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• Sale approved by creditors’ assembly and insolvency monitor, Mr Michael Pluta
• Sites and product portfolio remain unaffected
MAAS Baustoffe GmbH will undergo a change of ownership. The building supplies company with its ten sites will be sold to MAAS Bauzentrum GmbH as part of the ongoing debtor-in-possession proceedings. A group of investors together with the Maas Family secured the deal in a bidding process involving five potential buyers. The purchase agreement was signed on 29 January. The full scope of business operations together with roughly 130 members of staff and the previous management team are expected to be transferred to the new owner in May of this year. It has been agreed that the purchase price will not be published.
Gleichenstein & Breitling, a Munich-based law firm from which a senior partner, the attorney Mr Maximilian Breitling, took the leading role, represented the buyer selected in this process.
The transaction had already been approved in mid-January by the creditors’ assembly and the insolvency monitor Mr Michael Pluta, Managing Director of PLUTA Rechtsanwalts GmbH. “Selling the business will not bring about any changes for the building supplies company, but will rather strengthen its sites and its product portfolio. Moreover, all employees will be kept on,” said the managing director Mr Stefan Dowiasch.
The Maas Group had filed for debtor-in-possession proceedings with the Local Court of Heilbronn at the end of August 2017. This also affected the building supplies company MAAS Baustoffe, whose business is not actually making losses. After proceedings were opened in November, a transparent search for an investor was launched, which was supported by M&A experts from IMAP.