The insolvent subsidiary Thermoheld GmbH has been acquired through a "management buy-out" (MBO) by its former owner and current managing director, Dr. Walter Schütz. The sale, overseen by insolvency administrator Volker Böhm of Schultze & Braun, ensures that the company will continue operations, including its Bayreuth site and 16 employees. The transition will take effect on 1 March, with the purchase price undisclosed.
Photo: Ziegler Group.
Böhm described the acquisition as a "fortunate outcome" for Thermoheld, as Schütz "knows the company, the customers, the technology and the workforce," allowing operations to resume seamlessly. Schütz, who developed Thermoheld's technology, originally founded the company in 2002 before selling it to the Ziegler Group in 2021 while remaining as managing director.
Thermoheld specialises in electric surface heating systems, which can be embedded in walls or ceilings. The company claims the technology is easy to install, space-efficient, maintenance-free, and emission-free, making it an attractive alternative to conventional heating. Schütz highlighted its cost advantages, particularly in new buildings with high insulation, stating that it is "competitively priced even compared to heat pumps."
Thermoheld was one of several subsidiaries affected by the insolvency of the Ziegler Group, which filed for bankruptcy in late 2024. The group, initially focused on timber processing for the construction industry, expanded into logistics, pellet production, and modular housing. However, economic downturns linked to the Ukraine war and rising interest rates severely impacted demand, leading to financial difficulties. By the time of its insolvency filings, Ziegler employed around 3,000 people across Germany, Sweden, and Romania, with a 2023 turnover of approximately €750 million.
The sale of Thermoheld represents a step in the restructuring of the Ziegler Group as its administrator seeks to rescue viable businesses.
Source: www.moebelfertigung.com