Beyne NV, a Belgian manufacturer of agricultural sprayers, has taken over Vogel & Noot, an Austrian producer of tillage and seeders, which went bankrupt in August 2016. Beyne takes over the grounds, buildings and spare parts of Vogel & Noot in Wartberg, Austria, as well as the production of spare parts for various other brands (Premium Parts). The acquisition of AGROROM, the Vogel & Noot importer from Arad, Romania, is also included in this acquirement.
As soon as possible, Beyne will resume sales of Premium Parts spare parts, as well as all the other parts of Vogel & Noot machines. The extensive range of sprayers which Beyne produces in Belgium will now be distributed in Romania via AGROROM. Beyne is hereby strengthening its presence on the Eastern European market and commences this expansion with great confidence.
Interview with Stefan Weileder &Alexander Isola of Graf & Pitkowitz Rechtsanwälte GmbH:
Please tell me about your involvement in the deal?
Graf & Pitkowitz, represented by Alexander Isola and Stefan Weileder, have been appointed insolvency administrators in the insolvency proceedings of Vogel & Noot Landmaschinen GmbH & Co KG. Initially, the insolvency proceedings were opened as restructuring proceedings but had to be changed into bankruptcy proceedings due to the absence of sufficient financing. Due to the lack of sufficient financing, we immediately had to initiate a structured sale procedure which had to be completed by the end of September 2016.
Why is this a good deal for all involved?
The Vogel & Noot Landmaschinen GmbH & Co KG group had more than 400 employees. Moreover, the brand ‘Vogel & Noot’ has a very high reputation on the market. In the course of the sale process, the essential parts of the company could finally be sold to a consortium of three bidders. Hence, not only a significant number of the jobs in Austria, but also a major part of the jobs in the Hungarian subsidiaries, as well as the brand ‘Vogel & Noot’, could be saved.
What challenges arose? How did you navigate them?
The biggest problems were the lack of sufficient financing for a continued operation since the very start of the proceedings and the de facto stop of the production months before the opening of the insolvency proceedings. To be able to sell the whole business or parts thereof, and to save the brand ‘Vogel & Noot’ whilst maintaining the goodwill, it was necessary to maintain a kind of emergency operation. In the end, the most essential parts of the business and holdings could be sold as “living” companies due to a quick and efficient liquidation process.