As local co-counsel of Advant NCTM, AKD was engaged as local counsel of Comer Industries S.p.A (“Comer”) in connection with its acquisition of Walterscheid Powertrain Group (‘WPG Group”) for around EUR 200 million.

Comer was founded in the early 70’s by the Storchi family has since then evolved to the organizational, technological and processing excellence of a large global enterprise and partner of the world's leading manufacturers of agricultural equipment, industrial machinery and renewable energy applications. Comer has been listed on the Borsa Italiana since March 2019 (Euronext Growth Milan: COM.IT0005246191) and has a staff of over 1300 employees. Comer’s revenues amounted to almost EUR 400 million in 2020. Notwithstanding it is still a family business, as the second generation of Storchi’s holds key positions in the governance bodies of the company.

WPG Group is a global leader in the Off-Highway sector (components and drive systems for agricultural, industrial, construction, and mining equipment), present in 14 countries with a turnover in 2020 of 396 million euros.

Upon an initial engagement for legal services in respect of the SPA underlying the transaction, AKD’s corporate notarial department was engaged for the closing.

As a result of the merger, Comer Industries S.p.A. will lead a group operating in 75 countries with a pro-forma turnover at year-end 2021 of EUR 1 billion, 16 production plants throughout the world and over 3,000 employees, making Comer Industries a world leader in mechanics in the agricultural sector.

AKD’s team was comprised of Laura de Jong, Monique Verkuilen and Ariänne van Maanen.

Other advisors and interested parties involved included Freshfields Bruckhaus Deringer LLP (WPG counsel), Nauta Dutilh N.V. (lender’s counsel), White & Case LLP, Latham & Watkins LLP, Simmons & Simmons LLP, Credit Agricole Corporate & Investment Bank, PwC, ABN Amro Bank N.V. and JP Morgan.

We refer to Comer’s press release for more details on this transaction.