Thermoheld saved in Bayreuth: Founder takes over after bankruptcy!

Thermoheld saved in Bayreuth: Founder takes over after bankruptcy!

Bayreuth, Deutschland - The heating manufacturer Thermoheld from Bayreuth can continue after a turbulent time. This was made possible by the sale to an investor as part of an Management Buy-Out . The new owner is Walter Schütz, who is both the founder and the previous managing director of Thermoheld.

Schütz in 2002 and sold it to the Ziegler Group in 2021. Now the transfer of operations takes place on March 1, 2025, whereby the purchase price was agreed not to disclose. The location in Bayreuth is preserved, as is all 16 jobs that are responsible for the production and distribution of electrical surface heating.

background to the Ziegler group

The Ziegler Group, whose subsidiary was Thermoheld, is in an economic imbalance. Of the total of 45 companies in this group, 27 bankruptcy have registered. Around 450 employees were released in the course of this crisis, which is heavily burdened by the labor market situation in the region. At the beginning of the bankruptcy applications, the Ziegler Group employed a total of around 3,000 employees in Germany, Sweden and Romania. In 2023, the group achieved sales of around 750 million euros.

The problems of the Ziegler group are primarily due to a decline in demand in the construction sector, which was reinforced by geopolitical tensions such as the Ukraine War and the increase in interest. Insolvency administrator Volker Böhm von Schultze & Braun had described the sale of Thermoheld as advantageous for the company and the employees, since Schütz has extensive knowledge of employees and technology.

management buy-out as a fixed size

The fashion of the Management Buy-Outs (mbo) has strengthened in recent years. With this type of company takeover, the management team buys the company from the previous owners. This is often used to secure company succession and can be a key to stabilization in economically difficult times. For Schütz, this means that he is now able to continue thermoheld according to his vision and at the same time to maintain the continuity of the company.

It remains to be seen how the new owner will master the challenges that go hand in hand with the MBO. This includes ensuring the financing and management of the company at a time when the Ziegler group has financial difficulties.