Gleiss Lutz has advised Klenk Holz AG on its takeover by the US private equity investor Carlyle Group. With a 92.5 % stake, the Carlyle Group will in future hold the majority of the shares in Germany’s largest sawmilling company. The remaining 7.5 % will go to a holding company of the future management of Klenk Holz AG.
Klenk Holz was founded in 1904 by the Klenk family. Most recently, 78 % of its shares – originally owned by the Klenk family – were held by the trustee Isartor for 19 banks which had extended loans to Klenk Holz AG. The remaining 22 % of the shares were previously held by WestLB’s legal successor Portigon. Carlyle has acquired not only the shares from Isartor and Portigon but also the banks’ credit claims against the Klenk Holz Group. The Group will in future be financed by ABN Amro.
The following team of Gleiss Lutz lawyers provided Klenk Holz with comprehensive advice on the change in shareholders and refinancing: Dr. Hansjörg Scheel (partner, lead, corporate/M&A, Stuttgart), Dr. Andreas Spahlinger (partner, restructuring, Stuttgart), Dr. Helge Kortz, Dr. Burkhard Jäkel (both partners, corporate finance, Frankfurt), Alexander Nagel (restructuring, Stuttgart) and Patrizio Caruso (corporate/M&A, Düsseldorf).
The Klenk Holz Group is a longstanding client of Gleiss Lutz, which has previously assisted the Group with, among other things, the restructuring and refinancing negotiations with the banks which have extended over the last five years.
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