Baker McKenzie Switzerland, in cooperation with other Baker McKenzie offices, advised building supplier Arbonia on the competitive sale process with several bidders of its climate division, for an enterprise value of EUR 760 million, to Midea Electrics Netherlands B.V., a company of Midea Group ("Midea").
Arbonia's climate division develops and manufactures products and systems for sustainable heat and cold generation, heat storage, cold distribution, ventilation and air filtration. In 2023, Arbonia's climate division recorded net revenues of CHF 576.6m, employed over 3'000 employees and managed, besides international sales offices, eight specialized production sites plus five development competence centers throughout Europe. The division includes the system brands KERMI, PROLUX, SABIANA and VASCO as well as the focused brands arbonia, Britec, Brugman, Cicsa, PZP, Solius, Superia, Tecna, and Termovent. Midea plans to continue to invest in the existing sites, employees and R&D expertise of the division. All of the division's brands will therefore continue to exist and be further expanded in the future.
Subject to the relevant regulatory authorities' approval, up to CHF 400 million of the proceeds from the sale are to be returned to shareholders after the transaction has been completed. In addition, part of the net proceeds from the sale will be used to strengthen Arbonia's door business and another part to reduce debt. The door business will be strategically and substantially developed organically and through acquisitions with the aim of making Arbonia a European market leader for doors made of wood and glass.
The transaction is subject to the necessary approvals from the relevant regulators. Closing is expected in the second half of 2024.
Baker McKenzie advised Arbonia on all legal aspects of the transaction.
The Baker McKenzie team was led by Zurich-based M&A partners Alexander Fischer and Alexander Blaeser and consisted of the following Baker McKenzie lawyers:
Baker McKenzie Switzerland:
• Zurich office: Matthias Courvoisier (partner, capital markets), Martin Furrer (partner, M&A), Philippe Reich (partner, international commercial and trade), Julia Schieber (partner, IP), Roger Thomi (partner, antitrust and competition), Boris Wenger (partner, antitrust and competition), Kevin Ardueser (associate, M&A), Nadine Charrière (associate, IP), Johanna Moesch (associate, IP), Kaspar Projer (associate, dispute resolution and sanctions compliance), Philipp A. Ruchti-Baltensperger (associate, M&A, Real Estate), Raphael Schneuwly (associate, M&A), Kiara Sharifi (associate, M&A), Vinzenz Sutter (associate, M&A) as well as Valentine Dändliker and Laksanaporn Chaiyakham (trainee lawyers)
• Geneva office: Olha Demianiuk (partner, M&A)
Baker McKenzie Germany:
• Berlin office: Matthias Koehler (partner, employment), Andreas Schulz (counsel, public law), Paul Friese (associate, employment), Kerstin Swoboda (associate, employment) and Harasch Yakubi (associate, employment)
• Duesseldorf office: Daniel Bork (partner, corporate and commercial) and Moritz Jander (associate, corporate and commercial)
• Frankfurt office: Ariane Schaaf (counsel, tax), Justus Eisenbeiss (associate, tax) and Philipp Thimm (associate, banking & finance)
• Munich office: Thomas Gierath (partner, tax), Jon Marcus Meese (partner, corporate and commercial), Florian Tannen (partner, IT), Joachim Froehlich (counsel, commercial), Eva Kriechbaumer (associate, M&A), Hannah Mack (associate, international commercial & trade), Erik Kuhn (associate, M&A) and Daniel Wulle (associate, IT)
Baker McKenzie Amsterdam:
• Edo Berghuis (associate, real estate), Anastasia Boonen-Vaes (associate, corporate reorganizations) and Kathinka Driessen (associate, real estate)
Baker McKenzie Beijing/FengXun:
• Leo Zhang (partner, M&A)
Baker McKenzie Brussels:
• Améline Coppens (associate, M&A), Anne-Sophie Corne (associate, real estate), Tim Meynen (associate, employment & compensation), Hannah Matthys (associate, international commercial & trade), Elvis Musema (associate, banking & finance) and Marthe Teerlynck (associate, international commercial & trade)
Baker McKenzie Madrid:
• Paul Amberg (partner, trade and commerce) and Patricia Simmonneau (associate, corporate)
Baker McKenzie Milan:
• Rita Marchetti (partner, real estate), Noemi Cauzzo (associate, employment & compensation), Agnese Gozzi (associate, M&A), Francesca Montefusco (associate, real estate), Margherita Pasi (associate, M&A) and Alessandro Gianferrara, Valentina Masucci, Antonio Spampinato Antonio (trainee lawyers)
Baker McKenzie Paris:
• Marguerite Le Nail (associate, M&A)
Baker McKenzie Prague:
• Jan Dudik (associate, M&A)
Baker McKenzie Stockholm:
• Annika López Kasteskog (associate, international commercial & trade)
Baker McKenzie Warsaw:
• Anna Krekora (associate, M&A), Michal Pakosz (associate, M&A), Piotr Pawlowski (associate, M&A) and Konrad Rutkowski (paralegal)
Arbonia's climate division develops and manufactures products and systems for sustainable heat and cold generation, heat storage, cold distribution, ventilation and air filtration. In 2023, Arbonia's climate division recorded net revenues of CHF 576.6m, employed over 3'000 employees and managed, besides international sales offices, eight specialized production sites plus five development competence centers throughout Europe. The division includes the system brands KERMI, PROLUX, SABIANA and VASCO as well as the focused brands arbonia, Britec, Brugman, Cicsa, PZP, Solius, Superia, Tecna, and Termovent. Midea plans to continue to invest in the existing sites, employees and R&D expertise of the division. All of the division's brands will therefore continue to exist and be further expanded in the future.
Subject to the relevant regulatory authorities' approval, up to CHF 400 million of the proceeds from the sale are to be returned to shareholders after the transaction has been completed. In addition, part of the net proceeds from the sale will be used to strengthen Arbonia's door business and another part to reduce debt. The door business will be strategically and substantially developed organically and through acquisitions with the aim of making Arbonia a European market leader for doors made of wood and glass.
The transaction is subject to the necessary approvals from the relevant regulators. Closing is expected in the second half of 2024.
Baker McKenzie advised Arbonia on all legal aspects of the transaction.
The Baker McKenzie team was led by Zurich-based M&A partners Alexander Fischer and Alexander Blaeser and consisted of the following Baker McKenzie lawyers:
Baker McKenzie Switzerland:
• Zurich office: Matthias Courvoisier (partner, capital markets), Martin Furrer (partner, M&A), Philippe Reich (partner, international commercial and trade), Julia Schieber (partner, IP), Roger Thomi (partner, antitrust and competition), Boris Wenger (partner, antitrust and competition), Kevin Ardueser (associate, M&A), Nadine Charrière (associate, IP), Johanna Moesch (associate, IP), Kaspar Projer (associate, dispute resolution and sanctions compliance), Philipp A. Ruchti-Baltensperger (associate, M&A, Real Estate), Raphael Schneuwly (associate, M&A), Kiara Sharifi (associate, M&A), Vinzenz Sutter (associate, M&A) as well as Valentine Dändliker and Laksanaporn Chaiyakham (trainee lawyers)
• Geneva office: Olha Demianiuk (partner, M&A)
Baker McKenzie Germany:
• Berlin office: Matthias Koehler (partner, employment), Andreas Schulz (counsel, public law), Paul Friese (associate, employment), Kerstin Swoboda (associate, employment) and Harasch Yakubi (associate, employment)
• Duesseldorf office: Daniel Bork (partner, corporate and commercial) and Moritz Jander (associate, corporate and commercial)
• Frankfurt office: Ariane Schaaf (counsel, tax), Justus Eisenbeiss (associate, tax) and Philipp Thimm (associate, banking & finance)
• Munich office: Thomas Gierath (partner, tax), Jon Marcus Meese (partner, corporate and commercial), Florian Tannen (partner, IT), Joachim Froehlich (counsel, commercial), Eva Kriechbaumer (associate, M&A), Hannah Mack (associate, international commercial & trade), Erik Kuhn (associate, M&A) and Daniel Wulle (associate, IT)
Baker McKenzie Amsterdam:
• Edo Berghuis (associate, real estate), Anastasia Boonen-Vaes (associate, corporate reorganizations) and Kathinka Driessen (associate, real estate)
Baker McKenzie Beijing/FengXun:
• Leo Zhang (partner, M&A)
Baker McKenzie Brussels:
• Améline Coppens (associate, M&A), Anne-Sophie Corne (associate, real estate), Tim Meynen (associate, employment & compensation), Hannah Matthys (associate, international commercial & trade), Elvis Musema (associate, banking & finance) and Marthe Teerlynck (associate, international commercial & trade)
Baker McKenzie Madrid:
• Paul Amberg (partner, trade and commerce) and Patricia Simmonneau (associate, corporate)
Baker McKenzie Milan:
• Rita Marchetti (partner, real estate), Noemi Cauzzo (associate, employment & compensation), Agnese Gozzi (associate, M&A), Francesca Montefusco (associate, real estate), Margherita Pasi (associate, M&A) and Alessandro Gianferrara, Valentina Masucci, Antonio Spampinato Antonio (trainee lawyers)
Baker McKenzie Paris:
• Marguerite Le Nail (associate, M&A)
Baker McKenzie Prague:
• Jan Dudik (associate, M&A)
Baker McKenzie Stockholm:
• Annika López Kasteskog (associate, international commercial & trade)
Baker McKenzie Warsaw:
• Anna Krekora (associate, M&A), Michal Pakosz (associate, M&A), Piotr Pawlowski (associate, M&A) and Konrad Rutkowski (paralegal)
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