client relationship and the firm’s expertise in complex M&A and capital markets transactions.

Counsel to Vectron Systems AG
HEUKING:
Dr. Alexander Jüngst (Lead), (Corporate / M&A),
Dr. Thorsten Kuthe (Stock Corporation Law and Capital Markets), both Cologne,
Dr. Katharina Prasuhn (Corporate / M&A), Munich,
Mark Rossbroich, LL.M. (Corporate / M&A), Cologne,
Dr. Henrik Lay (Tax), Hamburg,
Peter Michael Schäffler (Tax), Munich,
Meike Dresler-Lenz,
Meike Daniels (both Stock Corporation Law), both Cologne

Founded over 130 years ago, Rücker operates sites in Aurich and Wismar and is one of northern Germany’s leading private dairies. In fiscal 2024, the company generated about EUR 500 million in revenue and employed some 615 people.

MEGGLE Holding SE, another Long-established family-owned company, will acquire the Rücker companies. The transaction supports MEGGLE’s long-term growth strategy and further strengthens its cheese segment, building on the 2021 establishment of MEGGLE Cheese GmbH.

With MEGGLE as a long-term partner that shares Rücker’s corporate values, the deal is intended to secure the future of the company, its locations, and its workforce while enabling continued investment in innovation and quality.

The transaction remains subject to approval by the competent antitrust authorities.

Counsel to Rücker GmbH
HEUKING:
Dr. Rainer Herschlein, LL.M. (Fordham University),
Dr. Emanuel Teichmann (both Lead, both Corporate / M&A, Private Equity), both Stuttgart,
Fabian G. Gaffron (Tax), Hamburg,
Dr. Frederik Wiemer (Antitrust), Hamburg,
Christoph Hexel (Employment), Düsseldorf,
Dr. Christian Strasser (Litigation & Arbitration), Munich,
Benedikt Raisch (Corporate / M&A), Stuttgart
Michael Kreisler, LL.M. (Investment Control), Berlin,
Carina Bart (Employment), Stuttgart,
Bettina Neheider (Public Law), Munich

PLANOPTIK AG supplies wafers made of glass, glass-silicon composites, and quartz for microstructured components in microsystems technology.

With admission to trading on the Regulated Market, PLANOPTIK AG expects to increase its visibility, improve access to institutional investors and asset managers, and broaden its shareholder base. By uplisting from the Open Market, the company is also committing to higher standards of transparency and shareholder protection.

HEUKING’s work included comprehensive advising on the drafting of the securities prospectus and obtaining its approval from the German Federal Financial Supervisory Authority (BaFin), as well as on all relevant compliance matters related to the segment change.

Counsel to PLANOPTIK AG
HEUKING:
Dr. Anne de Boer, LL.M. (RSA), (Lead),
Benjamin Birzele (both Capital Markets), both Stuttgart

ARintelligence GmbH, based in Munich, provides a comprehensive IT platform for the automotive retail sector.

S4 Computer GmbH is a wholly owned subsidiary of OneDealer International GmbH, which offers modular, cloud-based software solutions for digital transformation in automotive retail. OneDealer International GmbH supports OEMs, importers, and dealers in optimizing their sales, marketing, and after-sales processes.

Counsel to S4 Computer GmbH
HEUKING:
Dr. Mathias Schröder (Lead),
Fabian Becker, LL.M.,
Peter M. Schäffler,
Marilena Schöck (all Corporate / M&A), all Munich

With the listing, FINEXITY AG expands its visibility in the capital markets and underscores its position as a leading trading and settlement platform for tokenized private-market investments. The IPO route was implemented through a combination of several pre-IPO capital increases followed by a subsequent listing.

FINEXITY AG operates in the digital assets space with offices in Germany, Switzerland, Liechtenstein, and the United Arab Emirates. Through its proprietary OTC platform infrastructure, the company connects over 50 issuers of tokenized private-market investments with six trading partners and more than 84,000 registered investors. The network includes Effecta GmbH, which FINEXITY is currently acquiring. The platform enables investments in alternative asset classes such as private equity, private credit, real estate, infrastructure, renewable energy, and collectibles.

A HEUKING team led by Dr. Thorsten Kuthe legally advised FINEXITY AG on its listing and acquisition of a stake in Effecta GmbH. The team regularly supports FINEXITY with regulatory and capital-markets structuring and documentation of tokenized issuances.

By advising FINEXITY AG, HEUKING is once again involved in an alternative path to the public markets in a year with few traditional IPOs. In recent months, the team has advised on the listing of TIN INN GmbH in the Scale segment, as well as on several reverse IPOs, acquisitions of shell companies, and spin-offs of listed companies.

Counsel to FINEXITY AG
HEUKING:
Dr. Thorsten Kuthe (Lead),
Meike Dresler-Lenz,
Meike Daniels (all Corporate / Capital Markets), all Cologne

Buben & Mädchen GmbH is a leading German provider of B2B incentive programs, customer loyalty, and employee engagement solutions. The company designs tailored loyalty concepts for corporate clients. Following the acquisition, it will continue to operate under its own brand and contribute its platform technology and market expertise to Awardit group.

Awardit AB, headquartered in Stockholm, is one of Europe’s leading providers of loyalty programs, incentive solutions, and gift card services. It supports companies across industries in strengthening customer loyalty and employee motivation. Through strategic acquisitions such as Buben & Mädchen, Awardit is pursuing a Europe-wide expansion strategy with a particular focus on Germany, Austria, and Switzerland.

Counsel to Buben & Mädchen GmbH
HEUKING:
Dr. Philipp Jansen (Lead / Private Equity, Corporate/M&A), Cologne,
Fabian Gaffron (Tax), Hamburg,
Dr. Frederik Wiemer (Antitrust), Hamburg,
Dr. Lutz Martin Keppeler (IP/Data Protection), Cologne,
Kerstin Deiters, LL.M., EMBA (Employment), Cologne,
Manuel Poncza (IP, Media and Technology), Cologne,
Fabian Becker, LL.M. (University of Westminster) (Corporate/M&A), Munich,
Dr. Fabian Bürk, LL.M. (University of Auckland, New Zealand) (Insolvency), Munich,
Simon Pommer, LL.M. (Tax), Hamburg,
Maike Bamler (Private Equity, Corporate/M&A), Cologne,
Oliver Kammerer (Tax), Hamburg

With this merger, FINEXITY is further expanding its infrastructure and taking a decisive strategic step toward a future stock exchange listing. Effecta GmbH will continue to operate as an independent brand, serving its contractually bound brokers. Founder Tobias Hirsch will remain General Manager and will play a key role in the continued development of FINEXITY group.

The acquisition of Effecta marks a significant milestone for FINEXITY and further strengthens its position ahead of the planned IPO. By combining their strengths, the two companies are creating an infrastructure that provides brokers and investors with an unparalleled range of tokenized private market investments in Germany, while also enabling substantial scaling effects through the integration of their distribution networks.

Featuring more than 250 listed tokenized securities and over 14,000 investors, FINEXITY is already among the leading platforms for digital investments. The addition of Effecta brings another 70,000 investors, sending a strong signal of continued growth.

A HEUKING team led by Dr. Thorsten Kuthe advises FINEXITY AG and its subsidiaries comprehensively on an ongoing basis, particularly with regard to the planned IPO and the issuance of tokenized products.

Counsel to FINEXITY AG
HEUKING:
Dr. Thorsten Kuthe,
Kristina Schneider, LL.M. (both Lead, both Corporate / M&A), both Cologne,
Dr. Christoph Gringel (Investment Funds), Frankfurt,
Meike Dresler-Lenz,
Meike Daniels (both Corporate / M&A), both Cologne

The round was led by Neoteq Ventures, an experienced early-stage investor focusing on technology-driven start-ups. In addition to NRW.BANK, Aquarius Invest GmbH, Meerkat Holding GmbH, Campus Capital, and several strategic business angels also participated. They not only contribute capital, but also valuable industry experience and networks.

Detechgene was founded in 2022 by Dr. Reza Esmaillie and Dr. Robin Bayer. The company develops mobile rapid molecular biology tests that combine the precision of classic PCR methods with the user-friendliness of rapid antigen tests. With its PCR to Go system and DetechStamp and DetechChip products, Detechgene offers solutions that enable fast and accurate diagnostics directly at the point of care – independently of centralized laboratories.

“We are very grateful to our investors for their confidence in our team and our technology. Together, we are shaping the future of diagnostics – faster, more decentralised and more user-friendly than ever before”, says Dr. Reza Esmaillie, Managing Director of Detechgene.

The start-up was legally supported by HEUKING around Michael Kuska, LL.M., LL.M. (IP, Media & Technology / Düsseldorf), Dr. Patrick Müller (M&A/VC / Düsseldorf) and Sebastian Pollmeier (M&A/VC / Munich). HEUKING regularly advises start-ups and VC investors in various financing rounds.

Counsel to Detechgene GmbH
HEUKING:
Michael Kuska, LL.M., LL.M. (Lead, IP, Media & Technology),
Dr. Patrick Müller, LL.M. (University of the West of England, Bristol), both Düsseldorf,
Sebastian Pollmeier (both Venture Capital), Munich

Heller joins the firm from Reed Smith LLP, where he served as a Partner for more than a decade. Prior to that, he was Counsel at Orrick, Herrington & Sutcliffe LLP, following earlier roles at Latham & Watkins and Simmons & Simmons.

Harald Heller focuses on real estate transactions and project developments. He regularly advises national and international clients on the acquisition and sale of individual properties and real estate portfolios, on project development, and on asset management matters. He also brings in-depth experience in insolvency-related commercial tenancy law. In addition, he has significant expertise in energy law, particularly with regard to electricity supply and usage contracts and renewable energy matters.

“With Harald Heller, we are gaining a highly experienced real estate lawyer, further strengthening our real estate transaction capabilities. His broad skill set, particularly in energy law, is a strong addition to both our Frankfurt office and the Real Estate & Construction practice group,” said Thorsten Wieland, Partner at HEUKING’s Frankfurt office. “We are very much looking forward to working together.”

With Heller joining the firm, the Frankfurt office now comprises 39 lawyers.

HEUKING is rising to meet this challenge. With the launch of our dedicated Aerospace & Defense webpage, we are expanding our legal advisory services to deliver tailored, forward-thinking solutions for one of the most demanding and innovative industries of our time.

Our new platform is designed for established companies, investors, financiers, start-ups, and governmental or international institutions seeking a trusted legal partner. It showcases HEUKING’s extensive experience and proven track record in supporting transformative Aerospace & Defense initiatives.

From strategic planning and legal structuring to implementation and long-term risk mitigation, our team guides clients through every phase of their projects. We advise national and international defense contractors, OEMs, suppliers, government bodies, and public institutions - helping them navigate challenges and seize opportunities in a competitive global environment.

Our legal services include:

• Development and cooperation agreements
• Distribution and procurement contracts
• Public procurement law
• Public funding and R&D incentives
• Export control and sanctions compliance
• Intellectual property and know-how protection
• Litigation and arbitration
• Tax structuring and regulatory compliance
• M&A and corporate structuring

Further information on the Aerospace & Defense sector and HEUKING’s various advisory focus areas can be found on the new topic page.

In total, 15 million new shares were issued. Of these, 13,987,718 shares were allocated to the shareholders of Seebeck Werftquartier GmbH by way of a contribution in kind. In return, they contributed their shares in the project developer to Elbstein AG. As a result, Elbstein has acquired an 89.9 percent interest in the company driving the Bremerhaven urban development project “Seebeck Werftquartier.”

In addition, just over one million shares were successfully placed for cash as part of a subscription offer. Shareholders were entitled to subscribe to new shares at a ratio of 2:1 at an issue price of EUR 1.85 per share. With the subscription period running from July 15 to July 28, 2025, all 1,012,282 shares were fully subscribed.

By way of this transaction, Elbstein AG has secured a strategic interest in the Seebeck Werftquartier project in Bremerhaven, which is expected to be developed over the coming years.

Counsel to Elbstein AG
HEUKING:
Dr. Thorsten Kuthe (Lead),
Miriam Schäfer,
Tatiana Vorotnitskaya, k.i.n. (Belarusian State University),
Stefan Westerheide, LL.M. oec. (all Corporate / Capital Markets), all Cologne,
Hansa Partner Hamburg, Dr. Gottfried Fröhlich (Tax)

Roatel, known for its smart microhotels made from specially converted sea containers, has been operating a steadily expanding network of fully digitized overnight accommodation solutions along high-traffic transport routes since 2019. With the current share placement on the crowd-investing platform CONDA Capital Market, Roatel is entering the public phase of its capital measure, opening participation to both private and institutional investors.

HEUKING Partner Dr. Thorsten Kuthe and Salaried Partner Markus Joachimsthaler advised Roatel on the design and implementation of the electronic share structure and on the legal structuring of its capital increase. Their advice covered, in particular, the introduction of the electronic share under corporate law, the structuring of the public offering via OneCrowd, and the subsequent capital measures, including the current placement on CONDA Capital.

In an earlier capital measure, also supported by a HEUKING team led by Thorsten Kuthe and Meike Dresler-Lenz, Roatel had attracted more than 700 investors, including about 400 new shareholders and 300 bond investors. Two existing shareholders contributed an additional EUR 3.5 million, while Roatel employees invested EUR 90,000. The company aims to raise a total of EUR 5 million to drive further expansion of its microhotel network across Germany, Austria and Switzerland.

Counsel to Roatel Holding AG
HEUKING:
Dr. Thorsten Kuthe (Lead), (Capital Markets), Cologne,
Markus Joachimsthaler, LL.M. (Capital Markets), Munich,
Meike Dresler-Lenz (Capital Markets), Cologne

In connection with the transaction, HEUKING also advised on the implementation of a management participation program for AURENA. DRS Investment is acting as the fund’s initiator.

DRS Investment SE is a German private investment firm specializing in tech-enabled services. It focuses on scalable service platforms that drive operational excellence and sustainable value creation through the use of technology. Since its founding in 2017, DRS has actively supported its portfolio companies in their long-term growth and strategic development.

Founded in 2012, AURENA has become Austria’s market leader in digital auctions. Its fully digitalized, end-to-end auction process and proprietary high-performance platform enable the sale of large volumes of goods in minimal time. To date, the company has conducted more than 12,700 auctions, with over 180 employees managing projects in Austria and neighboring European countries.

The partnership aims to accelerate geographic expansion, with a particular focus on Germany. “With the acquisition of AURENA, we are adding a technologically advanced auction service provider to our DRS portfolio. Our goal is to establish AURENA as the leading platform for asset liquidation across Europe,” said Andreas Spiegel, founder and General Manager of DRS Investment SE.

HEUKING, led by Dr. Christoph Gringel and Ulrich Weidemann, advised DRS Investment SE and DRS KVG GmbH on the structuring of special AIF Skywards GmbH & Co. KG and on the acquisition and structuring of the majority stake in AURENA.

In addition to HEUKING, DRS Investment SE was advised by PwC (Stefanie Tielemann) and, in Austria, by Dorda Rechtsanwälte GmbH (Christian Ritschka). The sellers of AURENA were represented by Brandl Talos (Roman Rericha) and Ego Humrich Wyen (Jan-Henning Wyen, Achim Spengler).

Counsel to DRS Investment SE
HEUKING:
Dr. Christoph Gringel (Lead), (Investment Funds),
Ulrich Weidemann (Lead), (Private Equity / Corporate),
Klaus Weinand-Härer (Tax / Private Equity),
Frank Hollstein (Corporate / M&A),
Thalia Roth (Investment Funds), all Frankfurt

The ranking was compiled by Handelsblatt Research Institute (HRI), which surveyed more than 2,300 lawyers across 180 law firms for their most respected peers in public procurement law, environmental and construction planning law, and energy law. Based on the responses, a panel of experts selected 49 law firms and 63 lawyers in public procurement law, and 24 law firms and 31 lawyers in energy law for inclusion in the final list.

HEUKING’s “Public Sector & Public Procurement” department has been a recognized market leader in public procurement law for many years. Its lawyers consistently hold top spots in German and international lawyer rankings. Since 1991, they have been advising on awards, restructuring, large-scale projects, and cooperations in the public sector. They have advised on several hundred large-scale projects for federal, state, and local authorities and their subsidiaries with a total volume in excess of EUR 40 billion, without any procedure having been successfully challenged to date.

HEUKING’s Energy practice group offers full-service legal advice across the entire energy sector. The team advises on regulatory frameworks such as grid access and energy trading, as well as on emerging topics including climate neutrality, renewable energy, and supply security. Clients include energy providers, grid operators, investors, startups, and companies from energy-intensive industries, real estate, and transport. The team supports clients in day-to-day legal matters as well as complex projects, transactions, and disputes with regulators or business partners.

FullyAI will serve as the central intelligence layer within the Circus system, enabling advanced operational control, predictive maintenance, and personalized user experiences. The acquisition reinforces Circus SE’s position as a leading innovator in the field of autonomous food technologies.

A HEUKING team led by Cologne-based Partner Dr. Thorsten Kuthe and Miriam Schäfer legally advised Circus SE on structuring the transaction under stock corporation law, working in close coordination with law firm YPOG. The transaction included the issuance of 400,000 new shares, subject to a 36-month lock-up period.

Counsel to Circus SE
HEUKING:
Dr. Thorsten Kuthe (Lead),
Miriam Schäfer (Co-Lead),
Meike Daniels (all Corporate / M&A), all Cologne

With the acquisition of majority control, Apeiron aims to further develop the strategic direction of Heidelberger Beteiligungsholding AG and unlock synergies within the investment portfolio. In addition to Apeiron Investment Group Ltd., its founder and owner Christian Angermayer is also regarded as an indirect acquirer of control, as the voting rights from the Apeiron-held shares are attributed to him. Following the takeover, Heidelberger Beteiligungsholding AG announced a new strategic focus on acquiring SQD tokens and plans to rebrand as SQD.AI Strategies AG.

Legal advice to Apeiron Investment Group was provided by a team led by Cologne-based HEUKING Partner Dr. Thorsten Kuthe, supported by Dr. Götz G. Karrer, Dr. Andreas Meyer, and Miriam Schäfer.

Apeiron Investment Group is an internationally operating investment firm focused on supporting innovative companies, with anchor investments as a limited partner and selective minority positions as a general partner in emerging asset managers.

Counsel to Apeiron Investment Group
HEUKING:
Dr. Thorsten Kuthe (Lead), (Capital Markets / Public M&A), Cologne,
Dr. Götz G. Karrer (Capital Markets / Public M&A), Düsseldorf,
Dr. Andreas Meyer (Capital Markets / Public M&A), Frankfurt,
Miriam Schäfer (Capital Markets / Public M&A), Cologne

For the past 19 years, the India Business Law Journal has published its annual Intelligence Report, which highlights top-performing law firms that have successfully advised on India-related transactions over the previous twelve months. This year, over 600 law firms worldwide were evaluated. HEUKING, through its India Desk, has been named among the top 16 firms in the “Regional & Specialist” category, confirming its position as one of the leading national law firms with a strong focus on India-related business.

The India Business Law Journal recognizes that HEUKING “enjoyed a busy year on India-related transactions” and quotes Indian sources emphasizing the “strong cross-border structuring capability” of HEUKING's team.

“The award not only underscores our international focus but also reflects the long-standing trust placed in us by clients and partner law firms in India,” said Dr. Martin Imhof, Partner and Head of the India Desk at HEUKING. “India’s dynamic economic landscape, from expanding market access and new investment protection treaties to evolving regulations in areas such as data protection, digitalization, and artificial intelligence, calls for precise, cross-sector legal guidance. With our India Desk, we are well positioned to continue supporting our clients in navigating this complex environment,” Imhof added.

The digital edition of the Intelligence Report, including an overview of the top-ranked law firms, is available on the India Business Law Journal website.

MedTech company AssistMe, a pioneer in digital assistance systems for nursing care, intends to use the financing to further roll out its IoT platform alea in inpatient, outpatient, and clinical care and to establish a production in Brandenburg. The financing round was led by Albers Investment, Brandenburg Kapital, and the family office Conle. Other existing investors such as Next Big Thing and IBB Capital also significantly increased their commitment.

In collaboration with TZMO, a leading manufacturer of incontinence products and its Seni Smart brand, alea not only significantly reduces the workload of caregivers, but also improves processes – to noticeably enhance the quality of care. This is achieved through real-time notifications. With the support of AI, alea recognizes the utilization rates of incontinence products, falls and automatically creates storage logs for pressure ulcer prevention. This makes care smarter and ultimately easier. Care facilities save an average of 23 percent in materials and time when changing incontinence pads.

Numerous large private care operators such as the Alpenland Group, the Führer Group, Kleeblatt Pflegeheime, and AWO already rely on alea.

Counsel to AssistMe GmbH
HEUKING:
Ariane Neubauer (Lead), Berlin,
Mark Rossbroich, LL.M. (King’s College London), (both Venture Capital), Cologne,
Dr. Henrik Lay (Tax), Hamburg,
Astrid Reich (Employment), Berlin

The ranking of the most renowned lawyers was compiled by Handelsblatt Research Institute (HRI), which surveyed lawyers and then submitted the results to a panel of experts for review. The final list has now been published in WirtschaftsWoche.

Dr. Anna Lena Glander has been admitted to the bar since 2018 and advises on white collar and tax criminal law, compliance, and internal investigations. She represents clients in criminal and administrative fine proceedings and provides counsel on all aspects of criminal law and compliance.

Under the terms of the agreement, Desitin will receive an undisclosed upfront payment, future milestone payments, and royalties on future sales.

Sulthiame has already completed two successful Phase 2 clinical trials in Europe and features a novel mechanistic design that sets it apart from current therapeutic approaches. While the drug is already approved for other indications outside the U.S., plans are underway to explore its use for additional conditions such as Obesity Hypoventilation Syndrome (OHS).

HEUKING advised Desitin on all legal aspects of the transaction, with a particular focus on contract drafting and intellectual property structuring.

Counsel to Desitin Arzneimittel GmbH
HEUKING:
Dr. Lothar Ende (Lead), (M&A, Life Sciences), Hamburg,
Dr. Anton Horn,
Philipp Roman Schröler (both IP, Patents), both Düsseldorf

Insolvency proceedings for the assets of DRK gemeinnützige Krankenhausgesellschaft mbH Rheinland-Pfalz (the hospital company) had been initiated on March 1, 2025. In addition to DRK Krankenhaus Alzey, the company operated several other acute care hospitals. It is part of the corporate group surrounding DRK gemeinnützige Trägergesellschaft Süd West mbH (the holding company), which manages hospitals, medical facilities, and geriatric care institutions. On February 5, 2025, the holding company had filed for insolvency and announced its complete withdrawal from operating hospitals in Rhineland-Palatinate.

After some 35 years under the management of the German Red Cross, DRK Krankenhaus Alzey has been reacquired by the Alzey-Worms district and will now operate under the new name “Kreiskrankenhaus Alzey.” “With the acquisition of the German Red Cross hospital, the district of Alzey-Worms is committed to securing long-term inpatient medical care under municipal responsibility,” said District Administrator Heiko Sippel. The district council unanimously approved the acquisition during its meeting held on June 4, 2025. Under the terms of the agreement with the insolvency administrator, nearly all of the hospital’s approximately 400 employees will be retained. In addition, ownership of the hospital buildings will revert to the district in accordance with the original agreement concluded with the hospital company in 1990.

Counsel to Alzey-Worms district
HEUKING:
Michael Neises (Lead, Corporate / M&A), Frankfurt,
Christine Grau, LL.M. (University of Canterbury) (Lead, Public Sector & Public Procurement), Frankfurt,
Christoph Hexel (Employment), Düsseldorf,
Dr. Frederik Wiemer (Antitrust), Hamburg,
Dr. Frank Baßler (Real Estate & Construction), Stuttgart,
Christian Staps (Restructuring & Insolvency),
Maximilian Dehnert (Public Sector & Public Procurement), both Frankfurt,
Dr. Philip Kempermann, LL.M. (Data Protection), Düsseldorf,
Dr. Stefan Jöster, LL.M. (Insurance), Cologne

The acquisition was carried out on behalf of closed-end residential fund “ImmoChance Deutschland 14 Renovation Plus (ICD 14 R+)”, which had launched at the beginning of this year. As with its predecessors, the fund focuses on existing affordable housing with renovation potential. The acquired units will undergo phased modernization, emphasizing energy efficiency and enhanced living comfort. Cities like Kempten, Kaufbeuren, and Memmingen provide a compelling backdrop for sustainable real estate investments, thanks to their stable economies, steady population growth, and high quality of life.

Founded in 2007 and headquartered in Mannheim, Primus Valor employs over 120 professionals. The firm specializes in acquiring affordable residential real estate in Germany’s regional and mid-sized urban markets.

HEUKING regularly advises Primus Valor AG. Earlier this year, Dr. Görgens and his team supported the client in the acquisition of nearly 450 residential units in Germany.

Counsel to Primus Valor AG
HEUKING:
Dr. Sönke Görgens (Lead), (Real Estate), Hamburg

In connection with a rights issue and capital increase at Enapter AG, HEUKING advised on drafting the prospectus exempt document and assisted with securing admission of the new shares to trading on the regulated market. In another case, the firm legally advised Biofrontera AG on admitting shares from a 2024 capital increase financed via a securities loan arrangement.

The “Annex IX document” represents a new and practical alternative for capital measures. Early implementation has already raised numerous legal and regulatory questions, which HEUKING has reviewed with BaFin, the Federal Financial Supervisory Authority. While in some instances the document was found inapplicable, it has become evident that the prospectus exempt variant offers issuers an attractive tool to act promptly and efficiently in volatile market conditions.

Counsel to Enapter AG & Biofrontera AG
HEUKING:
Dr. Thorsten Kuthe (Lead),
Miriam Schäfer,
Stefan Westerheide, LL.M. oec.,
Meike Dresler-Lenz,
Meike Daniels,
Tatiana Vorotniskaya, k.i.n. (Belarusian State University), (all Capital Markets), all Cologne

Dr. Manja Epping and Dr. Stefanie Greifeneder focus on regulatory matters and contractual issues relating to clinical trials, marketing authorizations and certifications, as well as the manufacture and distribution of pharmaceuticals and medical devices. Their practice also includes advising on complex licensing agreements and R&D collaborations that are typical within the life sciences industry, along with regulatory aspects of M&A transactions. Stefanie Greifeneder brings additional expertise in supporting spin-offs and start-ups in the biotech and MedTech sectors. Manja Epping has a strong focus on litigation at the intersection of regulatory and intellectual property law. She is listed by JUVE as one of the “Leading individuals in pharmaceutical and medical device law.”

Dr. Sonja Ackermann is currently a Salary Partner in the Commercial department, with a focus on advising clients in the life sciences sector. She supports national and international companies in drafting and implementing contract manufacturing, procurement, and sales agreements, as well as structuring distribution systems and commercial transactions. Her expertise includes general terms and conditions, e-commerce, and setting up commercial agent and authorized distributor models. Another key area of her work is advising on mobility services and leasing structures in both B2B and B2C contexts.

“The team led by the three Equity Partners brings a sharp focus to the life sciences sector, particularly in the areas of pharmaceuticals, biotech, and medical devices, and demonstrates outstanding industry expertise. Their arrival enhances our advisory capabilities and enables us to offer even more specialized support in M&A transactions and venture capital financing within the life sciences space,” said Boris Dürr, Managing Partner at HEUKING. “With their strong life sciences expertise and deep understanding of the market, the team led by Dr. Manja Epping, Dr. Stefanie Greifeneder, and Dr. Sonja Ackermann will be a perfect fit for our very well-established practice,” added Dr. Oliver Treptow, who co-leads HEUKING’s Health Care & Life Sciences practice group alongside Dr. Florian Brombach. “Their addition further strengthens our full-service approach across the entire Health Care & Life Sciences sector.”