Düsseldorf – GETI WILBA GmbH & Co. KG, one of the largest German processors of chicken meat and producer of meat and frozen products, has been sold to an investor. Luther Rechtsanwaltsgesellschaft provided legal advice to the insolvency administrator Dr Christoph Morgen during the sale.
GETI WILBA, with a turnover of EUR 85 million (in 2019), had filed for insolvency in mid-February 2020 due to expiring credit lines. As part of a transferred restructuring, the company was sold to the equity fund CMP German Opportunity Fund III, which belongs to the Berlin-based investment company CMP Capital Management-Partner.
All of the approximately 550 jobs as well as the three German production sites in Cuxhaven and Bremervörde will be retained. In addition, CMP acquired the shares in an Austrian holding. As a result, all significant assets could be transferred.
The contract is still subject to various conditions of execution such as approval by the antitrust authorities. Closing is expected to take place at the beginning of June 2020.
About GETI WILBA
The GETI WILBA GmbH & Co. KG, also in the future GETI WILBA Group, specialises in the processing of meat products, in particular from hen and game, and in the production of frozen ready meals. In the hen meat segment, GETI WILBA covers the entire value-added chain, from the living animal to the end product for retail and industry. The company has been known in Germany for years for hen meat, chicken fricassee and game convenience products.
Für GETI WILBA GmbH & CO. KG
Brinkmann & Partner
Insolvency Administration: Dr Christoph Morgen (Insolvency Administrator, Partner), Manuel Sack (Partner), Jan-Philip Koslowski (Partner), Zekira Fuest (Certified Business Lawyer), Sascha Tessmann (Lawyer)
Public Law & Building Law: Dr Stefan Kobes (Partner)
Real Estate: Dr Katja Schwenzfeier (Partner)
Employment Law: Dr Volker Schneider (Partner)
Restrukturierungspartner RSP GmbH & Co. KG
Burkhard Jung (Managing Director), Werner Warthorst (Managing Director), Merlin Smeenk (Manager)