EQS-News: goetzpartners Corporate Finance launches sales process for Endor AG
EQS-News: Endor AG
/ Key word(s): Insolvency/Takeover
goetzpartners Corporate Finance launches sales process for Endor AG Landshut-based SimRacing specialist Endor is looking for a buyer with Munich-based consulting firm goetzpartners Corporate Finance Landshut, 16 August 2024 – Endor AG is one of the world's leading providers of equipment for racing simulations on games consoles and PCs. The products, such as high-end steering wheels or pedals, are sold to end customers worldwide under the FANATEC brand via the company's own online store. Substantial financial burdens on Endor AG were initially to be resolved through proceedings under the German Corporate Stabilization and Restructuring Act (StaRUG). The instruments introduced with the StaRUG 2021 enable companies to be restructured outside of insolvency. Endor had planned to bring in an investor to repay bank liabilities and provide the company with substantial financial resources to finance its ongoing business. After the StaRUG plan could not be implemented as planned, the company had to file for insolvency. On July 31, 2024, Landshut Local Court ordered provisional insolvency administration. Lawyer Dr. Hubert Ampferl from the law firm Dr. Beck Partner was appointed as the provisional insolvency administrator. The aim of the insolvency proceedings is to sell the company out of insolvency to an investor. In addition to the purchase price, a buyer must in particular have the necessary financial means to pay license fees and pre-finance the upcoming Christmas business. The business, sales, deliveries, repairs and warranties are currently continuing unchanged. However, the highest revenues are not expected until November and December. An international investor process was initiated immediately after the provisional insolvency administration was ordered. The operational business in Landshut as well as the shares in the foreign sales companies and the new administration building currently under construction are up for sale. The internationally active Munich-based consulting firm goetzpartners Corporate Finance was engaged for the sales process. In the past few days, a virtual data room has been set up where investors can access key documents relating to Endor's business. In addition, a business plan has been drawn up showing the company's potential. Jan-Hendrik Röver, the responsible project manager at goetzpartners Corporate Finance, was very satisfied after the first few days of the process: “There was an excellent response to our approach from more than 30 international investors. We have already had some very promising discussions. This underlines Endor's global reputation with the strong Fanatec brand and a superior product.” In the interests of employees, suppliers and customers, the aim is to find a quick solution that will enable an investor to take over the business quickly and continue it smoothly.
Contact: Press and investor enquiries: Jasmin Dentz, GFD Finanzkommunikation Peter Herkenhoff, GFD Finanzkommunikation
16.08.2024 CET/CEST Dissemination of a Corporate News, transmitted by EQS News - a service of EQS Group AG. |
Language: | English |
Company: | Endor AG |
E.ON-Allee 3 | |
84036 Landshut | |
Germany | |
Phone: | +49-(0)871-9221-122 |
Fax: | +49-(0)871-9221-221 |
E-mail: | ir@endor.ag |
Internet: | www.endor.ag |
ISIN: | DE0005491666 |
WKN: | 549166 |
Listed: | Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Munich, Stuttgart |
EQS News ID: | 1969817 |
End of News | EQS News Service |
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1969817 16.08.2024 CET/CEST