German aircraft engine manufacturer THIELERT sold to Chinese stated-owned AVIC

Lausanne, Switzerland 31st July 2013.

Rasenberger Toschek announced the sale of the civil business operations of Thielert Aircraft Engines GmbH and Centurion Aircraft Engines AG & Co. KG from out of insolvency to AVIC International Holding Corporation (majority shareholder being the state-owned Chinese aviation group, AVIC). 

Rasenberger Toschek AG acted as the exclusive M&A advisor to the seller, Insolvency Administrator Dr. Bruno M. Kübler. Representing Rasenberger Toschek AG in this transaction are Peter E. Rasenberger (Executive Partner, Lausanne, Switzerland), Alexander Manus (Associate, Lausanne, Switzerland), Chandran Gnanakuru (Director, London, United Kingdom) and YaDong Wang (Director, Dalian, People's Republic of China).

The purchase price remains confidential by agreement. However Dr. Kübler expressed satisfaction that the purchase price adequately reflects the strategic value of the Company's potential.

Thielert Aircraft Engines GmbH had filed for insolvency in April 2008. In addition to the internal restructuring measures at the company, the distribution company Centurion Aircraft Engines AG & Co. KG was formed which facilitated the engine sales process considerably. New markets were developed, additional licenses were added and the global service centre and distributor network were expanded during the insolvency period.

AVIC International Holding Corporation acquired the assets of Thielert Aircraft Engines GmbH and Centurion Aircraft Engines AG through its newly established company Technify Motors GmbH. AVIC is taking over all patents, trademark rights and production plants. The development and production sites in Lichtenstein, Altenburg and Hamburg will be maintained and the 200+ employees at these sites are expected to be retained. Technify Motors GmbH is now part of the Continental Motors Group of the AVIC Group. Continental Motors, Inc. manufactures petrol-powered engines for light aircraft. 

About KÜBLER

KÜBLER is one of Germany's leading insolvency administration and corporate restructuring firms. With 23 offices in Germany and one in London, KÜBLER employs a workforce of about 250. KÜBLER is one of the most renowned German law firms specializing in commercial law, also active in insolvency administration cases on a global level. Moreover, KÜBLER is a member of the international association of lawyers ILN, a network with more than 5,000 lawyers in 66 countries.

About Thielert Aircraft Engines GmbH

Thielert Aircraft Engines GmbH is the globally leading provider of certified diesel aircraft piston engines for general aviation. As a certified aviation development, production, maintenance and training company, Thielert was the first company world-wide to obtain approval for diesel aircraft engines. These engines are more efficient and environmentally friendly than conventional engines used in general aviation that run on leaded gasoline (Avgas).

About AVIC International Holding Corporation

AVIC International Holding Corporation was set up in 1979 during the initial reform and open policy period and is itself owned by the Chinese government through Aviation Industries of China (AVIC). Headquartered in Beijing, AVIC International delivered over 120 billion RMB (EUR 14.8B) in revenue in 2012. The company has over 60,000 employees across 400 subsidiaries and is located in over 180 countries. AVIC International is a well-diversified company, with holdings in international civil aviation, Trade & Logistics, Retail & High-end Consumables, Real Estate and Hotel Management, Electronics manufacturing, and Natural Resource Development.

About Continental Motors, Inc.

Continental Motors, Inc., a wholly-owned subsidiary of AVIC International is a leading manufacturer and service provider of certified piston aircraft engines and components used in propeller-driven general aviation aircraft engines for more than 80 years. AVIC International acquired Continental Motors in 2011.