Equistone’s acquisition of prefabricated house manufacturers Bien-Zenker and Hanse Haus from ADCURAM Group AG


Ashurst advised Munich-based industrial holding company ADCURAM Group AG in connection with the sale of its prefabricated house group to pan-European private equity firm Equistone.

The prefabricated house group with its brands Bien-Zenker, Living Haus and Hanse Haus is number two in the German prefabricated house market, generating combined revenues of more than €300m in 2017. ADCURAM acquired a majority share in listed Bien-Zenker AG in 2013.

Berenberg Bank, advised by Ashurst, provided the acquisition financing. This was followed by a successful squeeze-out procedure and a delisting of Bien-Zenker from the capital market. In 2014, ADCURAM purchased Hanse Haus from Schörghuber group.

Ashurst acted for the seller in relation to a staple financing package, in the context of which potential financiers offered the buyer a financing package for the acquisition of the two prefabricated house manufacturers Bien-Zenker and Hanse Haus.

The Ashurst team was led by partner Dr Bernd Egbers (picture), assisted by counsel Dr Karsten Raupach and transaction manager Anna Zoth (all finance).

Involved fees earner: Bernd Egbers – Ashurst; Anna Zoth – Ashurst; Karsten Raupach – Ashurst;

Law Firms: Ashurst;

Clients: ADCURAM Group AG;