Austria: Schoenherr advises HS Timber Group and Blue Minds on the sale of Interfloat to Borosil Renewables, Limited, India

The transaction agreement was executed on 25 April 2022. Closing is expected in the first half of 2022 and is still subject to the fulfilment of customary regulatory approvals.

Based in Vienna, HS Timber Group is one of the leading wood processing companies in Europe. It is active in the timber industry and in the bioenergy sector throughout the CEE region, exporting its products to 70 different destinations.

Blue Minds Group, a private equity group, specialises in innovations in the energy and infrastructure sectors and operates from Vienna, Munich, and Tel Aviv.

Liechtenstein-based Interfloat and Germany-based GMB Glasmanufaktur Brandenburg specialise in the production and distribution of solar-glass and special types of glass for photovoltaic applications and green houses, counting around 300 employees.

Stock Exchange listed Borosil Renewables, based in Bharuch, State of Gujarat, India, is engaged in the manufacturing of low-iron-textured solar glass for applications in photovoltaic panels, flat-plate collectors, and greenhouses. It has become a trendsetter in the solar glass industry with its specialised products.

The Schoenherr team was led by Christian Herbst (partner) and Maximilian Lang (partner) and also included Markus Fasching (associate) and Volker Weiss (partner).

Lincoln International acted as financial advisor to Borosil Renewables.