The Austrian financial investor SOL Capital Management, which specialises in the turnaround of companies, has announced the acquisition of the traditional Vorarlberg-based bicycle manufacturer Simplon by one of its funds. Subject to merger control approvals and the legal validity of the reorganisation plan, SOL Capital plans to fully acquire Simplon Holding GmbH and intends to secure the established and still popular brand with Austrian production and around 140 employees in the long term with a capital injection.
Managing Director Luksch leaves Simplon
A corresponding future plan for the successful continuation of the operating business has been unanimously approved by the company's creditors and confirmed by the Feldkirch Regional Court. After three months of reorganisation proceedings, the successful restart is thus finally secured.
The previous Managing Director Jakob Luksch, who has driven the restructuring work over the past 18 months, is leaving the company, while CFO Gerhard Buchmüller will take over his duties until further notice. Once the transaction has been approved by the antitrust authorities and the reorganisation plan has become legally effective, Christoph Mannel will take over as Managing Director. The designated CEO has already repositioned several European bicycle and sporting goods manufacturers.
Simplon retained as Austrian manufacturer
Dr Paul Niederkofler, Managing Partner and Managing Director of SOL Capital, says: "Together we have ambitious plans for the future. Simplon has an excellent reputation in the promising market for premium bicycles. We want to utilise this potential. Even if even rock-solid companies with high-quality products and excellent service can get into difficulties in the current situation: The example of Simplon shows that there can be a positive future for these companies if the right players come together."
Christoph Mannel, the future CEO of the Vorarlberg-based manufacturer, adds: "The new start is good news for the approximately 140 employees, for customers and for supply and trade partners. The planned takeover by the new investor secures Austria as a centre of innovation and production as well as the traditional brand and opens up new opportunities for the further development of the company."
Simplon Fahrrad GmbH filed for insolvency at the Feldkirch Regional Court in September and applied for reorganisation proceedings with self-administration.
According to the company's press release, liabilities of around 44.5 million euros had accumulated. With the help of the restructuring procedure with self-administration, 30 per cent of the debts are to be repaid to the creditors within two years. Simplon was founded in 1961 by the Hämmerle family from Vorarlberg and over the years has developed a reputation as a manufacturer of innovative and technically high-quality bikes. The future owner and managing director will retain the company headquarters in Hardt near Bregenz, as well as research and production in Austria. "As a leading company, Simplon is deeply rooted in Vorarlberg. It is our clear decision to hold on to this location," say Niederkofler and Mannel.
Thomas Musch
Publisher
