Heuking Assists ATP’s Insolvency Administrators in the Sale to SAG
May, 2020 - Germany
| With a team led by Prof. Dr. Georg Streit, Partner at its Munich office, Heuking Kühn Lüer Wojtek advised the insolvency administrators of online auto parts dealer www.atp-autoteile.de, Volker Böhm and Dr. Elske Fehl-Weileder, both from Schultze & Braun, on the sale of the company to SAG Group. SAG will take over ATP’s entire business operations and all of the about 250 remaining jobs will be saved. The sale was finalized in the course of a bidding process supervised by Deloitte Financial Advisory as part of the transferring restructuring by the insolvency administrators and is subject to approval of the cartel authorities. It was agreed not to disclose the purchase price. The purchase agreement covers all business assets including inventories, intangible assets including trademark rights, and real estate. SAG Group, headquartered in Cham, Switzerland, is specializing in the automotive parts trade with business customers throughout Europe. With more than 3,800 employees at 180 locations, the company generated sales of about EUR 900 million in 2019. ATP’s product portfolio includes spare and wear parts, car care/chemistry, electronics, tuning/styling, as well as tools and accessories. The online shop features more than one million new car parts. The team led by Prof. Streit had already assisted ATP in the sale of a majority stake to SAG at the end of last year. Due to the looming economic crisis caused by the pandemic, however, it had not been possible to close that transaction. Following the initiation of insolvency proceedings for all ATP companies, SAG Group prevailed in the bidding procedure and is now acquiring ATP’s entire business assets. Counsel to insolvency administrators Heuking Kühn Lüer Wojtek: Prof. Dr. Georg Streit (Lead, Restructuring) Dr. Arnold Büssemaker, Licencié en droit (Lead M&A, Restructuring) Dr. Stephan Degen, Tax Advisor, Maître en droit (Tax) Dr. Kai Uwe Büchler (Restructuring) Sarah Kraft, LL.B. (Restructuring, M&A) Steffen Wilberg (Real Estate), all Munich Notarization Dr. Damian Wolfgang Najdecki, Notary Ramona Bantele |
