HP Pelzer managers and Adler Group take over all shares from former owners

Thanks to all parties involved for their professional support

Witten, April 15, 2010 – HP Pelzer Group, the worldwide supplier of acoustic components for the automotive industry, has turned a new page in its history. As of now, the company’s three co-heads, Dr. Frank Sandfort, Klaus Schumann and Luca Warnke, are Pelzer’s new majority stakeholders. Together with strategic investor Adler Group, based in Villastellone near Turin, which now holds 49 percent of the shares, the Pelzer managers have bought all shares of HP Pelzer Holding GmbH from the former owner syndicate led by Goldman Sachs. The shares will be transferred to the new owners as part of the formal closing process tomorrow, on April 16.

The syndicate comprised over a dozen banks and hedge funds. “We thank the syndicate, in particular Goldman Sachs, for making a new start possible for HP Pelzer, which was significantly affected by the financial crisis,” said Dr. Frank Sandfort, the CFO of Pelzer. At the same time, a new loan from a consortium led by Deutsche Bank AG is supporting the new start with fresh capital. A majority of the loan is guaranteed by the state of North Rhine-Westphalia. The transaction required the approval from the OFD Muenster tax authorities, which has been obtained.

Moreover, Pelzer’s large automotive customers are also directly supporting the realignment of the company with new supplier contracts. “The current order situation at Pelzer is promising and shows that our customers are loyal to Pelzer. This new beginning was only possible with the support of customers, employees, suppliers and the involved state authorities,” said CMO Klaus Schumann.

Pelzer’s new partner, the Adler Group, also develops and produces acoustic components and plastic trim parts for the interior of vehicles. Pelzer and Adler, who have already been working together for several months, complement each other excellently with their differing customer bases and geographic footprint.

“On behalf of all employees, customers and suppliers, we would like to say a huge thank you for supporting the future of HP Pelzer and its 5,000 employees around the world,” said COO Luca Warnke. With this transaction, the company has now been relieved of most of the debt both on and off the balance sheet. This is a good basis for the ongoing restructuring process of the group.

HP Pelzer Group, headquartered in Witten, is a leading worldwide supplier of automotive parts with a focus on automotive acoustics and interior trim. The most important automakers around the world are among its clients. The company operates 37 production sites and five development locations in 18 countries. It employs 5,000 people, including 700 in Germany. In 2009, HP Pelzer Group had sales of about 478 million euros.

Pressekontakt:

Bruno Seifert or Dr. Thomas Reuß
Corporate Communications, HP Pelzer Group
Brauckstraße 51
58454 Witten
Phone : +49 (0)6133 5090880
Fax : +49 (0)6133 5099098
Mobile : +49 (0)171 3322434 or 0171 3322505
e-mail: presse@pelzer.de