The global law firm Dentons advised Flex-Elektrowerkzeuge GmbH (“Flex“) in the context of the sale to Chervon Holdings Limited (“Chervon”). Flex is a manufacturer of tools with their head office located in Steinheim, Germany, employing more than 250 employees. In 1954, Flex brought the first high-speed angle grinder on the market, for which synonymously the brand name Flex is still used today. To date the company develops and manufactures high-quality professional tools and sells them in Europe, North America and Australia.
In the past 20 years, Chervon has moved up to one of the top-ten manufacturers of tools worldwide. The holding company of Chevron is registered in Hong Kong, with the main operation of R&D and production located in mainland China, and employs 5,000 employees. The main transactions of Chervon take place in North America, Europe and Asia. The company plans on continuing using Flex as their own brand.
The advisory team of Dentons under the leadership of Andreas Ziegenhagen rendered advice to Flex regarding all legal inquiries pertaining to this transaction.
The sale was made by Flex Beteiligungs-GmbH, which as a trust company is being administrated by Dentons’ Partner Andreas Ziegenhagen. In the scope of a double-sided trusteeship the Flex Beteiligungs-GmbH had taken over the shares of Flex since 2011 and saw the restructuring of the company through. With the sale to Chervon this was now finally completed successfully.
Dentons’ Partner Andreas Ziegenhagen specializes in the area of restructuring in connection with a double-sided trusteeship on behalf of the individual stakeholders and has, for example, successfully advised the TFL Group in September regarding the sale to Black Diamond Capital Management, L.L.C.
Advisor Seller/Flex Beteiligungs-GmbH:
Dentons Berlin: Partner: Andreas Ziegenhagen (Trustee, Lead Management), Dr. Peter Mayer (Corporate Law), Hauke Thieme (Tax Law); Counsel: Dr. Detlef Spranger (Conduct of Negotiations, M&A), Dirk Schoene (Restructuring), Tobias von Gostomski (Banking and Finance)
