- New owner for Neschen
- Administrator Geiwitz expects above-average payout for creditors
- CEO Felbier: Operating reorganization formed basis for successful disposal
Through its subsidiary Blue Cap 07 GmbH, Munich-based industrial holding company Blue Cap AG has acquired the significant assets and operating business of film coating company Neschen AG, Bückeburg, as well as its subsidiaries that trade in book protection and digital print media under the Filmolux brand in Germany, Italy, Benelux, France and Austria. This sale is the result of an extensive disposal process in which listed industrial holding company Blue Cap has prevailed. The transfer of assets will occur with economic effect prospectively on July 1, 2016. Although the agreement is still subject to the release of collateral, it is anticipated that this release can soon be arranged conclusively on the basis of the completed negotiations.
Based on the agreed terms, administrator Arndt Geiwitz assumes that the insolvency creditors' receivables (Section 38 of the German Insolvency Code -InsO-) can be satisfied at an above-average payout rate.
CEO Felbier: Neschen gains long-term oriented investor
"We are pleased that we have gained a long-term oriented investor with Blue Cap that would like to provide the growth capital that the company needs," as CEO Henrik Felbier stated. Manufacturing company Neschen AG and financial holding company Neschen Benelux B.V. filed for insolvency in April of last year due to overindebtedness. Hamburg-based company Felbier Mall GmbH had previously performed an operational reorganization of the company before then conducting the insolvency under its own administration. "The successful operational reorganization was the essential prerequisite for the final step, to sell the company to an attractive investor after emerging from the insolvency clear of debt. I am pleased that we have achieved this," said Henrik Felbier, responsible for the reorganization since 2012 as CRO and later as Management Board Spokesman (CEO).
Blue Cap expands digital print portfolio
Neschen represents the meanwhile twelfth investment in the industrial portfolio of Munich-based Blue Cap AG. With the Planatol Group – which includes adhesives manufacturer Planatol Wetztel, high-speed fold-gluing systems producer Planatol System, and leading post-press systems supplier Gämmerler – Blue Cap already has proven expertise in the adhesive systems area, and is realizing a significant expansion to this segment through its investment in Neschen. "With the acquisition of Neschen we have succeeded in further expanding the adhesives area within our Group. Along with positive effects for our existing companies, it also enables us to position ourselves in new and growth-relevant adhesives processing business areas. The conditions that are still outstanding for the transaction should be met by June 30, 2016," notes Dr. Hannspeter Schubert, Management Board member at Blue Cap.
About Neschen AG:
Neschen is an internationally leading company for modern self-adhesive products and high-quality coated media for various purposes in the graphics, documents and technical applications area.
The product portfolio in the graphics and viscom area ranges from finishing, protection and mounting films through to print media suitable for individual surface coating with digital print techniques. The technical applications area offers industrial customers new processes and coatings that perform not only structural but also protective and technical functions, including in the automotive and medical areas.
The Neschen Group owns the Filmolux sales subsidiaries in Germany, France, Benelux Italy and Austria. In addition to Neschen products, commercial goods are also marketed through the Filmolux sales channel.
www.neschen.com
