Takeover of the book logistics company KNV by Zeitfracht is completed
- Logistics service provider Zeitfracht takes over entire KNV Group as of August 1, 2019 -
- German Federal Cartel Office grants clearance and banks approve takeover -
- Closing brings security and calm to the book market -
- Property in Erfurt sold to Thelen Group -
- Long-term lease agreed with Zeitfracht -
Stuttgart/Berlin, July 25, 2019- Around four weeks after the signing of the purchase agreement for the takeover of the book logistics company KNV Group by the Zeitfracht Group, the takeover can now be completed. The two conditions for the effectiveness of the contract, which were still outstanding, have now been met. With the approval of the Federal Cartel Office and the final approval of the banking bodies, the Zeitfracht Group will take over the KNV Group on August 1, 2019. "Our insolvency team, the management and I are very pleased that the KNV Group can continue a new chapter in its long history with Zeitfracht, an excellent acquirer. Our goal has been achieved, as we have been able to preserve all jobs and locations and have found an ideal investor," says insolvency administrator Tobias
Wahl.
Book cycle secured
The closing of the purchase agreement paves the way for the new start of KNV, Germany's largest book logistics company. Zeitfracht, a third-generation Berlin-based family business providing services in the fields of national and international logistics, specialized shipping and freight and passenger air transport, is a strong strategic investor taking over the entire KNV Group. The acquisition and continuation of the business means that the book market is once again secure and calm. The KNV Group is regarded as an indispensable link between publishers and the entire book retail trade. KNV uses sophisticated logistics and transport management to ensure that books circulate in the book market and are delivered to bookstores overnight the next day. A breakdown of this cycle would have had unforeseeable consequences for the entire book market.
Expansion and further development of the KNV Group
"We are delighted that the Cartel Office and the banks have approved the takeover without any reservations. Now we will work flat out to implement our plans for the KNV Group. Zeitfracht not only offers a new home to the approximately 1,600 employees of the traditional company, but also intends to further develop and expand the business sustainably. We are fully committed to books as a cultural asset. Despite all prophecies of doom, books will continue to shape many generations to come," says Frank Schulze, Managing Director Finance of the Zeitfracht Group. The first creditors' meetings of the respective KNV companies also took place on 25.07.19. Insolvency administrator Wahl informed the creditors about the insolvency proceedings, the measures implemented and, in particular, about the sale at the reporting meetings scheduled by Stuttgart Local Court.
Logistics center changes hands
A buyer has now also been found for the KNV Group's property in Erfurt in the course of a bidding process. In agreement with the creditors' committee, the Thelen Group from Essen is acquiring the property in Thuringia, where the KNV Group's logistics center is located. The insolvency administrator had already agreed a long-term lease for 15 years with an extension option with time freight, which will be taken over by the Thelen Group and transferred to it.
Solidarity from employees, publishers and bookshops
"I would like to thank everyone involved, the employees and the management, who always believed in a solution for the future with confidence and great commitment during a difficult phase and did a great job. Above all, I would also like to thank the German Publishers and Booksellers Association and the many large and small publishers as well as the numerous booksellers who have supported us with impressive solidarity and always encouraged us," says Wahl. The entry of Zeitfracht and the optimally matching service portfolios of KNV and Zeitfracht offer considerable synergies, resulting in interesting prospects in a competitive market.
About the KNV Group
Koch, Neff & Volckmar GmbH (KNV) is a book wholesaler and provides comprehensive logistics services for retailers in German-speaking countries. The company has been operating media logistics for over 185 years. Its core competence lies in the distribution of books, e-books, games, DVDs, music CDs, calendars and many other bookselling articles. KNV acts as a link between publishers and bookstores and supplies its customers overnight with around 590,000 items from over 5,000 suppliers from its wholesale warehouse in Erfurt. KNV transport management ensures the bundled overnight delivery of goods from KNV book wholesalers and goods from publishers to retailers. KNV also offers the book trade additional services such as special software, marketing support and logistics services. KNV supplies retailers in Germany, Austria and Switzerland as well as 70 other countries worldwide. The sister company KNO Verlagsauslieferung (KNO VA) acts as a full-service provider for warehousing, distribution and other services such as order processing, invoicing, accounting, IT development, statistics and evaluations for over 300 publishers. In addition to the headquarters in Stuttgart and the distribution warehouse in Erfurt, another publishing distribution company, LKG Leipziger Kommissions- und Großbuchhandelsgesellschaft mbH in Rötha near Leipzig, belongs to the KNV Group. More information at: www.knv.de
About the Zeitfracht Group
The Zeitfracht Group is a medium-sized, owner-managed family business with more than 3000 employees and headquarters in Berlin. As a logistics service provider, Zeitfracht has been firmly established in the national and international logistics industry for over 90 years and is one of the leading providers of system transportation in Germany and Europe. In recent years, Zeitfracht has developed into a group of companies with the three pillars of logistics, aviation and real estate. Last spring, Zeitfracht took over the aviation company Walter from Deutsche Lufthansa and since then has been carrying out parts of Eurowings' regional transportation. More information at: www.zeitfracht.de
About the Thelen Group
Founded in 1988 and headquartered in Essen, the Thelen Group is a project developer and portfolio holder active in real estate management and planning management. The Group owns 14.5 million m² of land and 2.5 million m² of buildings. The Thelen Group also covers the following business areas: energy management, construction companies, digital infrastructure, service companies and training companies. The group employs more than 600 people at 6 locations.
More information at: www.thelen-gruppe.com
About attorney Tobias Wahl | anchor Rechtsanwälte
Attorney Tobias Wahl is a partner in the law firm anchor Rechtsanwälte, which specializes in insolvency administration and insolvency law advice. The nationwide law firm anchor Rechtsanwälte and the management consultancy anchor Management are represented by a total of 15 partners and 120 employees at 11 locations in Augsburg, Braunschweig, Düsseldorf, Hanover, Hildesheim, Cologne, Mannheim, Munich, Weilheim, Stuttgart and Ulm. Due to their outstanding expertise, anchor lawyers are regularly proposed and appointed as insolvency administrators, trustees or restructuring managers in insolvency, self-administration and protective shield proceedings throughout Germany. In the past, the law firm has assisted and restructured numerous large companies in insolvency. In addition to its extensive experience and expertise in insolvency law, anchor also contributes business management know-how to advisory mandates. The team concept is always at the forefront at anchor.
More information at: www.anchor.eu