Existing management acquires Glechner, an Austria-based holding company, from German Pellets, a Germany-based producer and supplier of wood pellets.
About the Target – Glechner
Glechner GmbH (“Glechner”) consists of three operating units – Glechner Pellet-Produktion GmbH, Glechner GmbH and Heizwert GmbH, the producer and supplier of wood pellets for heating systems. The company operates its own production facilities. The company offers a range of pellet products, including premium and standard pellets, and serves both residential and commercial customers. Glechner founded Hot’ts more than 20 years ago. The Hot’ts Group produces approximately 90,000 tonnes of wood pellets per year at its sites in Mattighofen, Oberweis/Gmunden and Pfarrkirchen/Lower Bavaria and has sales offices in Mank/Lower Austria and Waldneukirchen/Upper Austria.
About the Seller – White & Case
White & Case LLP (“White & Case”) is a well-established global law firm specialising in acting as insolvency practitioners in complex and high-value insolvency cases. The firm’s approach is to work closely with companies, creditors and other stakeholders to manage and resolve financially distressed situations. White & Case’s insolvency practice draws on its in-depth knowledge of corporate finance, restructuring and insolvency law to provide clients with tailored advice. The firm’s lawyers have extensive experience in all facets of insolvency administration, including negotiating with creditors, facilitating asset sales and developing effective restructuring plans.