The international law firm Baker & McKenzie advised Beyne NV, a Belgian mechanical engineering company, on the acquisition of the “Premium Parts” segment from the bankrupt Vogel & Noot Landmaschinen GmbH & Co KG. With liabilities amounting to EUR 17 million, the bankruptcy of Vogel & Noot has been one of Austria's major bankruptcies this year.
In addition to the “Premium Parts” segment (manufacturing of wearing parts), Beyne NV acquired, inter alia, two real estate assets including the existing factory and storage buildings in Wartberg, the 100% share in the Romanian Vogel & Noot subsidiary, the entire machine stock and stock of inventory in Wartberg as well as individual IP rights in order to ensure the continued existence of the “Premium Parts” segment. The purchase agreements were signed on September 20, and the bankruptcy court is expected to give its consent soon.
An interdisciplinary team headed by Wendelin Ettmayer advised Beyne on the acquisition. “Acquisitions of bankruptcy assets always imply work under high pressure and on the basis of limited information available. In this case, we only had two weeks to carry out the due diligence and to prepare the transaction. The additional specific challenge in connection with this project was to set up a bidding consortium with two other interested parties within these two weeks,” the Vienna-based Partner of Baker & McKenzie recounts.
Wendelin Ettmayer is a member of the Firm's restructuring team, which has successfully advised on many well-known restructuring projects in recent years (winding-up of the DIY chain bauMax, sale of Valartis-Bank in Austria, advising the Spanish construction group FCC in connection with the bankruptcy of the Alpine group, etc.).
Legal Advisors to Beyne NV: Baker & McKenzie
Lead: Corporate/M&A: Dr. Wendelin Ettmayer (Partner, Vienna)
Other attorneys involved:
Real Estate: Dr. Julia Moser (Senior Associate, Vienna), Sandra Seldte (Junior Associate, Vienna)
Intellectual Property: Dr. Lukas Feiler, SSCP CIPP/E (Senior Associate, Vienna)
Corporate/M&A: Mag. Pablo Essenther (Junior Associate, Vienna)