Bencis sells significant parts of the Heytex Group

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Published Date

Oct 11 2024

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A&O Shearman has advised the private equity investor Bencis Capital Partners (Bencis) on the sale of significant parts of the Heytex Group to Freudenberg Performance Materials. The transaction encompassed Heytex' core business including three production sites in Bramsche, Ebersbach-Neugersdorf (Germany) and Zhangjiagang (China), as well as all central corporate functions such as sales and the research & development department. In 2023, the sold part of the Heytex Group generated a turnover of around EUR100 million with approximately 400 employees. The transaction is still subject to clearance by the antitrust authorities. The parties agreed to keep the purchase price confidential.

The Heytex Group is one of the world's leading manufacturers in the development of high‑quality functionalized technical textiles. With a range of laminated and coated textiles, the Heytex Group covers a very broad range of applications. Heytex materials are, for example, used as truck and trailer tarpaulins, pavilions, large and warehouse tents, protective covers for containers and other applications, as well as for water vehicles such as boats. With its headquarters in Bramsche, Germany, the Heytex Group employs more than 500 people at five locations in Germany, the Netherlands, China and the USA.

Bencis is an independent investment company that supports business owners and management teams in achieving their growth ambitions. Working out of offices in Amsterdam, Brussels and Düsseldorf, Bencis has been investing in strong and successful businesses in the Netherlands, Belgium and Germany since 1999.

Freudenberg Performance Materials is a leading manufacturer of innovative technical textiles and generated a turnover of more than EUR1.4 billion in 2023. On its 32 production sites across the globe, it employs over 5,000 employees. The company is a business unit of the Freudenberg Group. In 2024, Freudenberg Group employed more than 52,000 employees in approximately 60 countries in 2023 and generated a turnover of roundabout EUR11.9bn.

The A&O Shearman team consisted of partners Dr Alexander Veith (corporate/M&A), Dr Rauni Ahammer (banking & finance, both Munich) and Thomas Neubaum (banking & finance, Frankfurt), as well as associates Dr Maximilian Schmitt (corporate/M&A) and Dr Laura Frömel (banking & finance, both Munich).

The team also included partner Florian Lechner (Frankfurt), counsel Jens Denninger (Munich) and associate Damian Snop (Frankfurt, all Tax), partner Dr Börries Ahrens, counsel Dr Ioannis Thanos and associate Julius von Düring (all antitrust, all Hamburg), senior associate Anna Kräling (IP/IT, Düsseldorf), partner Dr Jochen Scheel (Frankfurt) and associate Dr Paul Gerlach (Munich, both real estate), partner Dr Robert Cardone and associate Domenic Frappolli (both Dallas, both corporate/M&A), partner Gijs Linse and associate Tim Rijkse (both Amsterdam, both corporate/M&A) and transaction support lawyer Corvin Kieselhorst (Munich, corporate/M&A).

A&O Shearman has already advised Bencis on its acquisition of the Heytex Group last year as well as on various other past transactions such as its acquisition of the steel profile manufacturer Gebhardt Stahl in 2019 and HALEX Holding GmbH in 2018.