DLA Piper advises GG Group on spin-off of elevator division

DLA Piper Weiss-Tessbach has advised the GG Group (Gebauer & Griller) on the sale of its elevator division to Lafayette Mittelstand Capital as part of the strategic consolidation of the group.

The elevator division, which has its headquarters in Vienna, and operates two production sites in Slovakia and India has been in existence for over 80 years, experiencing significant development over that time. Lafayette Mittelstand Capital will continue to run the elevator division under the name “Geba Cables” and intends to develop the company sustainably. The spin-off of the division will allow GG Group's to focus on its operations in the automotive industry, e-mobility, autonomous driving and digitalization. Corporate partner Christoph Mager and Counsel Michaela Wernitznig-Kittel led the advisory team, supported by counsel Lothar Farthofer (Finance) and senior associate Martina Peric (Corporate)

Christoph Mager, partner and head of the corporate practice at DLA Piper in Vienna, said:

“The conclusion of this deal is an important step for our long-standing client GG Group in its strategic consolidation. It is also encouraging to see the buyer of the elevator division committing to and offering the best possible conditions for its further development.”