Deals

ARQIS has advised the Swiss investor group CONSTELLATION CAPITAL on the acquisition of HPN Industrieverpackungen GmbH and Peter Gomber GmbH. Both companies are now part of the ARCA Group, which belongs to CONSTELLATION.

HPN Industrieverpackungen GmbH from Baden-Wuerttemberg specializes in the production of wooden pallets, boxes and packaging services. Thanks to long-standing customer relationships and a high degree of digitalization, HPN can offer efficient and high-quality packaging solutions that meet individual customer needs.

Peter Gomber GmbH is a wooden packaging specialist in Rhineland-Palatinate that has been operated as a traditional family business since it was founded in 1946. Peter Gomber GmbH specializes in the manufacture of wooden pallets, boxes and packaging solutions and has achieved his success over the years through tailor-made solutions and close customer relationships, resulting in an excellent reputation in the region. Peter Gomber GmbH will keep its independent market presence. Franz Schuler, who has successfully managed the company for more than 20 years, will remain at the helm. Together with the support of ARCA, this ensures a succession solution for Peter Gomber GmbH and continuity for customers and partners.

The acquisition of HPN forms the basis of the ARCA Group's growth strategy and geographical expansion. Future acquisitions are intended to create a close-knit network of wood packaging and packaging service companies that will benefit from synergies in purchasing, the professionalization of processes and digital transformation. With its proprietary ERP system, HPN will play a key role within the ARCA Group, particularly in terms of digitalization. HPN will continue to operate independently on the market with the same management team, which will continue to support the further growth strategy of HPN and ARCA in the future. The managing director and former owner, Martin Fix, supports the strategic vision of ARCA and has reinvested significantly in the ARCA Group.

The ARCA Group is to be expanded through further acquisitions as part of a buy & build strategy to become the market leader in the field of wooden packaging and packaging services in German-speaking countries. The focus is on implementing a consolidation strategy in order to create a group of companies that offers customized packaging solutions and packaging services.

CONSTELLATION CAPITAL is a Swiss investment group founded in 1992 and based in Freienbach on Lake Zurich. It pursues a buy & build strategy that focuses on majority investments in medium-sized companies in the business service, education & lifestyle and healthcare sectors in Switzerland, Germany and Austria.

The ARQIS team led by Dr. Lars Laeger has already advised CONSTELLATION on transactions in the past and is now assisting CONSTELLATION for the first time with the acquisition of a platform as part of a buy & build strategy.

Advisors to CONSTELLATION CAPITAL

ARQIS (Dusseldorf/Munich): Dr. Lars Laeger (M&A, Lead), Thomas Chwalek (M&A), Johannes Landry (Financing), Dr. Ulrich Lienhard (Real Estate Law), Tobias Neufeld (Data Protection), Marcus Nothhelfer (IP/Commercial), Lisa-Marie Niklas (Employment Law); Counsel: Jens Knipping (Tax), Dr. Nima Hanifi-Atashgah (M&A), Anja Mehrtens, Donata Lasson (both Employment Law), Sina Janke (Compliance); Associates: Dr. Denis Schütz, Katrin Ludwig (both M&A), Tim Bresemann, Diana Puchowezki (both Real Estate Law), Carolin Schlütter-Lückel (Financing), Martin Weingärtner, Dr. Hendrik Völkerding, Sabine Müller, Anna Hellmann, Anna Munsch, Dr. Dennis Ratschkowski (all Employment Law), Daniel Schlemann, Marius Mesenbrink (both Data Protection), Thomas Lipsky, Rolf Tichy, Nora Stratmann (all IP/Commercial); Trademarks: Carolin von Fritsch; Legal Specialist: Qing Xia (M&A)

ARQIS has advised SachsenEnergie AG on the acquisition of a solar farm in Poland from German solar developers and installers Goldbeck Solar GmbH and SUNCATCHER Group.

SachsenEnergie AG acquired a 9-MWp solar power complex, being a cluster of two ground-mounted solar farms located in the western Polish town of Barlinek. Equipped with over 16,500 solar panels, the Barlinek plants are expected to be able to produce some 8,982 GWh of electricity per year, or enough to power around 4,000 households. Shortly after closing the productive site was commissioned in early 2024. The site is planned to be extended to 11.1 MW by the end of 2024.

SachsenEnergie AG is the largest municipal supplier in eastern Germany. The company would like to grow its renewable business via self-developed PV- and Wind-projects as well as further acquisitions in Germany and Europe. With PV Barlinek, SachsenEnergie AG acquired for the first time a ground-mounted PV system in Poland and thereby increased their geographical footprint.

ARQIS acted for SachsenEnergie AG for the first time. The lead partner Dr. Lars Laeger was recommended by the market. The client is significant for the law firm as it impressively underlines the special focus on M&A in regulated industries, in particular renewables. ARQIS was supported in Poland by Wolf Theiss in local law.

Advisors to SachsenEnergie AG

ARQIS (Dusseldorf): Dr. Lars Laeger (Lead; M&A), Partner: Dr. Friedrich Gebert (Public and Regulatory), Counsel: Jens Knipping (Tax), Managing Associates: Kamil Flak, Dr. Denis Schütz (both M&A), Associates: Dr. Bernhard Gröhe, Luise Schüling (both Public and Regulatory)

Wolf Theiss (Warsaw): Igor Muszynski, Pawel Szumowski and Marika Grzybowska

ARQIS has advised the Japanese Nifco Inc. on the sale of its subsidiary, Nifco Germany GmbH, to AEQUITA SE & Co. KGaA, a global industrial group headquartered in Munich. Nifco Germany develops and produces injection-molded plastic components for the automotive industry. The company generates revenues of more than EUR 200 million with over 1,100 employees across its locations in Germany, the USA, and Serbia.

Nifco Inc. is a leading manufacturer of plastic components and fasteners for the automotive and life-solution industries. With its headquarters in Japan, Nifco operates globally, providing a wide range of products contributing to the functionality and comfort of high-quality vehicles, household or fashion products. Nifco's commitment to innovation, quality, and environmental sustainability has made it a preferred partner for industry-leading companies worldwide.

The transaction is expected to be completed in the first half of 2024, subject to approval by the relevant authorities.

Advisors to Nifco Group

ARQIS (Dusseldorf/Munich): Dr. Shigeo Yamaguchi, Eberhard Hafermalz (both Lead; Japandesk/M&A), Partner: Dr. Mauritz von Einem (PE/Tax), Dr. Meiko Dillmann (Japandesk/M&A), Johannes Landry (Restructuring), Marcus Nothhelfer (IP/Commercial), Lisa-Marie Niklas (HR.Law), Counsel: Dennis Reisich (PE/Tax), Associates: Kiyomi Zimmer (Japandesk/M&A), Marius Mesenbrink (Japandesk/M&A), Thomas Lipsky (IP/Commercial), Anna Munsch (HR.Law), Daniel Schlemann (Data.Law)

ARQIS has advised Karo Healthcare on the acquisition of Proctosedyl® from Bayer. The transaction transfers the dossier ownership and an exclusive license to the trademark to Bayer’s OTC brand Proctosedyl® in Italy to Karo.

This acquisition amplifies Karo’s presence in Italy while aligning with Karo’s M&A strategy of focusing on brands with strong equity in categories associated with discomfort and embarrassment. Proctosedyl® is a leading brand in Italy for the treatment of hemorrhoids. The acquisition strengthens and scales Karo’s position in one of its core categories, Digestive Health, which includes global brands such Proct® and Hemoproct®.

“This acquisition adds a trusted brand that addresses an often-neglected category with untapped potential. We are excited about the opportunity to enhance access to reliable treatments for Italian consumers and to add further scale and reach to our Italian business”, says Matt Roberts, CCO.

The acquisition has been executed as an asset deal, excluding personnel and manufacturing sites, which mitigates commercial risk and ensures the delivery of a seamless integration. Karo will leverage its existing infrastructure and make use of established partners in Italy.

The transaction was the first time the ARQIS team around Jörn-Christian Schulze acted for Karo Healthcare, a Swedish EQT investment company. The decisive factors for the instruction were the team's focus in healthcare/life science as well as private equity.

Advisors to Karo Healthcare

ARQIS (Dusseldorf/Munich): Dr. Jörn-Christian Schulze (Lead), Dr. Maximilian Backhaus, Malte Griepenburg (all Transactions), Partners: Dr. Friedrich Gebert (Regulatory), Marcus Nothhelfer (IP), Managing Associates: Daniel Schlemann (Data Law), Rolf Tichy (IP), Associate: Dr. Bernhard Gröhe (Regulatory), Trademark Professional: Carolin von Fritsch

Franzosi – Dal Negro – Setti (Milan): Stefano Giberti, Francesco Setti (both Italian regulatory law)

ARQIS has advised Omnes on a majority shareholding in EEF Erneuerbare Energien Fabrik GmbH.

With the financial support of Omnes, EEF will drive forward the energy transition 2.0 and the decarbonization of the energy market as an expert in the development, implementation and long-term operation of renewable energy projects. With three locations in Berlin, Hamburg and Wiesbaden and an experienced team along the entire value chain, EEF is excellently positioned to develop projects with the necessary technical expertise close to the location and to reshape the landscape of the energy market. Under the leadership of the three co-partners and managing directors Roman Bredlow, Niklas Hinz and Nigel Nyirenda, EEF is paving the way to a sustainable future with innovative energy solutions.

Omnes is a major player in the renewable energy and infrastructure sectors with approximately €6 billion in assets under management. As an entrepreneur-led investor, Omnes, through its funds, provides its partners with the equity they need to grow and meet the challenges of the energy transition. The investment in EEF was realized through Capenergie 5, which is Omnes' fifth fund focused on renewable energy. The team led by ARQIS partner Dr. Mirjam Boche regularly advises Omnes Capital, including on the investment in the Austrian-German photovoltaic specialist CCE and the investment in the pan-European PV developer Ilos Projects.

The three co-shareholders of EEF Erneuerbare Energien Fabrik were advised by Dr. Michael Burg, co-founder and partner of the law firm Lighthouse Legal.

Advisors to Omnes Capital

ARQIS (Dusseldorf): Dr. Mirjam Boche (lead partner, M&A), Conrad Wiza (M&A), Dr. Nima Hanifi-Atashgah (M&A), Martin Weingärtner (employment law), Rolf Tichy (IP)

ARQIS has advised the previous shareholders of Pneumologisches Forschungsinstitut an der LungenClinic Grosshansdorf GmbH (PRI) and KLB Gesundheitsforschung Lübeck GmbH (KLB) on the sale of their shares in the institutes to Velocity Clinical Research.

Since its foundation 25 years ago, the PRI has conducted over 300 studies and is one of Europe's leading institutes in clinical research on bronchial asthma, COPD, bronchiectasis and pulmonary fibrosis. Dr. Anne-Marie Kirsten and Dr. Henrik Watz both continue to work at Velocity as Principal Investigator and Head of Clinical Trials respectively.

The KLB is located in the heart of the city of Lübeck and has been conducting clinical trials on respiratory diseases since 2008. It is dedicated to researching new active principles and diagnostic procedures in the treatment of chronic obstructive airway diseases such as bronchial asthma or smoker's lung/COPD. Dr. Andrea Ludwig-Sengpiel will also continue to work for Velocity in a leading role at the institute.

Velocity is the leading integrated network of clinical trial sites. With nearly 100 clinical trial sites and more than 220 researchers, Velocity works with pharmaceutical and biotechnology companies to discover new drugs, medical devices, diagnostics and combination products that could improve people's health and well-being. Velocity offers unified solutions for research sites to efficiently find the right patients, investigators and research collaborators for clinical trials in the U.S. and Europe.

Both the PRI and the KLB are independent entities. They have been sold together.

The ARQIS team, led by Dr. Jörn-Christian Schulze, won the mandate through a pitch. The pitch was managed by the financial advisor WMCF Advisory. The WMCF team consisted of Ulf Boenicke (Managing Partner), Pascal Florczak (Director), Alexej Koslov (Senior Associate) and Nicolas Emig (Analyst). Both firms are deeply rooted in the healthcare sector and have worked together on numerous other transactions, most recently on the sale of m.doc GmbH to CompuGroup Medical AG.

Advisors to PRI and KLB

ARQIS (Dusseldorf): Dr. Jörn-Christian Schulze (Lead), Dr. Maximilian Backhaus, Laura Ally Rizzi (all Transactions); Counsel: Jens Knipping (Tax), Anja Mehrtens (Employment); Associates: Jasmin Grünen (Transactions), Anna Munsch (Employment); Legal Specialists: Qing Xia (Transactions)

ARQIS has advised Fit Reisen on the sale of KMW Reisen GmbH to HomeToGo. KMW Reisen GmbH (KMW) operates a leading online travel portal for short trips in the DACH region at kurz-mal-weg.de. Founded in 2001, the online pioneer Kurz Mal Weg has been part of the Fit Reisen Group (fitreisen.de) based in Frankfurt am Main since 2016.

HomeToGo was founded in 2014 and makes holiday accommodation easily accessible to everyone. Since then, the listed Berlin-based company has grown steadily and has developed into the SaaS-enabled marketplace with the world's largest selection of holiday accommodation (over 15 million offers). HomeToGo SE is listed on the Frankfurt Stock Exchange under the ticker symbol “HTG”.

Simultaneously with the acquisition of KMW Reisen GmbH from Fit Reisen, HomeToGo acquires a majority stake in Super Urlaub GmbH. As a result of this transaction, HomeToGo will hold a 51 per cent majority stake in the combined company. This includes the two brands Kurz Mal Weg and Kurzurlaub, two leading specialists for themed holidays and hotel offers for short trips in the DACH region and neighbouring countries.

The sale of the two companies took place as part of a bidding process led by Carlsquare as M&A advisor. The parties have agreed not to disclose the purchase prices.

The leading ARQIS partner of this mandate, Dr Lars Laeger, already advised Fit Reisen on the acquisition of the business of KMW Reisen GmbH from the insolvency of the former Unister Group.

Advisors for Fit Reisen

ARQIS (Dusseldorf): Dr. Lars Laeger (Federführung; M&A), Thomas Chwalek (M&A), Johannes Landry (M&A), Lisa-Marie Niklas (Arbeitsrecht), Marcus Nothhelfer (IP); Counsel: Jens Knipping, Dennis Reisich (beide: Steuern); Managing Associates: Dr. Denis Schütz (M&A); Associates: Katrin Ludwig (M&A), Rolf Tichy (IP)

ARQIS has advised global private equity healthcare specialist ARCHIMED on the acquisition of Germany-based full-service Contract Research Organization (CRO) Proinnovera. The purchase built the platform for the further acquisition of US-based CRO Symbio (for ARCHIMED advised by White & Case) and the successful merger of the two companies.

Proinnovera and Symbio are offering cost saving, time-efficient outsourced services for dermatological therapy formulation and clinical trial testing. The merged group, Symbio Proinnovera, provides consulting, testing and clinical research through every development stage, from conception to global regulatory approval and commercialization. Symbio Proinnovera aims to contribute to shorter trials and lower costs for clients (ultimately giving the public faster and cheaper access to innovative drugs) using its extensive dermatological testing database. Acquisitions should further accelerate company growth.

The ARQIS team led by partner Dr Jörn-Christian Schulze has been advising ARCHIMED for many years, most recently on the acquisition of the ZytoMax Group. Schulze's team has many years of successful experience, particularly in the healthcare and technology sector.

Advisors to ARCHIMED for the acquisition of Proinnovera

ARQIS (Dusseldorf): Dr. Jörn-Christian Schulze ARQIS (Düsseldorf): Dr. Jörn-Christian Schulze (Lead), Christos Choudeloudis (both Private Equity); Partner: Dr. Ulrich Lienhard (Real Estate), Tobias Neufeld (Data Law), Dr. Astrid Seehafer (Product Law); Counsel: Sina Janke (Compliance), Jens Knipping (Tax), Anja Mehrtens (Labour Law); Managing Associates: Dr. Hanna Caesar (Labour Law), Kamil Flak (Private Equity), Nora Stratmann (IP); Associates: Tim Bresemann (Real Estate), Jasmin Grünen (Private Equity/Tax), Thomas Lipsky (IP), Katrin Ludwig (Private Equity), Eva Ritte (Product Law), Daniel Schlemann (Data Law), Severin Steffens (Private Equity), Dr. Hendrik Völkerding (Labour Law); Legal Specialist: Qing Xia (Private Equity)

ARQIS has advised KUKA AG with its Finnish subsidiary Visual Components Co., Ltd. on its joint venture with Mitsubishi Electric Corporation. The joint venture called ME Industrial Simulation Software Co., Ltd., will develop and sell 3D simulators. The shareholding ratio is 70% Mitsubishi Electric and 30% Visual Components.

Visual Components is one of the pioneers of the 3D manufacturing simulation industry. In 2017, KUKA – one of the world’s leading suppliers of intelligent automation solutions – acquired Visual Components with the aim to define the next level in intelligent automation.

Mitsubishi Electric Corporation is a recognized world leader in the manufacture, marketing and sales of electrical and electronic equipment used in information processing and communications, space development and satellite communications, consumer electronics, industrial technology, energy, transportation and building equipment. In 2022 they launched the "MELSOFT Gemini" 3D simulator, which provides a digital twin platform that uses 3D to build production equipment and lines in digital space and reduces man-hours during design, equipment, and line start-up, thereby providing TCO (Total Cost of Ownership) for customers in the engineering chain of the manufacturing industry.

The joint venture aims to maximize synergies by combining Visual Components' superior 3D simulation software with Mitsubishi Electric's manufacturing know-how. The Joint Venture Partners intend to enhance the digital twin platform, accelerate the realization of digital manufacturing, and contribute to strengthening the competitiveness of their customers.

ARQIS advised KUKA AG with a combined team from the Dusseldorf and the Tokyo office. The mandate goes back to Lead Partner Dr. Lars Laeger, who has already advised KUKA on transactions in the past.

Advisors to KUKA AG
ARQIS (Dusseldorf): Dr. Lars Laeger (Lead; M&A), Thomas Chwalek (M&A); Counsel: Dr. Nima Hanifi-Atashgah (M&A)
ARQIS (Tokio): Ulrich Kirchhoff, Yutaka Nakagawa, Kenichi Takasugi (Corporate Law, Foreign Investment Law)

Competition Law: Evelyn Niitväli, Niitväli Competition Law

KUKA Inhouse Advisors:
KUKA Corporate Legal: Florian Dorow (Associate General Counsel), Maximilian Schmid (Senior Legal Counsel)

ARQIS has advised the Munich-based technology company Agile Robots AG on its entry as majority shareholder and strategic investor in the Munich-based idealworks GmbH.

The BMW Group subsidiary, founded at the end of 2020, is a deep tech company that significantly promotes industrial automation in production and logistics by developing a robotics ecosystem. Agile Robots, a spin-off of the German Aerospace Center (DLR), produces robotic-based solutions for the consumer electronics and automotive industries. As strategic partners, idealworks and Agile Robots complement each other both in their industry expertise and in their complementary range of solutions as well as in their strive for international expansion.

The investment in idealworks offers both future partners extensive growth potential: Agile Robots is active in major regions of the world and, in addition to its expertise in robotics and artificial intelligence, provides to idealworks its global network. idealworks brings in the BMW Group as one of its largest customers as well as its industrial know-how. Following the first successfully completed customer projects in the USA, idealworks global business will expand to the Asia-Pacific region as early as next year.

In a dynamic competitive environment, both companies rely on cross-process platforms that enable the simultaneous integration of several robots – including devices from third-party providers. Artificial intelligence is a key success factor when using heterogeneous robot fleets in complex environments and when creating digital twins for planning and simulation purposes.

The transaction is subject to prior approval by the relevant authorities. Financial details of the transaction will not be disclosed.

The ARQIS team, led by Dr. Christoph von Einem has been supporting Agile Robots since its foundation in its own financing rounds as well as in strategic partnership agreements with large companies.

Advisors to Agile Robots

ARQIS (Dusseldorf/Munich): Prof. Dr. Christoph von Einem; Thomas Chwalek (both Lead Transaction, Corporate M&A), Marcus Nothhelfer (IP/IT; Commercial), Dr. Friedrich Gebert (Foreign Trade Law; Public Law), Dr. Ulrich Lienhard (Real Estate), Dr. Astrid Seehafer (Regulatory Law); Counsel: Jens Knipping (Tax), Anja Mehrtens (Labour Law), Dr. Nima Hanifi-Atashgah (Corporate/M&A); Managing Associate: Benjamin Bandur (Corporate/M&A; Lead Due Diligence), Nora Stratmann (Commercial); Associate: Conrad Wiza, Jasmin Grünen, Anselm Graf (all Corporate M&A), Rolf Tichy, Thomas Lipsky (both IP/IT), Dr. Bernhard Gröhe (Foreign Trade Law; Public Law), Dennis Ratschkowski (Tax), Dr. Hendrik Völkerding (Labour Law), Tim Bresemann (Real Estate), Eva Ritte (Regulatory Law); Legal Specialist: Konstantinos Strempas

Antitrust law: Marck Rechtsanwälte, Dr. Georg Schmittmann

BMW Deal Team:

Inhouse Law: Stefan Hienzsch (Assistant General Counsel, Lead); Dr. Matthias Wahl, Sascha Ostermann (both Corporate M&A); Dr. Anne Frick, Christian Duca (both IP)

Hogan Lovells (Antitrust, Foreign Trade Law): Dr. Christoph Wünschmann (Lead, Antitrust, Munich); Dr. Falk Schöning, Stefan Kirwitzke (both Foreign Trade Law, Brussels)

ARQIS has advised the physiotherapy practice group Physio CKI on its expansion and the entry of growth partner Kapital 1852.

As part of a combined succession plan and expansion financing, the investment company Kapital 1852 Beratungs GmbH with the fund Kapital 1852 SCS SICAV-SIF Equity Invest IV “MidCapPlus” took a majority stake in the Physio CKI practice group.

Physio CKI, based in Bonn, employs over 100 professionals, over 70 percent of whom are therapeutic, and sees itself as a partner to its patients in the areas of therapy, well-being, and wellness. Within a few years of its foundation, Physio CKI is one of the largest regional market participants. The aim of the cooperation is to expand the group’s proven practice concept to further locations in the Rhine-Sieg and Cologne-Bonn metropolitan areas to strengthen healthcare in the region. Investments in the digitalisation of the company are also intended to make the services more accessible and improve the patient experience.

The founders of Physio CKI were accompanied in the transaction by Livingstone Partners (Christian Grandin, Philip Dorsemagen and Felix Baust) as M&A advisors. The ARQIS team led by Dr Jörn-Christian Schulze was invited to pitch on Livingstone´s recommendation, as ARQIS has particular healthcare expertise. In the healthcare and nursing sector, the ARQIS team has many years of experience in successfully accompanying financial investors.

Advisors to Physio CKI

ARQIS (Düsseldorf/Munich): Dr. Jörn-Christian Schulze (Lead), Christos Choudeloudis (Internal restructuring, deal team), Thomas Chwalek, Johannes Landry, Dr. Christof Alexander Schneider (all Corporate/M&A), Dr. Ulrich Lienhard (Real Estate); Counsel: Jens Knipping (tax), Donata Lasson, Anja Mehrtens (both Labour Law); Managing Associates: Dr. Maximilian Backhaus, Malte Griepenburg (both Corporate/M&A), Franziska Weinzierl (Real Estate); Associates: Laura Ally Rizzi, Katrin Ludwig, Severin Steffens (all Corporate/M&A), Tim Bresemann, Diana Puchowezki (both Real Estate), Rolf Tichy (IP), Virginia Mäurer, Dennis Ratschkowski (Labour Law)

ARQIS has advised the pan-European investment company Active Capital Company (ACC) on the acquisition of a majority stake in Brocolor Lackfabrik GmbH and Brocolor® Immobilien GmbH (Brocolor) from ELSAN Holding B.V..

Brocolor, based in Gronau, is a German specialty chemicals company for paints, adhesives, primers, coatings, and other chemical products. The company has expanded its warehouse in 2019 and plans to further increase its production capacity in the short term to meet increasing customer demand. The strategic growth plan focuses on expanding its high-quality contract manufacturing service. In addition, Brocolor is considered a specialised market leader with the highest environmental, social and governance standards.

ACC’s entry continues its growth in Germany, leveraging its hands-on investment approach and strong track record of investing in chemical-focused companies.

ARQIS has acted for ACC on several occasions in the past, most recently in the context of the sale of its stake in the SchahlLED Group.

The ARQIS Team was led by Dr. Mauritz von Einem (Munich) and Dr. Christof Alexander Schneider (Düsseldorf) (both Corporate/M&A), plus Johannes Landry (Financing), Marcus Nothhelfer (IP, Commercial). Counsel/Associates: Benjamin Bandur (Munich), Carolin Schlütter-Lückel (Düsseldorf, both Corporate/M&A), Dennis Reisich (Tax), Nora Stratmann (IP, Commercial – both Munich).

De Breij (Pieter Holthuis and Gaston Freijser, both Dutch corporate law) and Houthoft (Ageeth Panman and Jasmijn Harms) were also involved in the international transaction.

The seller ELSAN Holding B.V. was represented by Marktlink (Tim Rikmenspoel and Dave Kooij, both Amsterdam) and PPR & Partner Pape Rauh Rechtsanwälte PartG mbB, Düsseldorf (Benjamin Bein).