Touratech-AG signed an agreement with German Investor Happich GmbH
Seattle, WA (December 14, 2018) – Adventure motorcycle accessory pioneer, Touratech-AG, signed an agreement with German Investor, Happich GmbH earlier this week. The deal is set to commence in the coming weeks, giving Touratech a new beginning on January 1, 2018.
In August, Touratech-AG entered into a financial reorganization using the German insolvency laws to protect the company from creditors. The process is similar to a Chapter 11 reorganization in the USA. As a part of this effort, production has been streamlined and the product range narrowed to improve output. The company also required an investor to help settle debts with creditors and provide the working capital needed for future operations.
There was interest from investors around the globe and a competitive bidding process was carried out over the last few months under the guidance of a team of consultants and the court appointed Administrator, Dr. Dirk Pehl from Schultze & Braun. Following this process, German company, Happich GmbH rose to the top and signed an agreement to become the sole investor in Touratech-AG beginning January 1, 2018.
Happich GmbH plans to continue the current business model and keep most of the existing employees at Touratech-AG. The company also plans to retain the global importer network that represents the brand in some 45 countries.
The team at Touratech-USA is happy to hear this news.
“Our biggest challenge the last few years has been trying to get enough Touratech product to satisfy customer demand,” said Touratech-USA CEO, Paul Guillien. “With the additional working capital and manufacturing expertise being brought in by Happich, the future for our customers will be much brighter.”
In addition to financial support, Happich GmbH brings expertise in manufacturing and supply chain management. They will also contribute experienced management to ensure the company regains a healthy position to satisfy the growth in demand for its products.
Happich GmbH is based in Wuppertal, Germany and is a designer and manufacturer of products and components for commercial automotive and specialty vehicles. The company is owned by Pelzer Swiss Holding AG.
“Touratech complements our previous product portfolio perfectly,“ explains Managing Director, Marc Pelzer. “I am looking forward to this new task.“
For more information, visit www.touratech-usa.com