Less than a year after emerging from Chapter 11 bankruptcy protection, Nashotah, Wis.-based automotive injection molder Techniplas LLC has acquired assets from a German company that is undergoing an insolvency process.
Nanogate SE went into insolvency, which is similar to debtor-in-possession in U.S. Chapter 11 cases, in June 2020.
Techniplas filed for Chapter 11 bankruptcy protection in May 2020 and emerged in June 2020 as a part of its sale to Bayside Capital, Amzak Capital Management and The Jordan Co.
"The addition of Nanogate's unique and proprietary finishing capabilities will strategically complement Techniplas' core expertise in injection molding to create one of a few companies of scale with a full suite of molding and finishing capabilities," Ali El-Haj, CEO of Techniplas, said in a May 8 release. "Together the combined companies will have 25 locations worldwide to serve our customers globally."
Nanogate produces and designs components and surfaces for the automotive and industrial end markets.
Prior to entering Chapter 11, Techniplas was No. 41 in Plastics News' ranking of North American injection molders with $240 million in annual sales. However, it sold two plants to Revere Plastics Systems Inc. before it emerged from bankruptcy.
"The company has an extensive technology and intellectual property portfolio that enables it to offer unique finishing solutions such as radar-transparency, translucency, anticorrosion, scratch-proof and nonstick and easy-to-clean functional properties," the release said.
Techniplas acquired business assets of Nanogate, including its insolvent subsidiaries Nanogate Management Services GmbH, Nanogate NRW GmbH, Nanogate PD Systems GmbH and Nanogate Neunkirchen GmbH.
It also acquired investments in Nanogate's noninsolvent subsidiaries, Nanogate North America LLC, Nanogate heT Engineering GmbH, Nanogate Netherlands BV, Nanogate Schwäbisch Gmünd GmbH and Nanogate Slovakia sro through share deals.
"The agreed acquisition of the core business by the Techniplas Group secures jobs and creates a stable basis for the future," Martin Hendricks, CEO of Nanogate, said. "As part of the international technology group, additional profitable growth opportunities will be generated based on the strong combined product and technology portfolio. The agreed transaction confirms that Nanogate has powerful technologies and an attractive customer base."
The purchase price was not released but is in the mid-double-digit million range in euros, the release said, and will be "used entirely to service claims of creditors of Nanogate SE and other insolvent group companies in the context of ongoing insolvency proceedings in self-administration."
After closing, Nanogate will be left without operating business or interests and will be dissolved with its stock market listing terminated, it said.
Techniplas did not immediately respond to request for comment by Plastics News.