Hübner Schlösser & Cie Advises PALFINGER
PALFINGER Expands Range of Marine Expertise Through Acquisition
Acquisition of Palfinger systems Opens New Fields of Application for the Shipping and Offshore Industries
HÜBNER SCHLÖSSER & Cie Advised PALFINGER AG
The PALFINGER Group finalized the acquisition agreement with Palfinger systems. Through the majority acquisition of Palfinger systems GmbH, PALFINGER is expanding its portfolio for the shipping and offshore industries by adding access and working systems specifically designed to meet the demanding requirements of these sectors.
Palfinger systems provides specialized systems for access, repair, and maintenance work on ships and offshore oil platforms, including interior and exterior cleaning, rust and paint removal, recoating, inspection, and repair services.
With approximately 50 employees, Palfinger systems GmbH develops and manufactures innovative engineering and processing technologies as well as customized customer and project solutions. These solutions enable work processes to be carried out faster, more efficiently, more safely, and in a more environmentally friendly manner compared to conventional methods.
Most recently, in mid-November, a Singapore-based company awarded Palfinger systems GmbH a major contract with a volume of approximately EUR 10 million.
“The solutions have now reached a level of maturity that makes them an extremely attractive addition to our portfolio. As an innovation leader, we will further strengthen our position in the marine sector,” explained Herbert Ortner, CEO of PALFINGER AG.
“At the same time, Palfinger systems now requires production and service capacities and structures in order to realize its additional growth potential. We are able to provide these resources worldwide.”
Palfinger systems, headquartered in Salzburg, Austria, with a manufacturing and assembly facility in Weng im Gesäuse (Styria, Austria), was previously owned by the Palfinger family.
The PALFINGER Group is now acquiring 85% of the company, which generated revenues of approximately EUR 1 million in 2012, for a symbolic purchase price of EUR 1. The company’s disproportionate dividend arrangement will remain in effect until 2025.
HÜBNER SCHLÖSSER & Cie (HSCie) advised PALFINGER AG throughout all stages leading to the agreement for the acquisition of the shareholdings in Palfinger systems.
About HSCie:
HÜBNER SCHLÖSSER & Cie, located in Grünwald near Munich, is an independent corporate finance advisory firm specializing in acquisitions and divestitures of medium-sized and large companies worldwide.
In recent years, the firm has advised on more than 150 transactions with a total transaction value exceeding EUR 17 billion. HSCie is one of the leading advisory firms for mid-sized transactions in Germany.