Taylor Wessing advises specTra Industriekapital and Kleinewefers Beteiligungs-GmbH on investments in textile finishing specialist TAG

Taylor Wessing advised the two investment companies specTra Industriekapital GmbH, Munich, and Kleinewefers Beteiligungs-GmbH, Krefeld, in the acquisition of the business of TAG Textilausrüstungs-Gesellschaft Schroers GmbH, Krefeld. Customers of the insolvent company of long-standing tradition, which specialises in finishing technology textiles, include the automotive and military sectors. With the involvement of the management, the company’s assets were purchased by the two investors through a new company in an asset deal. The new company will operate under the name TAG Composites & Carpets GmbH. The creditors’ committee unanimously approved the solution; moreover, 217 out of 246 jobs were preserved in the restructuring process. The transaction closed at the end of April and becomes effective as of 1 May.

The investors specialise in corporate restructuring. With a nearly 95 % interest in listed Jagenberg AG, Kleinewerfers Beteiligungs-GmbH is an experienced structurer in various industries, including mechanical engineering and textiles. specTra Industriekapital GmbH invests in companies with special restructuring requirements.

Taylor Wessing acted as counsel to the investors throughout the entire deal, performed the due diligence and offered comprehensive advice on the structuring of the new company and the negotiation and implementation of the investment in TAG. Taylor Wessing was engaged due to good contacts to the two investors, which Taylor Wessing had advised separately in previous matters, especially transactions.

Counsel to specTra Industriekapital GmbH and Kleinewefers Beteiligungs-GmbH

Taylor Wessing (Düsseldorf):

Dr. Frederick Gillessen (lead partner, Corporate/M&A), Dr. Walter Potthast (Public Law), Marc A. Gimmy (Employment & Pensions), Dr. Thomas Fehrenbach (Private Real Estate), Dr. Michael Malitz (Insolvency); Associates: Thomas Kaiser (Corporate), Jens Nollmann (Public Law), Horst Richard Schmidt (Private Real Estate), Franziska Hügel (Employment & Pensions)

Counsel to TAG

Insolvency administrator:

Dr. Eberhard Stock

Achilles Kleinheisterkamp & Partner:

Dr. Jürgen Fassin