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Fernweh to Acquire Controlling Interest in AZZ Infrastructure Solutions Segment

New York – July 22, 2022 – Cooley advised affiliates of Fernweh Group on its definitive agreement with AZZ. Lawyers Ian Nussbaum and Bill Roegge led the Cooley team advising Fernweh.

On June 23, Fernweh and AZZ jointly announced their entry into a definitive agreement in which AZZ will contribute its AZZ Infrastructure Solutions segment (AIS) to AIS Investment Holdings (the AIS JV) and sell a 60% interest in the AIS JV to a controlled affiliate of Fernweh at an implied enterprise value of $300 million. The valuation represents approximately 8.1 times AIS’ last 12 months’ adjusted earnings before interest, taxes, depreciation and amortization (to February 28, 2022) of roughly $37 million, and is expected to result in cash proceeds to AZZ of approximately $228 million, which will be funded by committed debt and equity financing.

Under the terms of the transaction, the AIS JV will be governed by a board with three representatives from Fernweh and two representatives from AZZ upon closing. After the close of the transaction, affiliates of Fernweh will own 60% of the AIS JV, and AZZ will own the remaining 40%.

Launched by leaders from global institutions with extensive experience advising companies in the industrial and industrial technology sectors on strategy, M&A and operational transformation, Fernweh is a platform combining sector-specific expertise, relationships and capital to create alpha returns.

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Related Contacts
Jamie Leigh  Partner San Francisco
Ian A. Nussbaum  Partner New York
Bill Roegge  Associate New York
Tiffany Mason  Associate Chicago
Shlomo Fischer  Associate Chicago
Maya Rahwanji   Associate New York
Patricia Myers  Paralegal Specialist Colorado
Stephanie Gentile  Partner New York
Calvin Lee  Associate New York
David Walsh  Partner Reston
Paula Fleckenstein  Associate Reston
Stacey A. Bradford  Special Counsel Washington, DC
Ryan Vann  Partner Chicago
Miriam Petrillo  Special Counsel Chicago
Charles Haley  Partner Palo Alto
David H. Zhou  Associate Palo Alto
Michelle Zhou  Associate Palo Alto
Caitlin Courtney  Associate Palo Alto
Lei Shen  Partner Chicago
Christian Lee  Associate San Francisco
Christopher Kimball  Partner Washington, DC
Bridget R. Reineking  Special Counsel Washington, DC
Annie Froehlich  Special Counsel Washington, DC
Rebecca Ross  Special Counsel Washington, DC
Dillon Martinson  Special Counsel Washington, DC
Patrick M. Stewart  Associate Colorado
Grant Schweikert  Associate Washington, DC
Peter Crain  Special Counsel Reston
Jacqueline Grise  Partner Washington, DC
Stella Sarma  Special Counsel Brussels, London
Richard G.S. Lee  Associate Washington, DC
Patrick Flanagan  Partner New York
Alexandra Leavy  Associate New York
Xueqing Li  Associate San Francisco
Kathleen Goodhart  Partner San Francisco
Rachel F. Katz  Associate New York
Related Practices & Industries

Mergers & Acquisitions  Private Equity