INTRO Verwaltungsgesellschaft mbH

DEAL TYPE : MERGERS & ACQUISITIONS

INDUSTRY : AIRLINE, AEROSPACE, AVIATION & DEFENCE

BUY-SIDE

Initiated the transaction, assisted in the negotiations and acted as adviser to INTRO Verwaltungsgesellschaft mbH, a German airline management company, in its acquisition of Deutsche BA (dba), the German airline subsidiary of British Airways Plc.

Securing a Reverse Consideration

Deutsche BA (dba) was the subsidiary of British Airways in Germany with a fleet of 16 Boeing 737 aircraft and 800 staff.  It was substantially loss making and BA sought to divest the business as non-core to its future global long-haul network strategy.

Barons Capital Partners acted as advisers to Intro Verwaltungsgesellschaft mbH, a German aviation consultancy and investment company lead by wealthy entrepreneur Hans Rudolf Wöhrl that specialises in airline restructuring and turnaround.

Intro acquired dba for €1. In addition, BA provided funds in excess of €70 million (the so-called ‘Reverse Consideration’) to support the company in its first 12 months as an independent entity.

Barons Capital Partners managing partner Eric F. Kohn TD subsequently joined the dba Board to assist with the turnaround process which was successful in its first year. dba was eventually sold to Air Berlin as a profitable bolt-on.

BCP’s value-added:

  • Transaction concept and initiation
  • Aviation industry expertise
  • Assisting in establishing the feasibility and commercial benefits of the transaction
  • Negotiation with BA to establish an acquisition price of €1
  • Negotiation of significant additional future funding from BA to support restructuring
  • Board-level strategic advice on the conduct of a successful restructuring and turnaround

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