Perhaps proving once again that calamity and opportunity can often be found walking together in the business world, it has been announced that Axeon Holdings has gone into administration and has been acquired. The company, which bills itself as Europe's largest independent supplier of lithium ion battery systems and who has supplied energy storage set ups for Modec, the eRUF electric Porsche project and many others, has had its assets snapped up by a company especially created for the purpose, AG Holdings LTD. The new company has backing of a hedge fund called Ironshield Capitol Management LLP and is now the proud owner of Axeon assets that include its manufacturing facility in Poland, its engineering site in Switzerland as well as its headquarters in Dundee, Scotland. It is said that while customers, creditors and employees shouldn't be affected by the changes, stock holders are likely out of luck. Press release after the break.
[Source: AG Holding LTD via Green Car Congress]

PRESS RELEASE:

Axeon Announcement

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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