BDO advised Witte Pumps & Technology GmbH, based in Tornesch, on its merger with the MAAG Group, which belongs to the listed US-American Dover Corporation. As a result of the transaction, the previous sole shareholder Dr Sven Wieczorek has arranged his succession.
The transaction has created a global market leader in the gear pump segment, with a focus on the polymer, extrusion and chemical industries. Witte Pumps & Technology GmbH develops, produces and markets gear pumps to blue-chip customers in Asia, Europe and the USA.
An international, interdisciplinary advisory team led by Hans-Jürgen Rondorff (Partner Corporate Finance/M&A) and Oliver Bach (Corporate Finance/M&A) and Frank Scholl (Partner Corporate Finance/Transaction Support) of BDO AG Wirtschaftsprüfungsgesellschaft advised the previous owner of Witte Pumps & Technology GmbH (‘WITTE’) on the search for a new shareholder in the context of a company succession and found a new shareholder in Dover.
For almost 40 years, WITTE has been successfully developing, producing and marketing highly innovative gear pumps for industrial applications at its headquarters in Tornesch (near Hamburg). The most important areas of application include the extrusion, polymer and chemical industries. Around 90 employees produce approximately 1,500 pumps per year. In addition to the headquarters in Tornesch, where development, production and sales take place, WITTE operates two sales companies in China and the USA.
In 2014, WITTE moved into its modern headquarters in Tornesch. At the location, WITTE has further potential for expansion in order to meet the steadily increasing demand from the polymer and chemical industry in recent years. The merger with MAAG creates a market-leading supplier of gear pumps, whose product portfolios optimally complement each other to provide complete solutions and which optimises global customer service through an increased geographical reach.
BDO supported the sales process with M&A Lead Advisory, Financial Vendor Assistance and tax advice. BDO M&A organised a structured international approach to investors and supervised the transaction process in all matters.