Schletter Group announced it has reached agreements with new shareholders and financing partners, enabling it to complete its financial reorganization.
The Germany solar mounting manufacturer has been using the equivalent of U.S. Chapter 11 bankruptcy proceedings in Germany since March 2018 to restructure its finances. The U.S. division, Scheltter Inc., filed its own Chapter 11 bankruptcy in April.
The new owners of the Schletter Group is the investment company Golden Square Capital. Golden Square Capital is backed with financing provided by global investment firm Avenue Capital Group. As part of the reorganization, which has been approved by the creditors’ committee, new capital totaling double-digit millions of euros will be made available to the group for investments in product development and the further development of its markets in Asia and North America.
“The photovoltaic market will grow significantly in the coming years and decades in all regions of the world where our group of companies is already represented,” said Tom Graf, the CEO of the Schletter Group. “With today’s completion of the financial reorganization, Schletter Group now has financially strong partners and we are free of legacy financial burdens.”
The new shareholder is committed to continuity and will maintain the entire group including all companies and locations. This applies to the production facilities at the headquarters in Kirchdorf, Germany, which the new owner explicitly wishes to maintain. “Even though growth is currently stronger in other markets, the production site in Kirchdorf remains important as it allows us to produce close to our customers in Europe,” Graf emphasized. “The prerequisite is, however, that we introduce even leaner and more flexible structures in Kirchdorf.”
Under new ownership, Schletter Group will remain focused on its existing market and product strategy, focusing on the regions Europe, Middle East, Africa (EMEA), North America and the Asia-Pacific Economic Area (APAC). The company will continue to concentrate on high-quality and robust assembly solutions that are developed and produced in-house and adapted to the requirements of the local markets.
“The quality and a long service life of our products continue to be paramount to Schletter Group,” emphasized Graf. “These attributes, which are core to the Schletter brand, are crucial for our customers, as many of whom will operate their solar systems for 30 years or more.”
News item from Schletter