August 27, 2020

Milbank Advises M2Capital and DYNOS Group on Acquisition of Cordier Spezialpapier’s Technical Papers Division


Milbank LLP advised M2Capital AG and the DYNOS Group, a leading global manufacturer of vulcanized fiber, on the acquisition of the Technical Papers division from the insolvency of Cordier Spezialpapier GmbH.

DYNOS, based in Troisdorf, near Bonn, Germany, produces vulcanized fiber, an environmentally friendly material created by parchmentizing several paper webs. The natural product is used, among other things, as a carrier material for flexible grinding wheels and for a variety of technical applications.

The company has been investing in modern facilities, extensive development work, quality testing and environmental friendliness for over 80 years. The acquisition of the Technical Papers Division of Cordier Spezialpapier GmbH and its production sites in Bad Dürkheim and Mühltal secures the continued existence of the business operations there. DYNOS intends to integrate pre-production into its manufacturing process and expects this to result in significant gains in development and production as well as further potential for improvement on the product side. In addition, the product portfolio of other customers of technical specialty papers is to be strengthened and expanded.

A Milbank team, which advised M2Capital and DYNOS on the corporate, financial and tax law aspects of the transaction, included Sebastian Heim (Corporate/M&A, Munich) and Matthias Schell (joint lead, Tax, Munich); Thomas Ingenhoven (Finance, Frankfurt); Daniel Roggenkemper (Corporate/M&A, Munich); Gerrit Merkel (Finance, Frankfurt) and Arne Hammerich (Tax, Munich).