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Schoenherr Advises HS Timber and Blue Minds on Sale of Interfloat to Borosil Renewables

Schoenherr Advises HS Timber and Blue Minds on Sale of Interfloat to Borosil Renewables

Austria
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Schoenherr has advised the HS Timber Group and Blue Minds on their sale of the Interfloat Corporation and Glasmanufaktur Brandenburg to Borosil Renewables.

Closing is expected in the first half of 2022, pending regulatory approval.

The HS Timber Group is a Vienna-based wood processing company active in the timber industry and in the bioenergy sector in the CEE region.

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

Liechtenstein-based Interfloat and Germany-based GMB Glasmanufaktur Brandenburg specialize in the production and distribution of solar glass and special types of glass for photovoltaic applications and greenhouses.

Borosil Renewables is an Indian Stock Exchange-listed company specializing in the manufacture of low-iron-textured solar glass for applications in photovoltaic panels, flat-plate collectors, and greenhouses.

"Borosil Renewables is a global innovation leader in the more sustainable production of solar glass," Interfloat Group Administrative Board President Christian Kern commented. "Strong international investors can safeguard this production site in Europe – making an essential contribution to the independence of our continent. After all, European industry is suffering from massive energy price increases. Not only the preservation but the massive expansion of green energy production in Europe is needed."

Schoenherr also advised the HS Timber Group and Blue Minds on their 2020 acquisition of Interfloat and GMB (as reported by CEE Legal Matters on March 20, 2020).

The Schoenherr team was led by Partners Christian Herbst and Maximilian Lang and included Partner Volker Weiss and Associate Markus Fasching.

Schoenherr was unable to disclose further information on the deal.