DLA Piper advises Tillotson on the acquisition of the ignition technology division of the PVL Group from insolvency
DLA Piper has advised Tillotson on the acquisition of the business operations of the ignition technology division of the PVL Group from insolvency administrator Volker Böhm of Schultze & Braun. Tillotson is a leader in carburetor and small engine technology for the lawn and garden, karting and recreational motorsports industries. The company was founded in 1914 in the USA and has production and sales locations in Ireland, the USA, China and Argentina. The contracts have already been signed and the takeover will take place on 1 August 2021. 48 jobs will be retained at the Cadolzburg site as a result of the sale.
With the sale to Tillotson, the restructuring of the PVL Group has been successfully completed after one and a half years. The aim from the outset was to retain as much of the PVL Group and the associated jobs as possible, which has been achieved with the new investor. At the same time, the acquisition strengthens Tillotson's market position in Germany and Europe.
The PVL Group had filed for insolvency for all its group companies in spring 2020. Since then, insolvency administrator Volker Böhm of Schultze & Braun had continued business operations together with the management. In order to achieve the necessary focus on the areas that could be continued, the Cable Technology and Die Casting divisions had to be closed after a thorough analysis of the group of companies.
Tillotson and its affiliate T/CCI Manufacturing Group, LLC, which manufactures air conditioning compressors and air brakes for the commercial vehicle and transport refrigeration markets, operate on a global basis with facilities in the US, Europe, Asia and South America.
DLA Pipers client relationship partner for Tillotson, Dr Nils Krause, commented: “We are happy to have again advised our client Tillotson on an important strategic transaction in Germany. The transaction outlines our interdisciplinary approach and DLA Piper’s ability to provide seamless high quality M&A and restructuring advisory services in complex distressed scenarios.”
The DLA Piper team was jointly led by partner Dr Dietmar Schulz (Restructuring, Munich) and senior associate Dominik Wegener (Corporate/M&A, Hamburg) and also included partners Dr Nils Krause (Corporate/M&A), Dr Henriette Norda (Employment) and senior associates Rune Jelte Weltz (Corporate/M&A, all Hamburg) and Katharina Alessandra Plass (Restructuring, Munich).