Schalast advises Viessmann on the acquisition of a minority stake in Priva

Schalast has advised heating technology company Viessmann in its investment in Dutch family-owned company Priva. The transaction combines Viessmann’s air conditioning, cooling and industrial solutions with the Dutch expertise in building automation as well as climate and process control at Priva. The partnership of the two family-owned companies is expected to strengthen their sustainability strategies.

Viessmann has acquired a minority shareholding in Priva to emphasize the long-term perspective of the partnership. This allows Priva to pursue its strategy, which focuses on technical innovation and international growth, while maintaining its independence. Viessmann, in turn, can use its stake to rapidly develop its business in climate solutions for commercial buildings and explore opportunities in the horticulture sector.

Advisor Viessmann

Schalast & Partner (Frankfurt): Gregor Wedell (lead); Associates: Sven Bösing, Franz Badelt (both Corporate/M&A, Frankfurt)
Partners from the Multilaw network:
Van Campen/Liem (Amsterdam, NL): Edwin Liem (lead), Martina Priekaar, Lotte Smits
Shibley Righton (Ontario, Canada): Marlin Horst

Inhouse Legal (Allendorf): Christoph Clausen (Legal Counsel)
Rödl & Partner (Nuremberg): Jochen Reis, Felix Markowsky (both Financial/Tax)

Advisor Priva

FG Lawyers (Amsterdam): Gijs Gerretsen (M&A)
Coupry (The Hague): Maurits Westerik (IP)
Inhouse counsel (Netherlands) Ton Wallast Priva CFO

Background

Schalast partner Gregor Wedell regularly advises the Viessmann Group in national and international M&A transactions, in international transactions often in cooperation with the respective partner law firms from the Multilaw network, of which Schalast is a member. In this transaction, Schalast successfully cooperated with Multilaw partner law firms from the Netherlands and Canada. Thus, van Campen/Liem from the Netherlands (lead name partners: Edwin Liem, Martina Priekaar, Lotte Smits) were involved for the documentation and Shibley Righton (M&A partner Marlin Horst) for the due diligence of the Canadian Priva subsidiary. Schalast was responsible for the coordination as well as the due diligence of the German Priva subsidiary. For Schalast itself, in addition to Gregor Wedell, Sven Bösing and Franz Badelt (both Corporate/M&A, Frankfurt) were involved. As this transaction involved a new business area for Viessmann, the results of a comprehensive tech due diligence were included in addition to the financial, tax and legal workstreams.