Around five months after Phönix Armaturen-Werke Bregel GmbH filed for insolvency, the insolvency administrator succeeded in finding an investor for the business operations.
The business operations of Phönix Armaturen-Werke Bregel GmbH and the business operations of Phönix Valve Group GmbH were taken over by PHÖNIX Armaturenwerke GmbH. Strack GmbH, on the other hand, was acquired by STRACK Armaturenwerke GmbH.
A strategic investor from Italy, the Valvosider Group, is behind both acquisitions. Valvosider is a family-run group of companies based in Borgosesia, Italy, which has been internationally active in the production of industrial valves since 1952.
After intensive and constructive negotiations, the insolvency administrator and his team, as well as the support of the legal advisors involved, succeeded in finding a future solution for the Phönix companies through the sale. Now that all the conditions of the notarised purchase agreement have been fulfilled, the purchase agreement for the takeover of the three companies of the Phönix Group has been completed. It was agreed with all parties involved to keep details of the purchase contract confidential.
Crisis due to supply chain problems
“I am pleased that there is now certainty for the employees that things will continue and that we have been able to save a good two thirds of the jobs. I would like to thank everyone who stood by the company and supported it during this difficult time”, says insolvency administrator lawyer Stephan Strumpf from the Finkenhof law firm. The preservation of the manufacturer of special fittings in the rather structurally weak region is also of great importance for the city of Volkmarsen.
The traditional company from Volkmarsen had fallen into crisis after drastic cost increases in material purchasing and logistics as a result of global supply chain problems and the Ukraine war. Several large projects that had previously been accepted on fixed terms turned out to be unprofitable due to the changed economic conditions. This was compounded by the global sanctions against Russia, as a result of which it was no longer possible to collect a considerable amount of the company's receivables. As a result of this difficult situation, Phönix Armaturen-Werke and all its associated companies fell into financial crisis. Despite well-filled order books with new profitable projects, the company had to file for insolvency with the Korbach District Court in mid-February 2023.
