Former MIFA CEO Sold Shares To Private Equity Firm
BERLIN, Germany – Deutsche Balaton AG; a private equity investor which is also behind the “alternative MIFA restructuring concept,” the company announced early October, acquired the biggest part of the MIFA owned shares by former Chairman Peter Wicht.
According to a, by German authorities mandatory, news release former MIFA chairman Peter Wicht’s voting rights on the current insolvent Mitteldeutsche Fahrradwerke AG (MIFA) he holds through his share package of 21.53%; “Has fallen below the threshold of voting rights.”
Terms of the deal not disclosed
Peter Wicht officially left the company due to health problems in April 2014. According to the mandatory new release published on 24 October Wicht sold a 16.1% stake in MIFA and is holding now a remaining 5.43% stake and voting rights. According to the local newspaper ‘Mitteldeutsche Zeitung’ he sold the 16.1% in MIFA to Deutsche Balaton AG. Further terms of the deal were not disclosed.
As said, this private equity investor also initiated the “Alternative MIFA restructuring concept.” According to this plan Deutsche Balaton AG is to invest about € 7.5 million in MIFA via an option bond. Besides this investment, Deutsche Balaton intends to find another € 7.5 million from MIFA’s shareholders and other investors. Administrator Lucas Flöther is proofing this concept “Next to other proposals from several interested investors.”
Wicht and Balaton have done business before
If Balaton’s restructuring concept is not accepted the investor has the right to return the 16.1% stake in MIFA to Wicht, is noted by Mitteldeutsche Zeitung. Peter Wicht isn’t unknown to Deutsche Balaton AG. In October 2011 Wicht sold his 32.5% stake in German PC producer Hyrican to the private equity investor. At this time Balaton already owned a 25% stake in Hyrican.
With his stake in Hyrican Wicht owned the same part of this company as chairman Michael Lehmann did. Peter Wicht and Michael Lehmann once took over MIFA and prepared it for going public in 2004. Later Lehmann withdrew from MIFA and concentrated on the also stock market listed PC maker Hyrican.
At the time of writing there was no one available at Deutsche Balaton AG to confirm the takeover of the MIFA stake from Wicht. And administrator Flöther didn’t want to comment on the mandatory news release.