After the Lackier- und Technologiecenter Geiß GmbH, based in Monzingen, filed for insolvency at the Bad Kreuznach district court on 11.03.2020, there is now a future solution for the company: Insolvency administrator Jens Lieser from LIESER Rechtsanwälte has succeeded in maintaining the family business in cooperation with Concentro Management AG despite a considerable corona-related decline in turnover. In the course of a transferred restructuring Jens Lieser sold the business to OSBRA Einhaus GmbH. The buyer was represented by lawyer Dr. Sebastian Gall, GRUB BRUGGER Partnerschaft von Rechtsanwälten mbB, Frankfurt. The purchase agreement was concluded retroactively as of July 1, 2020.
For many years, the company has specialised in high-quality painting of plastic and metal components for various automotive suppliers and in the industrial sector. Among other things, Geiß paints high-quality body add-on parts such as rear spoilers, side skirts or even bumpers in the colour of the car. In doing so, Geiß uses innovative and ultra-modern techniques such as robot painting.
The company slid into crisis when an important customer from the automotive sector itself went into insolvency in 2019. When orders failed to materialize as a result, sales at the painting specialist Geiß dropped sharply. Despite considerable restructuring efforts, the management was not able to significantly reduce costs in a short period of time and compensate for the loss of orders with new orders. When finally liquidity was no longer secured and the Corona pandemic considerably aggravated the crisis, the company was forced to go to the insolvency court.
Under the leadership of Lars Werner and Philipp Goller, Concentro Management AG fully supported the sell-side M&A process in the (preliminary) insolvency proceedings.
Attorney Jens Lieser (LIESER Rechtsanwälte | Insolvenzverwalter Geiß GmbH): "I am very happy that it is continuing for the employees and the company, because there was a great risk that it would fail. The automotive industry is in a structural crisis and Corona has made the situation much worse. But our team and all those involved have done everything they could to achieve a continuation and save as many jobs as possible".
Lars Werner (Concentro Management AG | Partner): "In this difficult environment - general situation in the automotive industry as well as the influences of the Corona pandemic - we are pleased to secure the continuation of Geiß GmbH and the retention of all remaining 66 employees by successfully selling the business to the joint venture OSBRA Einhaus GmbH".