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Max Mothes assets acquired
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2011-10-30

In a deal completed on 17th August the administrator sold the assets of the insolvent Max Mothes GmbH to Schuering & Andreas Group.

Max Mothes had continued to trade during the preliminary insolvency proceedings, which started four months ago, and the company is said to have maintained intensive communication with more than 4,000 customers to help stabilise the business.

Most of the company's 230 employees were expected to transfer to the new Max Mothes. One company site in Neuss, which houses both a distribution centre and manufacturing facility for special fasteners, will be retained. Max Mothes also previously operated from a historic site within the city of Dusseldorf. The company had sales of around 42 million euros in 2010 and carries more than 80,000 stock lines.

In a competitive bidding process Schuering & Andreas was identified by administrators Kebekus & Zimmermann as the investor with "the best continuation and strategy concept" for the business. "Schuering & Andreas are known as turnaround-experts, having repeatedly bought insolvent companies and developed them as profitable enterprises with their long-term investment horizon,” said insolvency administrator Dr. Frank Kebekus. “The purchase price and the over-all concept have been able to convince us and deliver the best possible result for all parties involved.” The actual purchase price and detailed terms of the deal have not been released.

Schuering & Andreas is a group of entrepreneurs active in four companies with 13 production facilities, around 1,100 employees and an annual turnover of around 150 million euros. The group acquired Honsel Unformtechnik from administration in 2002 and also owns VVG Befestigungstechnik GmbH & Co. A number of other group companies in differing market sectors were acquired from administration or were the result of buy and build or growth financing strategies. The group says the goal of its investments "is the preservation and/or creation of independent enterprise units, characterised by a futurable market position and a lasting yield capacity". It is committed to operating successful industrial production in Germany with "lean structures and costs, efficiency, quality and innovative products".

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reference from Fastener & Fixings / arranged by Fastener World Inc.

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