Leading global law firm Baker McKenzie advised Helvetica Capital AG and its Swiss Entrepreneur Investor Platform in relation to the acquisition of Schulthess Maschinen AG (including its subsidiaries) from NIBE Group which is listed both at Nasdaq Stockholm and SIX Swiss Exchange.
A newly established Swiss holding company, HC Holding Eta AG, has agreed to acquire 100% of the shares in Schulthess Maschinen AG from the NIBE Group, acting through its subsidiary Schulthess Group AG, at a value of 150 MCHF on a cash and debt free basis. Following completion of the transaction, Schulthess Maschinen AG will be held in a new co-ownership structure, whereby Helvetica Capital AG and its Swiss Entrepreneur Investor Platform, together with the Management of Schulthess Maschinen AG, consisting of Mr. Thomas Marder, CEO and Mr. Martin Keller, CFO, will hold in aggregate 49% of the shares in HC Holding Eta AG. The NIBE Group will continue to hold 51% of the shares during at least the coming three-year period. The transaction will be fully completed during August 2019.
Swiss company Schulthess Maschinen AG produces washing machines and dryers for private households, apartment blocks and for businesses and industry. The company has been in existence for over 170 years; and just under 60 years ago, Schulthess launched the first automatic household washing machine in Europe. A company statement said that the extension of Schulthess’ investor’s base and board of directors, provides a solid foundation to further develop the company into a total laundry solutions provider, expanding its product portfolio in the household and professional applications, offering digital services, making it more international, strengthening its client relationships and steadily developing its efficiency programs at sites. Schulthess Maschinen AG has been a wholly owned subsidiary of the NIBE Group since the acquisition of the Swiss publicly traded Schulthess Group AG in April 2011.
“Together with Helvetica Capital AG and its Swiss Entrepreneur Investor Platform as well as with Mr. Thomas Marder, CEO and Mr. Martin Keller, CFO of Schulthess Maschinen AG, we feel very certain that we have found an ideal and very solid long-term ownership structure," says Mr. Gerteric Lindquist, CEO of NIBE Group.
Baker McKenzie advised Helvetica Capital AG in relation to this transaction. The cross-practice team from Switzerland and Austria was led by Dr. Alexander Fischer (Partner, Zurich) and further comprised of: M&A/Transactions: Dr. Alexander Blaeser (Senior Associate, Zurich), Philippine Dalla Corte (Associate, Zurich), Ramon Tissafi (Associate, Zurich), Stefan Arnold (Counsel, Vienna), Thomas Androsch (Junior Associate, Vienna); Financing: Dr. Marcel Giger (Partner, Zurich), Dr. Markus Wolf (Associate, Zurich), Marianne Müller (Associate, Zurich); Tax: Mario Kumschick (Counsel, Zurich); Merger Control: Boris Wenger (Partner, Zurich); and Employment: Dr. Philippe Monnier (Senior Associate, Zurich).