Corporate | 3 December 2010 16:57
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ARQUES Industries AG / Key word(s): Disposal
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ARQUES sells Anvis subsidiary to management Munich, December 3, 2010 – With today’s notarial contract ARQUES Industries AG sold their share in the Anvis Group to Hahn GmbH, a company owned by the former managing director, Olaf Hahn. The transaction was financed by H.I.G. Europe, the European arm of the investment company, H.I.G. Capital, which focuses on medium-size enterprises. The parties agreed not to disclose the purchase price which was already paid today. The Anvis Group is a primary developer and manufacturer of innovative functional solutions for driving dynamics, comfort and road safety and is represented in Europe, America, Asia and South Africa with 13 branches supporting the local automobile industry. After EUR 210 million turnover last year with losses, the company expects turnover of EUR 250 million in the current year with positive earnings. ARQUES acquired the subsidiary in September 2007. The implemented restructuring measures have, however, not been concluded to date. In the course of the sale, ARQUES accrued liquid resources in the low double-digit million Euro range. At the same time the financial liabilities within the group decrease by approx. EUR 30 million. After the sales of the subsidiaries, ‘Fritz Berger’ and ‘Golf House’, the sale of the Anvis Group is the third exit this year. ARQUES anticipates further exits within this year. In some cases negotiations with potential investors have progressed substantially. ARQUES expects that after conclusion of the current transaction processes, the company will be free from financial liabilities to a large extent and have substantial cash reserves.
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| Language: | English | |
| Company: | ARQUES Industries AG | |
| Arnulf Office Park – Arnulfstraße 37-39 | ||
| 80636 München | ||
| Deutschland | ||
| Phone: | +49 89/255500-0 | |
| Fax: | +49 89/255500-200 | |
| E-mail: | klaus.franke@arques.de | |
| Internet: | www.arques.de | |
| ISIN: | DE0005156004 | |
| WKN: | 515600 | |
| Listed: | Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr in Berlin, Düsseldorf, Hamburg, München, Stuttgart | |
| End of News | DGAP News-Service |
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| 105521 03.12.2010 |