CFI advised Grub Brugger Rechtsanwalte on the sale of the business activities of Hoeckle to Jet Investments
München – On 13 November 2017, the contract confirming the transfer of the operating business activities of Hoeckle group to Jet Investment was signed. With the transfer, the financial resources of Hoeckle group will be strengthened and equity capital increased in a substantial manner. The transaction enables Hoeckle group to benefit from extensive sector expertise of Jet Investment and potential synergies due to overlapping product portfolios. Since May 2017, Hoeckle underwent an insolvency proceedings under self-administration led by Martin Mucha from law firm Grub Brugger.
Hoeckle group is active in the serial production of high-performance crank shafts and connecting rods for premium customers in the automobile, aircraft and construction machine industry. In a secondary business line Hoeckle is servicing and reconditioning engines with a broad technical expertise of motor types, including niche sectors. Hoeckle generates sales of €60 million with operating production facilities in Moessingen (Germany) and Langenegg (Austria). During a 2-year restructuring procedure an additional production facility in Klasov (Slovakia) was shut down. The group has a workforce of 400 employees. Hoeckle develops and produces high-profile prototypes, sample parts and small batches to be manufactured subsequently in small and medium series production.
Jet Investment currently manages nine portfolio companies with total revenues of up to €240 million and more than 2,600 employees across Czech Republic and Slovakia. Jet Investment holds STROJÍRNY POLDI, a portfolio company which is the second largest producer of crankshafts in Europe. Jet Investment brings relevant sector expertise and a track record of more than 20 successfully restructures companies. With a hands-on approach, Jet Investment seeks to assist portfolio companies enhance their operating performance and their strategic value.
The insolvency administrator has sold the operating business activities of Hoeckle to Jet Investments in an asset deal. CFI served as the leading sell-sell-side advisor to Hoeckle Group on a transcation that closed on 13 November 2017.
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