30+ possible investors considering Endor AG, Fanatec, purchase

The embattled Fanatec, through parent company Endor AG, is doubling down on its efforts to find a buyer.

Following its entry into insolvency late last month, with liabilities of over “€95 million, it has called upon goetzpartners Corporate Finance to assist with the sale.

It follows an excruciating process so far, following the removal of founder and CEO Thomas Jackermeier, his continued pursuit to regain control and the failed use of the German Corporate Stabilization and Restructuring Act (StaRUG) to sell the company quickly to Corsair – but without remuneration for current shareholders.

“The Management Board assumes that CORSAIR is still interested in acquiring Endor AG,” said the company during the insolvency announcement.

The American PC and gaming peripheral manufacturer had even leant Endor AG funds, at least €4 million, to help it stay solvent during the StaRUG process.

As a security for these loans, Corsair is currently the custodian of the Fanatec brand and several intellectual property rights related to product design. It is understood that should a different buyer be found, paying back these loans would in theory see the IP become theirs.

“The operational business in Landshut as well as the shares in the foreign sales companies and the new administration building currently under construction are up for sale,” notes Endor AG’s statement issued today, 16th August.

Of note, the new headquarters had plans to include a go-kart track on its roof.

“The aim of the insolvency proceedings is to sell the company out of insolvency to an investor. In addition to the purchase price, a buyer must in particular have the necessary financial means to pay license fees and pre-finance the upcoming Christmas business,” it continues.

The fourth quarter of the year is traditionally the highest earning period for the German peripheral giant – although, Q4 2023 figures remain unpublished nearly a year later.

“There was an excellent response to our approach from more than 30 international investors,” said Jan-Hendrik Röver, EWndor AG project manager at goetzpartners.

“We have already had some very promising discussions. This underlines Endor’s global reputation with the strong Fanatec brand and a superior product.”

Earlier this month, Corsair reiterated its interest in Fanatec, but was clear it could not provide assurance that its bid would be successful.

Latest Endor AG, Fanatec, update at a glance

• goetzpartners hired to find a new buyer for Endor AG during
• A purchase would take the company out of insolvency
• But, a new buyer must have the requisite funds to continue operations, ramp up production for November/December and complete the new HQ
• Over 30 parties have shown expressions of interest so far

Update

There appear to be two versions of the press release issued by Endor AG – as usual, there is one in English and one in German.

However, this time, the German version is noticeably different. Instead of saying:

“There was an excellent response to our approach from more than 30 international investors.”

The German version, localised into English reads:

“We approached more than 30 international investors and received an excellent response.”

That’s very different and paints a much starker picture of the initial publication.