Baker McKenzie has advised the Delachaux Group, which it describes as "the world market leader in rail infrastructure technology," on its acquisition of a majority stake in Upper Austria's Frauscher Sensortechnik from the Greenbriar private equity fund. Kirlkand & Ellis advised the sellers on the deal, which closed on February 28, 2019. Financial details were not disclosed.
According to Baker McKenzie, "Delachaux is a family-run business with a history spanning almost 120 years. Today, the group generates annual revenues of EUR 923 million and employs more than 3,000 people in 35 countries. Most of the world’s railways, airlines, and seaports use technology from this French group."
The firm describes Frauscher Sensortechnik as "a technology leader in the field of train detection," and reports that it "simplifies railway operators’ access to information required for the smooth operation of their infrastructure." In addition to the Austrian parent company of Frauscher Sensortechnik Group, subsidiaries exist in another 12 countries. After Delachaux's acquisition of a majority stake of Frauscher Sensor Technology Group GmbH, the residual minority share remains in the hands of the company's management, and Michael Thiel remains the company's CEO.
Baker McKenzie's team was led by Vienna-based Partners Gerhard Hermann and Eva-Maria Segur-Cabanac. Also involved were London-based Partner Alex Lewis, Frankfurt-based Partner Peter Wand, Vienna-based partners Andreas Traugott and Dieter Buchburger, London-based Senior Associate James Adams, and Vienna-based Senior Associate Elisabeth Wasinger, Associates Stephanie Sauer, Armin Assadi, and Anita Lukaschek, and Junior Associate Andreas Flaig.
Editor's Note: After this article was published Binder Grosswang announced that it worked in cooperation with Kirkland & Ellis, advising the Greenbriar Equity Group.
The Binder Grosswang core team consisted of Partner Thomas Schirmer, Senior Associates Hemma Parsche and Moritz Salzgeber, and Associate Felix Fuith. Binder Grosswang’s extended team involved in the deal included Partners Markus Uitz, Christine Dietz, Johannes Barbist, Angelika Pallwein-Prettner, and Emanuel Welten, Counsels Alexander Kramer, Hellmut Buchroithner, and Robert Wippel, Senior Associates Sabine Apfl-Trompeter and Christoph Baumgartner, and Associates Valerio Hofmann, Michael Delitz, Anian Gruber, Miriam Imarhiagbe, and Maximilian Albert Muller.
The Kirkland & Ellis team included Partners Shawn O'Hargan and Adi Herman and Associates Laura Umbrecht, Carl Witkin, and Marc Weinstein.
In addition, on March 26, CMS announced that it had "provided Frauscher's management with comprehensive advice on how to structure and finalize the transaction under tax and corporate law." The firm's team was led by Partner Sibylle Novak, supported by Partner Peter Huber and Associates Daniel Kropf and Thomas Aspalter.