The new shareholder obtained business operations, and shares in the German solar PV company. This transition finalizes Schletter’s financial recovery.
Schletter’s acquisition has been successfully completed by Golden Square Capital. The company announced the transfer of its business operations and shares to the new investor in a closing, last week. Already in late June, in an interview with pv magazine at The Smarter E tradeshow in Munich, CEO Tom Graf disclosed that the banks involved had accepted the purchasing agreement.
“The closing marks the successful finish of our financial recovery,” says Graf. “Free from financial dead wood and under the umbrella of an economically strong partner, we can now get off to a flying start at the markets, and most importantly start investing.”
The new investor, which is a subsidiary of the Avenue Capital Group, provided assets in the two-digit million range for the relaunch. Accordingly, Schletter will allocate these funds for product development and its entrance to markets in Asia and the Americas.
At the tradeshow in Munich, Schletter presented a new tracking system for PV arrays. Graf sees particularly good sales opportunities for these systems in the U.S., Australia and the Middle East.
The purchasing agreement between Schletter and Golden Square Capital was brokered and disclosed by mid-June. Before the deal, the German company announced it would commence insolvency proceedings under self-administration to achieve its financial recovery. This process started in March this year.
The closing leaves behind the phase of insolvency, especially for the German production site in Bavaria. Golden Square Capital has retained full business operations, running the company under the new name, Schletter Solar GmbH. The U.S. subsidiary is also part of the purchasing agreement. “A respective transition will follow in the U.S., where we are near closing of chapter-11 proceedings,” the company states.
The acquisition has resulted in a downsizing at the German manufacturing site. At the Smarter E, CEO Graf explained that Schletter would establish an interim employment society. The number of employees at the German headquarters will be reduced to 140 to 145 by the end of the year, he said.
Source PV Magazine