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Download as PDFProvisional administrator Mr Stefan Meyer and PwC expect to achieve a long-term solution for the manufacturer of tools and production systems for plastics processing in the automotive industry
On 14 February 2023, the Local Court of Münster ordered provisional insolvency proceedings for the assets of FRIMO Group GmbH and FRIMO GmbH (FRIMO). Attorney Mr Stefan Meyer, a restructuring expert from PLUTA Rechtsanwalts GmbH, has been appointed provisional insolvency administrator.
The FRIMO Group, based in Lotte near Osnabrück, is a leading provider of technologically advanced tools, equipment and turnkey production systems for automotive customers. In addition to the site in Lotte, there are also dependent FRIMO GmbH subsidiaries and production facilities in Freilassing, Hamburg and Sontra. The FRIMO subsidiaries abroad (in Hungary, Poland, the USA, Mexico and Shanghai) are not directly affected by the insolvency proceedings recently opened and will be stabilised through appropriate measures. In total, FRIMO has a workforce of around 1,200 staff. The insolvency is the result of supply problems in the automotive industry, geopolitical crises and increased energy and raw material costs.
Provisional administrator Mr Stefan Meyer has acted immediately upon his appointment to launch a structured M&A process for FRIMO on an international scale. The intention is to sell not only the German companies but also the foreign subsidiaries and their premises at the Freilassing and Sontra sites.
Several potential investors have already proactively expressed their interest in the past few days. “We will do everything within our power to stabilise the business and will examine all options that may allow the group to be restructured and embark on a new future. I am confident that we will succeed in finding a long-term investor solution for FRIMO,” said Mr Stefan Meyer.
The sale process is being supported by the M&A experts (Automotive and Distressed M&A) at international accounting firm PwC. The team led by Mr Timo Klees and Mr Martin Schwarzer will initiate an international market approach in the next few days. The first talks with investors have already been held. The M&A process is expected to be completed by the end of April 2023.
PLUTA expert
Stefan Meyer
Rechtsanwalt, Fachanwalt für Insolvenz- und Sanierungsrecht
Dr. Ria Brüninghoff
Rechtsanwältin, Fachanwältin für Insolvenz- und Sanierungsrecht
Christoph Chrobok
Rechtsanwalt
Philip Konen
Rechtsanwalt