Axeon goes into administration, gets acquired
[Source: AG Holding LTD via Green Car Congress]
AG Holding Limited is pleased to announce that it has acquired the entire business of Axeon Holdings Plc (in administration), including 100% of the share capital of the following companies (together the "Business"):
- Axeon Power Limited
- Axeon Technologies Limited
- Axeon AG
- Elektro Montage Bou GmbH (EMB)
- SAT Akkumulatoren Technik AG (SAT)
- Zaklad Montazu Ukladow Zasilajacych MAZ Sp Z.o.o. (MAZ)
The Business is one of Europe's leading independent lithium-ion battery solutions providers and is a leading green energy company. It is headquartered in Dundee where operations include manufacturing, commercial and engineering departments. The Business also has a manufacturing facility in Poland, a commercial and engineering base in Switzerland as well as a sales facility in Germany.
AG Holding is a special purpose investment company incorporated in the UK for the purpose of acquiring the Business and is backed by funds managed by Ironshield Capital Management LLP ("Ironshield").
We do not expect the acquisition to result in any disruption to customer and supplier relationships.
A statement issued by AG Holding and Ironshield:
"We have purchased these companies as we believe they have a promising and exciting future. We have an ambitious development plan for the Business as a whole and the acquisition allows us to provide the Business with the necessary financial resources which will, together with management and staff's expertise, assist it to consolidate its leadership position in Europe and continue its expansion for the benefit of its clients."
Note on the administration
This acquisition follows the appointment of Malcolm Shierson and David Dunckley of Grant Thornton as Joint Administrators of Axeon Holdings plc earlier today.
The Administrators of Axeon Holdings plc (in Administration) will contact its creditors separately and deal with the outcome of the administration process and pre-administration debts. Creditors of Axeon Holdings plc (in Administration) and of its subsidiaries should be unaffected by this process.
Note on Ironshield
Ironshield Capital Management LLP is a European special situations fund manager based in London. Ironshield has successfully invested in a number of companies of various sizes and capital structures, helping them to execute their business plans including growth, acquisition and financing.
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