Schoenherr has advised US asset manager KPS Capital Partners on its acquisition of DexKo Global's production facilities in Austria and Poland from private equity investment firm Sterling Group L.P. Harris Williams & Co. acted as special advisor to Sterling Group L.P.'s Board, and Willkie Farr & Gallagher acted as legal counsel on the acquisition, which closed on July 25, 2017. The financial terms of the transaction were not disclosed.
Sterling Group L.P. will continue to own a minority stake in DexKo.
The Austrian and Polish manufacturing sites producing vehicle technology under the AL-KO brand are part of the international DexKo company, which Schoenherr describes as "the world's largest axle manufacturer with an annual turnover of around EUR 850 million." DexKo was formed at the end of 2015 through the combination of Dexter and AL-KO Vehicle Technology. The company is headquartered in Novi, Michigan, and employs over 4,500 employees with 39 manufacturing facilities and 25 distribution centers across the globe.
KPS is the manager of KPS Special Situations Funds, New York, USA, a family of investment funds with approximately USD 5.2 billion of assets under management.
Schoenherr provided extensive corporate transactional support including due diligence, regulatory, and employment legal advice as to the Austrian and Polish part of the transaction. The firm's team was led by Partner Christian Herbst, supported in Vienna by Counsel Maximilian Lang and Associates Alexander Mazevski, Stefanie Orator-Saghy, and Teresa Waidmann. Schoenherr Partner Pawel Halwa, Counsel Barbara Jozwik, and Attorney Wojciech Czyzewsk advised on the Polish aspects of the transaction.