Germany-based company engaged in manufactured of Aircraft partsTAI – Turkish Aerospace Industries, Inc. – has acquired 100 percent of the limited partnership interests in Grunewald Stade GmbH & Co. KG. Grunewald Stade manufactures aircraft components for the aerospace industry, AIRBUS is one of its most important customers. Headquartered in Ankara, TAI is a Turkish aerospace company. The Turkish State is among its major shareholders. The company, with over 4,000 employees, is one of the largest suppliers of AIRBUS. The transaction was accompanied by VR Corporate Finance GmbH, the M&A advisory entity of the cooperative banking groupFinanzGruppe Volksbanken Raiffeisenbanken.
Until the moment of its sale to TAI, Grunewald Stade has been one of five legally independent companies of the Grunewald Group, whose companies are situated in four different locations. The Grunewald Group is specialised in tool and mould making, as well as in the development of metallic parts and plastic components. The family-run corporate group is headquartered in Bocholt, where the first company was founded by Felix Grunewald in 1963. Overall, the Grunewald Group has about 240 employees.
The manufacturing of aircraft parts for the aerospace industry and the processing of carbon-fibre components by means of waterjet cutting take place in the Stade plant. Rudders are assembled for the Airbus families A318 to A320, as wellas A330 toA340. As part of a strategic analysis of the prospective reorganisation of the Group, the shareholders have decided to sell Grunewald Stade, which was founded in 2007. The other four companies in Bocholt, KirchlenDEN and Hohe Bördewillremain under the family’scontrol. “In view of the centralisation of the suppliers of AIRBUS, the transaction is both for our customer Grunewald and for TAI the logical consequence of their respective business objectives,” says Dietmar Kohl, Member of the Executive Board of VR Corporate Finance. “This transaction gives Grunewald the opportunity to continue the existing cooperation with TAI, whereas for TAI the acquisition represents a major step to further expand its business relationship with itsmajorcustomerAIRBUS,”says Kohl. “Moreover, it is a great opportunity for TAI to integrate into the European aviation industry,” Kohl goes on. TAI is currently one of the top suppliers of AIRBUS (so-called Tier 1 Supplier). The acquisition is, according to TAI, in line with the global growth strategy and is a step towards the company’s internationalisation. It is in fact the first transaction of TAI outside of Turkey. VR Corporate Finance was appointed by the shareholder family Grunewald to assist exclusively as financial advisor in the sale and to support during the due diligence and contract negotiations. The purchase price was not disclosed.
DZ BANK AG
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Grunewald Stade GmbH & Co. KG
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