Overview
Frankfurt, November 11, 2024 – McDermott Will & Emery has advised VR Equitypartner on the merger of its portfolio company solectrix Group with ASSDEV Group.
The new group will have approximately 250 employees and annual revenues in excess of €40 million. The transaction is subject to regulatory approvals and is expected to close before the end of the year.
The founding shareholders and directors of solectrix and VR Equitypartner will remain invested in the group. One of the founding families of ASSDEV will withdraw from the group, while the other founding shareholder and former managing director will continue to play a leading role in the new group and will take a significant shareholding.
The companies will continue to operate under the names solectrix, solectrix Systems, ASSDEV and AST-X.
Founded in 2005 in Fürth, Germany, solectrix GmbH develops high-end electronic solutions for medical, imaging, automotive and industrial applications. VR Equitypartner has held a minority stake in solectrix since 2021.
ASSDEV GmbH, also founded in 2005, has more than 100 employees at its Forchheim site and produces highly complex and safety-relevant electronic systems for use in power engineering, railway technology, IoT gateways, telematics and industry.
VR Equitypartner, a subsidiary of DZ Bank, is one of the leading equity financiers in Germany, Austria and Switzerland. VR Equitypartner’s portfolio currently comprises around 40 commitments with an investment volume of €400 million.
The team advising VR Equitypartner was led by partner Michael Cziesla and counsel Christian Marzlin and comprised partners Florian Lechner, Philip Schmidt, Johannes Honzen, Christian Rolf, Heiko Kermer, Steffen Woitz and Ludwig Zesch, counsel Isabelle Suzanne Müller and Marcus Fischer as well as associates Matthias M. Bosbach, Saadet Demir and Sönke Wassermann.
