Zrinski AG

Acquisition of Zrinski AG by way of a reorganisation by transfer

The transaction
Zrinski AG is a leading provider of high-precision, complex components and products such as medical implants and instruments. The company was acquired by Bricon GmbH, a subsidiary of China’s Naton Medical Group, as part of a reorganisation by transfer (asset deal). The deal enabled all of the jobs and production sites to be secured.

The target
Zrinski AG operates production sites in Germany and Croatia as well as a sales office in the United States with locally held stock of the company’s proprietary implants. The company specialises in the development, design and production of products in the medical technology and high tech sectors and offers customised surface finishes in accordance with the customer’s needs. In addition, Zrinski GmbH holds several patents for implants and surgical instruments as well as a number of ISO certifications and FDA certifications for the US market. Zrinski’s customers include such leading companies as Carl Zeiss, Stryker and Johnson & Johnson.

The buyer
With more than 3,500 employees, the Naton Medical Group is one of China’s largest medical technology manufacturers. The company was founded in 1996. With its innovative research and development activities as well as its production of implants, orthopaedic products and surgical instruments, Naton is a major player in the sector. The acquisition of Zrinski GmbH will allow the company to gain increased access to European markets and extend its product portfolio to include complementary technologies.

benten capital’s role
benten capital initiated the transaction on behalf of the insolvency administrator and, in the context of a complex initial situation, conducted a global bidding process involving

  • two German production sites with some of the properties sold by means of a sale & leaseback deal,
  • a Croatian site with a fraught financial and management situation, and
  • a stake in a US distribution subsidiary for proprietary patented implants, which had high outstanding debts and

a complex inventory situation in consignment in the United States. benten Capital focused particularly on addressing buyers in China and the United States in order to take optimal advantage of the existing competitive benefits associated with the products and technologies and thereby achieve an attractive company valuation. Following an intensive due diligence phase involving several interested parties, the final negotiations of the complex asset purchase agreement were conducted and successfully concluded with the Naton Medical Group. The partners at benten capital responsible for the transaction were Harald Tomaselli and Ulrich Praßler.

Industry
Germany
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Contact

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