SGP Schneider Geiwitz Corporate Finance Advises on the Sale of Rhodius Group’s Automotive Division at Laage-Kronskamp to ZF Airbag Tube Forming GmbH

Transaction

As part of a highly competitive M&A process, the automotive division of the insolvent Rhodius GmbH at its Laage-Kronskamp site was sold to ZF Airbag Tube Forming GmbH, a subsidiary of the Zeppelin Foundation.

In July 2023, Rhodius GmbH and other group companies filed for insolvency at the Ansbach Local Court. Together with insolvency administrator Joachim Exner of the law firm Dr. Beck & Partner and his team, operations were stabilized and an investor was secured for one of the group’s three German sites in Rostock. The parties have agreed not to disclose further details of the transaction.

The acquisition by ZF Airbag Tube Forming GmbH, which specializes in gas generators for airbags and is part of ZF LIFETEC, is in line with ZF LIFETEC’s strategy of vertical integration — combining various production stages under one roof, consolidating expertise, and leveraging synergies. This approach enables the company to expand value creation potential, enhance competitiveness, and minimize supply chain risks. The Laage site, located adjacent to ZF’s own facilities, specializes in the production of pressure vessels for gas generators used in airbag systems and will be seamlessly integrated into ZF’s production chain.

About Rhodius Automotive

Rhodius is a leading provider of filtration products and modules across the Knitted Wire & Separation, Industrial Technology, and Safety Systems divisions. At its Laage-Kronskamp facility, Rhodius Automotive manufactured components for passive safety systems, particularly airbags and seatbelts. As part of the transaction, ZF LIFETEC acquired the site’s land, buildings, and equipment. Since completion, the company — originally founded in 1925 — has become part of ZF LIFETEC.

About ZF Airbag Tube Forming GmbH and ZF LIFETEC

ZF LIFETEC is a global leader in passive automotive safety technology. The company employs around 36,000 people dedicated to saving lives through advanced occupant protection systems. Its product portfolio includes airbag, seatbelt, and steering wheel systems, covering everything from mass-market vehicles to high-end luxury models. With a market share of over 20% in its core product categories, ZF LIFETEC operates 48 sites in 20 countries and generated revenues of €4.6 billion in fiscal year 2023. Building on strong relationships with global OEMs, long-term R&D partnerships, a powerful innovation platform, and high-quality standards, ZF LIFETEC is well positioned to capitalize on future growth opportunities driven by automotive megatrends such as automated driving, rising safety requirements, and tightening global safety regulations.

About Dr. Beck & Partner

Dr. Beck & Partner GbR, based in Nuremberg, is one of Germany’s leading insolvency law firms, with eight insolvency administrators and more than 170 employees across eight offices in Bavaria. In recent years, the firm has handled numerous major corporate insolvencies, including cases with international scope. Joachim Exner has particular expertise in restructuring mid-sized corporate groups such as Dr. Schneider, EISENMANN, Neumayer-Tekfor, Loewe, and BOA BKT. He is also a member of the Gravenbruch Circle, an association of Germany’s leading restructuring experts and insolvency administrators.

Our role in the transaction

The SGP Corporate Finance team acted as exclusive M&A advisor to insolvency administrator Joachim Exner throughout the transaction process. This transaction once again underscores the SGP M&A Advisory Team’s deep expertise in distressed M&A, particularly in highly challenging situations.