ICFG Switzerland advised ENVIROTHERM on its self-administered insolvency process

On August 20, 2021 Steinmüller Engineering GmbH took over the essential business parts of
ENVIROTHERM GmbH in an asset deal as part of ENVIROTHERM’s self-administered insolvency
process. ICFG Switzerland (A.Vaccani&Partner) was commissioned by the creditors’ committee to carry out a
competitive investor process.
Founded in 2003, Envirotherm GmbH (“ENVIROTHERM”) is an international engineering and plant
construction company based in Essen, Germany, with 19 employees. With its own technologies, the company focuses on the areas of synthesis gas and fuel gas generation as well as energy generation from solid fuels, in
particular from secondary raw materials, in the disposal of sewage and industrial sludge as well as hazardous waste in solid, liquid, pasty and gaseous form.

Founded in 2003 in Gummersbach, Germany, Steinmüller Engineering GmbH (“Steinmüller Engineering”) is a major international player in engineering and delivery services. With a focus on the energy industry and thermal processes, Steinmüller Engineering is ideally positioned as a company to implement complex and demanding new construction or modernization projects.

The deal was lead by AVP Partner Dr Amir Golshani.
“With Steinmüller Engineering, we have found a strong strategic partner who will take over the essential parts of the business of ENVIROTHERM”, announced Dr. George Daradimos and Dr. Jörg Ladenthin, the Managing Directors of ENVIROTHERM.

Lutz Brandau, Vice President of Sales at Steinmüller Engineering reports on the acquisition: Steinmüller Engineering is well prepared to manage complex and demanding new construction and modernization projects supplemented by ENVIROTHERM technology and its experienced employees”.

Dr. Biner Bähr from the law firm White & Case was the trustee of the insolvency proceedings. “The chosen procedure enables ENVIROTHERM to develop a viable plan within the framework of self-administration with the aim of continuing the company’s former core business.”, said Dr. Bähr.

Roman-Knut Seger, Managing Director of BDO Restructuring GmbH and restructuring advisor to the company, explains the procedure: “The acquisition takes place as part of an asset deal. We assume that the handover to the new owners will be final in the course of August. Despite the complex initial situation, AVP carried out the time-critical M&A process in a professional and structured manner”.

Dr. Amir Golshani, Senior Partner at AVP commented: “We are very pleased to have found a strategically
important partner for ENVIROTHERM, who not only takes over parts of the company in a targeted manner, but also wants to develop the business sustainably”.
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