Baker McKenzie advised the Chinese Nison Group on the acquisition of the majority stake of the German SieMatic Group, one of the globally leading manufacturers of kitchen furniture in the premium segment. Parties agreed not to disclose the purchase price.
The transaction is subject to regulatory approval and is expected to be completed in the fourth quarter of 2017.
Baker McKenzie advised Nison on all legal aspects of the deal. The transaction is structured as a share deal. A particular challenge of the legal advice was the handling of a challenging corporate legal structure of the SieMatic Group.
"For the Chinese Nison Group, SieMatic is a renowned partner for its planned growth on the Chinese market in premium kitchens. Our well-established China team has once again proved how our experience with Chinese transactions supports our clients in their strategic goals", commented Dr. Thomas Gilles, Corporate Partner and Head of the China Desk in Germany at Baker McKenzie.
The Nison Group is a family-owned company headquartered in Suzhou, China. The company was founded in 1994 and is active in the Real Estate and Premium Households business segments. The Nison Group is the leader in domestic appliances in China and unites the most recognized premium brands under one roof. The company has many years of experience with customers in China and Europe, generated sales of around 900 million US dollars in 2016 and employs more than 10,000 people.
SieMatic is one of the world's leading manufacturers of kitchen furniture in the premium segment. The family-run company was founded in Löhne, North Rhine-Westphalia in 1929 and is represented by subsidiaries and a network of sales partners and exclusive partnerships in more than 60 countries. SieMatic stands for quality and design, made in Germany and is one of the most popular luxury brands in the world.
Baker McKenzie regularly advises clients on cross-border transactions and reorganizations. Most recently the team advised Sulzer AG on the acquisition of the Transcodent Group, Tokheim Service Group on a strategic partnership with Kärcher, SPIE on its acquisition of LÜCK Group, Grünenthal on its acquisition of Adhesys Medical, Flowserve Corporation on the sale of Gestra-Gruppe, ZF Friedrichshafen AG on the sale of Cherry Group, the owners of Fragrance Resources on the sale of its fragrance business to International Flavors & Fragrances, Inc., GFKL on the acquisition of Tesch Group, CORESTATE on its acquisition of Hannover Leasing, Heraeus Group on the sale of the global high-performance target materials business to the US-based Materion Group, MAGNA International on its acquisition of the Böddecker & Co. GmbH & Co. KG, Dassault Systèmes on the acquisition of the CST group, Sulzer on the takeover of the GEKA group from 3i, Deutsche Beteiligungs AG on its participation in Reinhold & Mahla-Group and RWE and E.ON on the sale of their shares in the Luxembourg energy supplier Enovos.
Legal Adviser Nison Group: Baker McKenzie
Head of Corporate / M&A: Dr. Thomas Gilles (Partner, Frankfurt)
Other lawyers involved:
Corporate/ M&A: Christian Atzler (Partner, Frankfurt), Lipei Shi, Dr. Rebecka Ringnalda, Nikolas Lazaridis (all Associates, Frankfurt)
Employment: Dr. Hagen Köckeritz (partner, Frankfurt), Sarah Greenlee (associate, Frankfurt)
Real Estate / Public Law: Dr. Janet Kerstin Butler (counsel, Berlin), Dr. Julia Pfeil (associate, Frankfurt)
Banking / Finance: Kathrin Marchant (partner, Frankfurt)
Commercial: Dr. Johannes Teichmann (partner, Frankfurt), Ingmar Oltmanns (associate, Frankfurt)
IP: Dr. Michael Fammler (partner, Frankfurt), Dr. Markus Hecht (associate, Frankfurt)
IT: Dr. Holger Lutz (partner, Frankfurt), Dr. Tobias Born (associate, Frankfurt)
Antitrust: Christian Horstkotte (partner, Düsseldorf), Clara Dust (associate, Düsseldorf)
Litigation: Dr. Markus Altenkirch (associate, Frankfurt)