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| Client: |
Ingersoll Germany |
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| Business: |
Ingersoll is a major U.S. based international machine tool company that filed for bankruptcy in 2002 and is undergoing a complete liquidation. Ingersoll’s only remaining valuable asset is the stock of a German holding company (“Ingersoll Germany”) that owns two of the world’s leading designers and manufacturers of large, high-precision machine tools including milling machines, vertical turning centers (lathes), grinding machines and custom-engineered machining centers. Ingersoll Germany generates annual turnover exceeding 150 million Euros and has more than 1,200 employees serving customers in 25 countries.
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| Client Objective: |
BGL and InterFinanz GmbH (“IF”), both members of Global M&A – an international network of leading independent investment banking firms - were engaged by Ingersoll U.S. to manage the sale of the stock of Ingersoll Germany pursuant to a court-administered sale under the United States Bankruptcy Code.
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| Results: |
By leveraging local “on-the-ground” knowledge of prospective European, North American, and Asian buyers, BGL/IF identified a universe of more than 400 potential strategic and financial acquirers with interests in the same or related industries and targeted 190 parties for solicitation. BGL/IF subsequently executed Confidentiality Agreements (in both German and English) and distributed Offering Memoranda to more than 50 parties globally who expressed an interest in the transaction, resulting in the receipt of numerous Preliminary Indications of Interest at valuations significantly exceeding the client’s and the U.S. bank group’s expectations. Maschinenfabrik Herkules GmbH (“Herkules”), a privately-held German competitor, won the final bid in a court-administered auction after beating a competing offer from Beijing No. 1 Machine Tool Corporation (Beijing, China). Enterprise value approximating $79 million exceeded 6x full pro forma EBITDA, representing one of the healthiest multiples ach |
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