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Successful investor process for SSC Wind from Wildeshausen

comes structures the investor process of the insolvent wind turbine specialist SSC Wind GmbH from Wildeshausen and supports the insolvency administration up to the successful sale to the Buss Group from Hamburg.

SSC Wind GmbH ("SSC"), which specialises in the construction, maintenance and servicing of wind turbines, will be taken over by the Hamburg-based Buss Group ("Buss") on 1 July 2019. In future, the company will operate on the market under the name Buss Wind Services GmbH.

After applying for provisional insolvency proceedings on 8 May 2019, the insolvency administrator Tim Beyer of Schultze & Braun, with the constructive support of the managing directors Mrs Higgen and Mr Eden, quickly stabilised the business operations of SSC and avoided possible unrest among the workforce. As a result, valuable time was gained for a structured investor process in which numerous regional and supra-regional interested parties were involved.

Erfolgreicher M&A-Prozess

Ultimately, Buss was able to convince the creditors of SSC of its takeover concept with a binding offer and a transparent strategy for the future. With this strategic step, Buss is completing its portfolio in the wind sector. So far, Buss has concentrated on port logistics for offshore wind farms in the North Sea and Baltic Sea. Buss offers this service both at its own offshore terminals in Eemshaven (Netherlands), Sassnitz and Stade (Germany) and at third-party terminals.

The comes Distressed M&A team under the project management of Hamed Omumi was exclusively entrusted with the structuring of the investor process and the support during the sales process. The successful completion of the project and the associated safeguarding of around 90 jobs at the Wildeshausen location is particularly important for comes Unternehmensberatung, which has strong regional roots. The cooperation between the insolvency administration and comes in the course of an investor process with the aim of a transferring reorganization also proves to be a sustainable symbiosis in this concrete case.

A summer evening with comes Hamburg 2018


This year comes again hosted the restructuring afternoon with a subsequent summer evening in the "Villa im Heinepark" on the Elbchaussee.

In the context of the restructuring afternoon a lecture series was offered for interested participants. The current topics ranged from furniture manufacturers in crisis (presented by Dr. Michael Bourjau and Sebastian Mostertz, operations+ Consulting) to a practical case at the Schletter Group (presented by Ole Brauer and Christoph Chardon, Elsäßer Restrukturierung) to an insolvency emergency plan (presented by Dr. Karl-Friedrich Curtze, GÖRG).

Afterwards we welcomed our guests to the summer evening on a large scale. Beside best weather, great musical accompaniment and a delicious barbecue, another highlight of the evening was the speech of our former Hamburg Mayor Ole von Beust. In his contribution "Politik für Hamburg - Rückblicke, Ausblicke und Einschätzungen eines Elder Statesman" (Politics for Hamburg - Retrospects, Outlook and Evaluations of an Elder Statesman), Mr. von Beust dealt, among other things, with voter behaviour and the current significance of climate policy. He also commented on voter behaviour in the new federal states and gave his assessment of the declining attractiveness of the profession as a politician. This was rounded off again and again with successes and failures from his career as a politician and First Mayor of the Hanseatic City of Hamburg.

We would like to thank all participants and our guests for an all-round successful event and look forward to next year!


Headwind in the wind energy sector

The German wind industry is in crisis. After the tower builder AMBAU GmbH had already filed for insolvency in February, the Hamburg-based wind energy group Senvion Deutschland GmbH had to take the path of insolvency under its own administration.

The market cannot be cited as the sole reason in the search for the causes of the plight. Since 2010, the installed capacity of wind turbines has almost tripled worldwide. In Germany, renewable energies already account for 17.5% of gross electricity generation. Wind energy accounts for about 50% of this. Around one third of newly installed wind turbines in Europe went on-grid in Germany in 2018.

One reason for the crisis can be found in looking inwards: since 2017, the construction of wind power plants in Germany has no longer been subsidized. Instead, new projects are put out to tender in auction procedures. Due to inefficient production processes, German manufacturers are not in a position to withstand the cost pressure of foreign competition. Instead of investing in new technology and efficiency improvements at an early stage, German manufacturers have opted for cost reductions and thus fell behind. On the one hand, this increased price pressure on suppliers (see Ambau), and on the other hand, the lack of efficiency in production led to penalties due to delays in delivery.

Gegenwind in der Windenergiebranche

Publication: The specifics of distressed M&A processes

In the general context of corporate and divisional transactions, distressed M&A processes are becoming increasingly important. It is of central interest for sellers and buyers to know which rules – also in terms of opportunities and risks – apply at the time of the transaction. Depending on the overall situation and future expectations, but as a rule always under high time pressure, a transaction can be executed both before and during insolvency.

In an analysis comparing classic M&A processes, our authors Dr. Bernhard BeckerHendrik Leigers and Konrad Martin show to what extent the buyer's willingness to take risks and the seller's pressure situation are ultimately of decisive importance for the choice of the transaction date.

The article was published in KSI 02.2019 and can be downloaded here.

The specifices of distressed M&A processes

Short-distance co-operation – comes and Nordantech

comes starts co-operation with consulting tech company Nordantech

Nordantech has set itself the goal of facilitating the cooperation between management consultancies and clients in transformation projects. For this purpose, the young Hamburg-based company develops and distributes an intelligent project management software called Falcon. Falcon allows the coordination and management of complex projects through time-saving and clear features. The software impresses with minimal setup time and high intuitiveness. Falcon creates clear responsibilities and a simple overview of the overall project, goals and progress.

The short decision paths and agile working style make comes and Nordantech ideal partners. With their Hamburg branches, both companies are only a stone's throw away from each other across the Binnenalster. comes and Nordantech are looking forward to the upcoming projects: "From the first minute Falcon scored in our projects  with speed in setup and user friendliness. When it comes to tracking measures and implementing change and turnaround projects, our customers confirm that with Falcon we have a product at hand that is ideally suited for decision-makers to achieve the desired success for the company," says René Labahn, Manager at comes. "Company transformation is not child's play. We appreciate the hands-on mentality and implementation strength of comes. Their years of experience in implementing measures coupled with our solution result in a powerful mix," adds Christian Kuhs, co-founder of Nordantech.

Together we will innovatively meet the challenges of medium-sized businesses and successfully accompany our clients through their transformation projects.

Kooperation der kurzen Wege
Renè Labahn und Christian Kuhs

Company succession in Germany - an outlook until 2022

Every year, around 30,000 small and medium-sized enterprises in Germany are transferred to a successor. By the end of 2022, around 120,000 companies will have to undergo a generation change.

In about two thirds of these companies, family-owned or company-internal successors take over the business activities. For the remaining 30%, a suitable investor will be sought externally. The complexity and duration of this search is often underestimated, because a qualified and complete preparation of the company transition usually takes several years.


At best, an owner begins to prepare his company for the future transition three to ten years before the intended exit. It is advisable to check whether the product portfolio is sustainable and the margins profitable. It is also advisable to push ahead with investments in the modernisation of companies and production at an early stage.

If a company transfer is still around three years away, the search for a suitable successor should begin at the latest, because several months to years can elapse before this successor is found and an agreement reached.

The subsequent generation change should be completed by a transition phase of approximately one year. In this phase, the new owner becomes familiar with the company and its processes, so that a successful continuation can be ensured.

Digital transformation: Resilience as a new key resource

Survival under permanent pressure to change

In an ever more dynamic environment, the rules of classic corporate management are changing: classic planning is losing its foundation in the face of shorter planning horizons and the one-sided focus on process optimization along fixed development paths is changing from a recipe for success to a risk factor.

In contrast, the ability to react to unforeseen events and to shape permanent change becomes a new key resource. Under the term "resilience", this ability is often invoked, but rarely operationalized.

In their article, published in the Zeitschrift für Corporate Governance CGI 01.2019, comes employees Dr. Bernhard Becker and Jan Schoenmakers together with Silvia Braumandl put forward a proposal for such an operationalization for discussion on the basis of a systems theoretical model and apply it to the entrepreneurial context. The growing importance of intrapersonal resilience – to be understood as the resilience of the individual employee – is also discussed.

Please klick here for the full article.


comes congratulates Tribodyn AG on the Innovation Award

comes supports the acquisition of financing for new construction and corporate growth

Tribodyn AG in Northeim develops and produces the highly innovative, environmentally friendly leaf and soil fertilizer Lithovit. Using a special process, Lithovit is finely ground and thus tribodynamically activated. Lithovit increases the growth and stress resilience of the plants and is also suitable as a seed dressing. The products are 100% organic and certified according to Demeter and Naturland. For these achievements, Tribodyn AG was awarded the Innovation Prize 2018 of the District of Göttingen as well as the Entrepreneur Prize for Southern Lower Saxony 2018 of the Federal Association of Medium-Sized Businesses (BVMW).

After successfully entering the market, the still young company is already active in 100 countries and is pursuing ambitious growth plans. In 2018, a new company building with ultra-modern production and logistics facilities was erected in Northeim in order to unite all work steps under one roof in the future.

comes has supported Tribodyn AG with the acquisition and securing of equity and debt financing for investments in the new plant and further expansion.