Höft & Wessel AG has completed its restructuring and sold 75% to Droege International Group
Höft & Wessel AG has successfully completed the restructuring phase started in 2012 with a sustained positive business development plan for the coming years.
Höft & Wessel is the technologically leading IT, hardware and software specialist in ticketing, parking and mobile solutions in Germany and Great Britain. Established in 1978 by the two entrepreneurs, Höft and Wessel, the company has grown from a start-up to a player with around US$100 million in sales and more than 400 employees.
Droege International Group is a consulting and investment firm with over 25 years of experience in projects addressing customized restructuring and growth programs. Droege uses its own funds to carry out direct investments in corporate subsidiaries and medium-sized enterprises in special situations. The firm's aim is to hold and develop the investments in the long run.
The founders Höft and Wessel sold their 40% shares at the extraordinary general meeting in July and waived their right to subscribe for new shares. This was a necessary step to approve the issuing of new shares at the stockholders' meeting. Hence, the founders cleared the way for a capital increase and the new subscription of Höft & Wessel shares, amounting to over US$10 million, and Droege was able to secure a majority of more than 75% of the company.
Oaklins' team in Germany advised Höft & Wessel AG on its search for a new investor for its capital increase and structured the process.
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