GRUENDELPARTNER advises TGFS on the sale of its shares in Pendix GmbH to the Johnson Electric Group

The Johnson Electric Group, a leading global supplier of electric motors, actuator components, drive sub-assemblies and related electromechanical components, has announced the acquisition of Pendix GmbH (Zwickau). As part of this transaction, all investors other than the Technology Start-up Fund Saxony (TGFS) have sold their shares. The founders retain a minority stake.

Pendix GmbH was founded in 2013. In the same year, the Technologiegründerfonds Sachsen (TGFS) joined the company as a seed investor. Subsequently, the company was supported by the TGFS and three other financial investors, enabling it to establish itself as a major player in the cycling market. This led to the completion of the 100 per cent acquisition of VSC Bike GmbH at the start of the year.

GRUENDELPARTNER provided legal advice to the investors in connection with the sale of the shares.

GRUENDELPARTNER’s M&A, Venture Capital and Private Equity practice group is one of the most experienced and best-staffed advisory units in Central Germany and supports investors and entrepreneurs at all stages of development, particularly in company formation, business development, corporate finance and all exit processes.