BDO advises Ewald Dörken AG on the acquisition of the J.W. Ostendorf Group
BDO advises Ewald Dörken AG on the acquisition of the J.W. Ostendorf Group
BDO provided comprehensive advisory services to Ewald Dörken AG, Herdecke, on its full acquisition of the J.W. Ostendorf Group, including its foreign subsidiaries. The mandate encompassed M&A lead advisory services, the execution of financial, tax, legal, technical, real estate, and environmental due diligence by an international, interdisciplinary team of experts, as well as legal and tax negotiations regarding the share purchase agreement. The scope of the transaction includes both J.W. Ostendorf GmbH & Co. KG and BB Participations SAS.
Through the acquisition, Ewald Dörken AG is expanding its activities in the paints, varnishes and coating solutions market, particularly in Germany and France. The product portfolios and market capabilities of the two groups are complementary, particularly across professional applications, the DIY and private-label segments, and contract manufacturing. At the same time, synergies are being created across production, logistics, sales, and research and development. The transaction therefore supports the strategic development of DÖRKEN Coatings, the business unit bundling the Group’s existing activities in this segment and is intended to strengthen its position in the European paints and coatings market.
Comprehensive multidisciplinary advice provided by BDO
BDO advised Ewald Dörken AG on the buy-side as M&A Lead Advisor and coordinated the various national and international advisory and due diligence workstreams of BDO. The scope of services comprised:
The close and holistic collaboration between BDO’s M&A, Financial, Tax, Legal, Environmental, Real Estate and Technical Due Diligence teams enabled an integrated assessment of the financial, tax, legal, real estate, environmental and technical aspects of the transaction. The findings from the workstreams were consolidated in a consistent and value-enhancing manner and incorporated into the subsequent transaction process.
Thorsten Koch, sole member of the Management Board of Ewald Dörken AG, commented on the collaboration with BDO: „I would like to thank the entire BDO transaction team, and in particular Dietmar Flügel and his M&A team, under whose overall leadership the transaction advisory work was performed. BDO provided us with comprehensive support throughout the acquisition process through a multidisciplinary team. The coordinated collaboration between its M&A, Financial, Tax, Legal, Environmental, Real Estate and Technical Due Diligence experts enabled us to make a well-founded assessment of the transaction’s key commercial, tax, legal and operational aspects. We would like to thank the entire BDO team for their professional support and the pleasant cooperation.”
About Ewald Dörken AG
Headquartered in Herdecke, Germany, Ewald Dörken AG combines several business divisions providing construction, surface protection and plastics solutions, with combined revenues exceeding 500 million Euro.
DÖRKEN Coatings develops and manufactures solutions for corrosion and surface protection, decorative coatings, pigment pastes and tinting systems. DÖRKEN Membranes provides system solutions for wind and moisture protection, structural waterproofing and building protection, as well as flat-roof drainage. These activities are complemented by DÖRKEN ThermoForming, the group’s competence centre for plastic moulded parts, and by central service functions. The group operates in both the German domestic market and international markets.
About the J.W. Ostendorf Group
Headquartered in Coesfeld, Germany, the J.W. Ostendorf Group is an established manufacturer and full-range supplier of paints, varnishes and other coating solutions. The group has capabilities across the DIY and private-label segments as well as contract manufacturing. Its operational strengths include production, product development, logistics and sales.
In addition to its activities in Germany, the group has an international presence through subsidiaries in Switzerland, Denmark, the United Kingdom and France. Its product portfolios, market segments and operational capabilities complement DÖRKEN Coatings’ existing activities.
Through the acquisition, Ewald Dörken AG is expanding its activities in the paints, varnishes and coating solutions market, particularly in Germany and France. The product portfolios and market capabilities of the two groups are complementary, particularly across professional applications, the DIY and private-label segments, and contract manufacturing. At the same time, synergies are being created across production, logistics, sales, and research and development. The transaction therefore supports the strategic development of DÖRKEN Coatings, the business unit bundling the Group’s existing activities in this segment and is intended to strengthen its position in the European paints and coatings market.
Comprehensive multidisciplinary advice provided by BDO
BDO advised Ewald Dörken AG on the buy-side as M&A Lead Advisor and coordinated the various national and international advisory and due diligence workstreams of BDO. The scope of services comprised:
- M&A Lead Advisory: Dietmar Flügel, Mario Males
- Financial Due Diligence: Martin Henzler, Sébastien Haas (France), Henri Calef (France)
- Tax Due Diligence: Dr. Michael Brauer, Prof. Dr. Dirk Schmidtmann, Sacha Boksenbaum (France), Sam Boundy (UK), Benjamin Thumm (Switzerland)
- Legal Due Diligence (corporate law, commercial, employment law, IP, data protection law, public permits and subsidies, real estate law, energy law, disputes and litigation, financing and security agreements, as well as insurance matters): Dr. Konstantin Michelsen, Dr. Nico Meinzenbach, Olivier Morino (France), Ana Brandao (France), Emilie Ducorps-Prouvost (France), Klaus Krohmann (Switzerland), Gawain Moore (Walker Morris, UK), Oliver Duke (Walker Morris, UK)
- Environmental Due Diligence: Dr. Kai Steffens, Guido Clemens
- Technical Due Diligence: Dr. Kai Steffens, Guido Clemens
- Real Estate Due Diligence and Advisory: Mathias Lange
- Transaction Tax Advice: Dr. Michael Brauer, Prof. Dr. Dirk Schmidtmann
- SPA Negotiation: Dr. Konstantin Michelsen, Dr. Nico Meinzenbach
The close and holistic collaboration between BDO’s M&A, Financial, Tax, Legal, Environmental, Real Estate and Technical Due Diligence teams enabled an integrated assessment of the financial, tax, legal, real estate, environmental and technical aspects of the transaction. The findings from the workstreams were consolidated in a consistent and value-enhancing manner and incorporated into the subsequent transaction process.
Thorsten Koch, sole member of the Management Board of Ewald Dörken AG, commented on the collaboration with BDO: „I would like to thank the entire BDO transaction team, and in particular Dietmar Flügel and his M&A team, under whose overall leadership the transaction advisory work was performed. BDO provided us with comprehensive support throughout the acquisition process through a multidisciplinary team. The coordinated collaboration between its M&A, Financial, Tax, Legal, Environmental, Real Estate and Technical Due Diligence experts enabled us to make a well-founded assessment of the transaction’s key commercial, tax, legal and operational aspects. We would like to thank the entire BDO team for their professional support and the pleasant cooperation.”
About Ewald Dörken AG
Headquartered in Herdecke, Germany, Ewald Dörken AG combines several business divisions providing construction, surface protection and plastics solutions, with combined revenues exceeding 500 million Euro.
DÖRKEN Coatings develops and manufactures solutions for corrosion and surface protection, decorative coatings, pigment pastes and tinting systems. DÖRKEN Membranes provides system solutions for wind and moisture protection, structural waterproofing and building protection, as well as flat-roof drainage. These activities are complemented by DÖRKEN ThermoForming, the group’s competence centre for plastic moulded parts, and by central service functions. The group operates in both the German domestic market and international markets.
About the J.W. Ostendorf Group
Headquartered in Coesfeld, Germany, the J.W. Ostendorf Group is an established manufacturer and full-range supplier of paints, varnishes and other coating solutions. The group has capabilities across the DIY and private-label segments as well as contract manufacturing. Its operational strengths include production, product development, logistics and sales.
In addition to its activities in Germany, the group has an international presence through subsidiaries in Switzerland, Denmark, the United Kingdom and France. Its product portfolios, market segments and operational capabilities complement DÖRKEN Coatings’ existing activities.