Gleiss Lutz advised Conzzeta in this transaction.
Conzzeta announced the sale of its business division FoamPartner to Recticel, a listed company specialising in polyurethane chemistry with registered office in Brussels, Belgium. The deal volume (enterprise value) amounts to CHF 270 million. The closing of the deal is expected during the first quarter of 2021 and is subject to approval by the authorities.
As part of the Chemicals Specialties segment, FoamPartner contributed CHF 297 million (EUR 276 million) to Conzzeta’s turnover in 2019. Conzzeta is a broadly diversified Swiss group with around 5000 employees across 60 locations worldwide. Its business divisions comprise the areas of sheet metal processing, foam materials, and outdoor. Conzzeta had announced at the end of 2019 that it would be concentrating on the sheet metal processing segment (Bystronic business division) and selling all of its other activities.
FoamPartner is a global provider of high value-added technical foam solutions in the Mobility, Industrial Specialties and Living & Care markets. There is significant complementarity and synergy upside with Recticel.
The Gleiss Lutz team was led by Dr. Adrian Bingel (Picture) and Johannes Schrägle, together with Dr. Markus Martin, Nikolas Frey, Dr. Johannes Hertfelder, Dr. Lukas Aberle, Dr. Stefan Mayer, Dr. Leonhard Kornwachs, Frank Schlobach, Dr. Bernhard Busch and Konrad Discher.
Involved fees earner: Lukas Aberle – Gleiss Lutz; Adrian Bingel – Gleiss Lutz; Bernhard Busch – Gleiss Lutz; Konrad Discher – Gleiss Lutz; Nikolas Frey – Gleiss Lutz; Johannes Hertfelder – Gleiss Lutz; Leonhard Kornwachs – Gleiss Lutz; Markus Martin – Gleiss Lutz; Stefan Mayer – Gleiss Lutz; Frank Schlobach – Gleiss Lutz; Johannes Schrägle – Gleiss Lutz;
Law Firms: Gleiss Lutz;