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Oak Hill Advisors and Perlitz Strategy Group to acquire the assets of MWS

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Oak Hill Advisors and Perlitz Strategy Group to acquire the assets of MWS

NEW YORK and LONDON and MANNHEIM, Germany- Oak Hill Advisors, L.P. (“OHA”) and Perlitz Strategy Group GmbH & Co. KG (“PSG”) announced today the signing of an agreement to acquire the assets of MWS Friedrichshafen GmbH (“MWS”) from insolvency administrator Mr. Arndt Geiwitz.

The assets will be acquired by newly formed and separate entities DGH Sand Casting Production GmbH & Co. KG and DGH Sand Casting Corporate GmbH & Co. KG (collectively, “DGH Sand-Casting Group” or “the Company”) and will continue to be headquartered in Friedrichshafen, Germany.

MWS, with annual turnover of approximately €60 million, is a leading supplier of complex, aluminum sand-casted components primarily for the automotive and industrial markets. Its customers include premier automotive manufacturers such as Audi, VW, and BMW, and Tier-1 auto suppliers, such as American Axle. The predecessor entities filed for insolvency in November 2016 and continued to serve customers with uninterrupted operations throughout the insolvency process.

Mr. Harpreet Anand, a Managing Director at OHA who leads the firm’s investments in the automotive sector said, “We are very excited about the MWS transaction and to be partnering with PSG. We look forward to working with Mr. Offinger in further strengthening MWS’ capabilities, while leveraging its customer and end-market diversification and growing in the area of E-Mobility.”

Andreas Offinger, Co-Founder and Managing Partner of PSG, will serve as the interim CEO of the Company. Andreas Offinger has over twenty years of extensive international experience in the areas of strategy, restructuring, finance and M&A. He has held twelve CRO and interim management positions in the automotive industry. PSG was intimately involved in all financial and commercial aspects of the transaction.

Mr. Andreas Offinger said, “We are very pleased to be teaming up with OHA on this exciting acquisition. Throughout its challenging insolvency period, MWS and its employees continued to manufacture highly complex sand-casting components while maintaining a superior level of quality and service for its customers. Accordingly, we would like to thank everyone involved in the process including customers, employees, suppliers, and union representatives who all contributed to this success. We intend to leverage the Company’s existing competencies and highly-skilled workforce to establish DGH Sand-Casting Group even further as a world-class supplier and a value-added partner for our customers.

Rödl & Partner served as legal and tax advisor.

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