GvW Graf von Westphalen has advised Plant Systems & Services PSS GmbH ("PSS") in the acquisition of the Veltec Group from the Leadec Group. The closing of the transaction is still subject to antitrust clearance. The Parties have agreed to keep the terms of the sale confidential.
PSS is continuing to expand its position in the processing industry by acquiring Veltec. As the holding company of a group of specialized companies, PSS offers services for the energy and processing industry such as e.g. power plants, chemical and steel companies, waste incineration plants and district heating suppliers. The range of services includes engineering, servicing, repair and maintenance as well as the retrofitting and conversion of existing facilities, subsystems and components.
Veltec is one of the leading European service providers in the process and power plant industry for technical maintenance. The company, headquartered in the Bavarian town of Niedernberg, has approximately 1,000 employees at a total of nine own locations and is present with service teams at 35 further locations for customers in the oil and gas process industries, chemical industry, life sciences and raw materials as well as in power plants. The Leadec Group with its approximately 20,000 employees will increasingly focus after the sale of Veltec on the area of production industries.
PSS was advised by a team from various offices under the leadership of the Düsseldorf partner Dr Malte Hiort (corporate/M&A), consisting of the partners Dr Frank Tschesche (co-leader, tax law), Christian Kusulis (antitrust law, both in Frankfurt), Dr Wolfram Desch (restructuring, Munich), Dr Malte Evers (employment law), Marian Niestedt (export control, both in Hamburg), Dr Christoph Hauptvogel (pensions, Munich), the associate partner Dr. Felix Wolf (corporate/M&A, Munich) and the senior associates Dr Michael Engel (tax law, Frankfurt) and Anton Kastenmüller (employment law, Munich).
The acquisition of Veltec by PSS was another matter in which GvW has acted in a mid-cap transaction in the industrial sector. GvW was recently named as one of the three most well-known mid-size law firms for M&A transactions (more).