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Kawa acquires more Conergy sales and service units

US based financial investor Kawa Capital Management Inc plans to purchase Conergy’s sales and service units in Germany, Italy, the United Kingdom and Australia.

The respective purchase agreement is expected to be signed on 1 October 2013. 

Kawa has already acquired Conergy sales entities in the US, Canada, Singapore and Thailand.  Conergy subsidiaries in Spain, France, Greece, India and Czech Republic with a total of 110 staff are not part of the transaction.

The acqusiition will take place after the opening of the insolvency proceedings and the approval of the creditor committee. Both the committee and banks have already indicated their approval of the sale of the subsidiaries. 

“Together with Kawa, we are setting the course for Conergy’s future with this second step,” said Conergy CEO Dr Philip Comberg. “Our Asian and North American units are already operating very successfully in the new setup and we are convinced that we will succeed doing so with our European and Australian entities as well. As the first company we do not only offer solar power plants and services from one single source in the future. Working with Kawa, we will also be able to offer the necessary financing solutions and funding for the projects.”

“We are very content that we found a great solution for the majority of the employees in Conergy’s global sales and service units,” said insolvency administrator Dr Sven-Holger Undritz from the Hamburg law firm White & Case. “At the same time, however, we very much regret that we could not secure all jobs of the Conergy group and that we have to lay off a significant number of highly skilled employees.”  Kawa has secured 350 from previously 600 jobs in Conergy AG and the global sales units. 

 

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