The Lindhorst Group, a family-run group of companies with activities in the business areas of agriculture, forestry and renewable energies, among others, has acquired around 80 rooftop photovoltaic systems with a total installed capacity of around 36 megawatt peak as part of a distressed M&A transaction. The portfolio is spread throughout Germany.
The buyer is a subsidiary of JLW Holding AG from the Lindhorst Group, which was legally advised by the law firm HEUKING. The seller is the Sun Contracting Germany Group, for which attorney Nicolas F. Grimm (Ehler Ermer & Partner mbB) has been appointed as insolvency administrator. He was advised on the successful sale by MÖHRLE HAPP LUTHER. The parties have agreed not to disclose the purchase price.
As lead advisor, the M&A team of MÖHRLE HAPP LUTHER was responsible for the preparation, management and implementation of the entire investor process. The services included in particular the development of the marketing strategy, the preparation of the transaction documents, the approach and support of potential investors, the organisation and coordination of the due diligence, the implementation of the bidding process, the negotiation of the offers and the support of the contract negotiations up to the successful signing.
On the part of the Lindhorst Group, a mixed team of lawyers from the energy law and M&A practice of the law firm Heuking advised on the purchase during the due diligence process and the drafting and negotiation of the contract until the conclusion of the contract and beyond during the preparation and implementation of the closing.
"Despite the insolvency situation, the Lindhorst Group was able to ensure a sustainable continuation of the portfolio by the Lindhorst Group as a strategic acquirer as part of the structured and competitive investor process," emphasizes Maarten Wortel, lead partner at MÖHRLE HAPP LUTHER, and continues: "The transaction represents a successful conclusion of a complex distressed M&A process in the infrastructure and energy sector and ensures the long-term continued operation of the Germany-wide photovoltaic portfolio."
Dr. Janis Meyerhof, the board member responsible for the Renewable Energies business unit at JLW Holding AG, says: "Many of the plants are located in eastern and central Germany and thus close to the areas and locations of our group of companies. All plants receive EEG feed-in tariffs. However, it is planned to resell one or the other plant outside our focus regions in western Germany."
