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Cross-border transaction in the automotive sector: Eversheds Sutherland advises Mutares on acquisition of Cooper Standard Automotive operations in Europe and India

  • Germany

    11-05-2020

    A global Eversheds Sutherland team has advised Munich holding company Mutares on the proposed cross-border acquisition of certain operations from Cooper Standard in Poland, Italy, Spain and India including approximately 2,500 employees. The seller is the US-based Cooper Standard Automotive Inc. The transaction is subject to consent of antitrust and is expected to close in the second quarter of 2020.

    Mutares SE & Co. KGaA acquires medium-sized companies and parts of groups with headquarter in Europe that are being sold in the course of a repositioning process at their owners and show a clear potential for operational improvement. Mutares actively supports and develops its portfolio companies with its own investment and consulting teams as well as through acquisitions of strategic add-ons. The aim is to achieve a clear value increase with a focus on sustainable, long-term growth of the portfolio company.

    Cooper Standard, headquartered in Northville, Michigan, USA, is a leading global supplier of systems and components for the automotive industry. Products include sealing, fuel and brake delivery and fluid transfer systems.

    The transaction perimeter in Europe consists of rubber fluid transfer systems plants in Poland and Spain which supply major world-leading automotive OEMs. The Italian plant serves also as a manufacturer and raw material supplier (compound) of specialty sealing products to the European plants. The Indian company is a key supplier for sealing solutions as well as fuel and brake delivery systems for the automotive industry with seven production plants.

    Partner Dr. Michael Prüßner commented:

    “We are delighted to advise Mutares on this strategically important acquisition which will strengthen its automotive segment. It was an ambitious project and big thank you to the whole team.”

    The global Eversheds Sutherland team was led by Munich Partner Dr. Michael Prüßner (corporate/M&A) and comprised of Partners Dr. Lutz Schreiber (IT, Hamburg) and Dr. Tobias Maier (IP and commercial), Counsel Dr. Kathrin Gack (commercial) as well as Associates Dr. Christian Lindner, Benjamin Schikora, (all Munich), Dr. Stephan von Harder (Hamburg, all Corporate/M&A), and Alexander Bleckat (IT, Hamburg). 

    The international team included in the United Kingdom Lizzy Tindall (Partner, corporate, London), in Spain Carlos Pemán (Partner), David Williams (Of Counsel) and Laura Varela Correa (Associate, all corporate, Madrid), in Italy Giulia Bramanti (Partner), Alessandro Monti (Senior Associate), Alfredo Catapano (Associate, all corporate, Milan), in Poland Michal Karwacki (Partner), Kamil Ciodyk (Associate, both corporate, Warsaw) as well as in India Rabindra Jhunjhunwala (Partner) and Malav Shah (Principal Associate, both corporate, Mumbai) from Indian law firm Khaitan & Co.

    In-house the transaction was led by Jan Thöle (General Counsel) and Denis Ahluwalia (Head of Tax).

    Hogan Lovells advised the seller Cooper-Standard Automotive.

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