The Private Equity team advised Storage Solutions in its agreement to be acquired by Jungheinrich AG. Jungheinrich has signed a purchase agreement with Storage Solutions and affiliates of Merit Capital Partners and MFG Partners and the management of Storage Solutions for the acquisition of 100% of the equity interests in Storage Solutions. The total consideration agreed under the purchase agreement consists of a purchase price of approximately $375 million (which is subject to customary closing adjustments) and a flexible, performance-based component in the mid to high single digit percentage range of the purchase price which can be achieved by the retained Storage Solutions management over three years following completion of the transaction. The acquisition will be financed with available cash and debt.
The executive board and supervisory board of Jungheinrich have approved the transaction. The completion of the acquisition, which is expected to take place in the second quarter of 2023, is subject to customary closing conditions, including receipt of the merger control clearance in the United States.
Storage Solutions was founded in 1978 primarily as a distributor of new and used warehouse equipment, Storage Solutions has evolved to work with warehouse and distribution center clients serving a wide variety of industry needs including: workflow optimization and facility design, safety inspections, storage and automation equipment procurement and commissioning, installation, lifecycle services and software
The Goodwin team was led by James Moriarty, Greg Cage, Isabelle Perfetto and included George Davis, Matthew Tippett, Malhar Naik, Eric Graffeo, Timothy HolahanSteven Argentieri, Jacqueline Klosek and Kara Kuritz.
For additional details on the acquisition, please read Jungheinrich’s press release