Baker McKenzie advised the refrigeration and air conditioning specialist BITZER on a joint venture with Wurm Group. On 8 November, both companies signed a joint venture agreement under which BITZER will be the majority shareholder of the newly established Wurm Holding GmbH from January 1, 2019.
All national and international companies of Wurm - as one of the leading manufacturers of electronic system solutions for refrigeration, air conditioning and ventilation applications - will be integrated into the new holding company. The transaction is subject to the approval of the competition authorities.
Baker McKenzie advised BITZER on all legal issues in connection with the joint venture.
Dr. Michael Bartosch, Corporate/M&A Partner at Baker McKenzie in Munich, comments: "With this joint venture, our client has gained a strong strategic partner to successfully shape technological developments in the refrigeration and air-conditioning industry."
The BITZER Group is the world's largest independent manufacturer of refrigerant compressors. BITZER is represented globally with sales and production facilities for reciprocating, screw and scroll compressors as well as heat exchangers and pressure vessels. In 2017, 3,500 employees generated a turnover of 740 million euros.
The Wurm Group is a leading provider of automation systems for refrigeration systems and technical building management for the retail industry in Germany and Europe. The Wurm Group is headquartered in Remscheid, Germany and achieved a turnover of 55 million euros in 2017.
The BITZER Group is a long standing client of Baker McKenzie. The client relationship via Baker McKenzie's liaison Prof. Dr. Wolfgang Fritzemeyer dates back to the 1980s.
Baker McKenzie's Corporate/M&A team regularly advises on domestic and international transactions and restructurings. Most recently, Baker McKenzie advised MainFirst Holding AG on the sale of its equity brokerage business, Syngroh Capital on its investment in KMLS, B.C. Jindal Group on takeover of the Treofan Group, Gerresheimer on the acquisition of Sensile Medical, Ufenau Capital Partners on the acquisition of the Kruppert Group, the Nison Group on the acquisition of the majority stake of the SieMatic Group, financial investors First State Investments and Hermes Investment Management on the acquisition of the shipping company Scandlines, Mundipharma on the sale of its Limburg production, Rexnord on the acquisition of the CENTA Group and LKQ Corporation on the acquisition of the Stahlgruber Group.
Lead: Dr. Michael Bartosch (Corporate/M&A, partner, Munich)
Team: Corporate/M&A: Dr. Thomas Wernicke (partner, Frankfurt), Petra Hanselmann (partner, Zurich), Dr. Tino Marz (senior associate, Munich), Stefan Arnold (counsel, Vienna); Pablo Essenther (associate, Vienna)
Employment: Dr. Christian Reichel (partner, Frankfurt), Dr. Steffen Scheuer (partner, Munich), Dr. Hagen Köckeritz (partner, Frankfurt), Dr. Anna Verena Boehm (counsel, Frankfurt), Michael Kalbfus (counsel, Munich), Christian Schnurrer (associate, Munich)
IP: Fabian Böttger (counsel, Munich), Dr. Johannes Druschel (associate, Munich), Andreas Jauch (associate, Frankfurt)
Public Law: Dr. Janet Butler (counsel, Berlin), Dr. Ilya Levin (associate, Berlin)
Commercial & Trade: Katharina Spenner (partner, Munich), Dr. Johannes Teichmann (partner, Frankfurt), Dr. Ingmar Oltmanns (associate, Frankfurt)
Antitrust: Christian Horstkotte (partner, Dusseldorf), Dr. Johannes Weichbrodt (counsel, Dusseldorf), Dr. Eugen Wingerter (associate, Dusseldorf)
Real Estate: Dr. Florian Thamm (partner, Frankfurt), Dr. Niklas Wielandt (senior associate, Frankfurt)
IT: Julia Kaufmann (partner, Munich), Dr. Katia Helbig (counsel, Munich)