King & Wood Mallesons (KWM) has advised Mission Blue LLP (Mission Blue) on the acquisition of all shares in KDX Europe Composites R&D Center GmbH (KDX) under an insolvency plan.
The acquisition by the financial investor Mission Blue ensures the future of KDX, a company specialising in composite materials for the automotive sector, which faced a financial bottleneck in mid-2019. KDX was part of the Chinese Kangde Investment Group. The insolvency proceedings are administered by Thomas Klöckner (LECON) and his team. The insolvency plan submitted to the insolvency court on 8 August 2019 was unanimously approved on 9 September 2019. Going forward, supported by the sole shareholder Mission Blue, the aim is to strengthen KDX's sales activities and develop new markets.
Both Mission Blue and KDX are specialised in the automotive sector. Mission Blue is a subsidiary of Nio Capital - a Chinese private equity company focused on transforming the automotive industry through new energies and innovative technologies. Nio Capital is related to Nio Automotive, which specialises in electronic automobiles, through its management and some of the investors.
Based in Weyarn, Germany, KDX specialises in the research and development of lightweight components used primarily in the electric automotive market. KDX provides support for its customers starting from the first idea until serial production.
Advisors Mission Blue LLP:
Hui Zhao (partner), Dr. Sandra Link (partner), Dr. Xianrui Wang (associate), Stephan Klein (associate), Dr. Katrin Thoma (associate), Heling Zhang (PSL) (all Corporate/M&A), Daniel Ehret (partner, Restructuring), Dr. Johannes Reitzel (counsel, Employment)