Hexagon Composites ASA

Advising on entry into Worthington's Business Segment Sustainable Energy Solutions (SES) on the Occasion of the Sale of Hexagon Ragasco to Worthington Enterprises (NYSE: WOR)

SAXINGER advised Hexagon Composites ASA on the acquisition of a 49% minority stake in the business unit Sustainability Energy Solutions (SES) based on an enterprise value of USD 20 million (100%). SES is a European supplier of high-pressure cylinders and systems for the storage and distribution of natural gas, hydrogen, and industrial gases. The business unit achieved a revenue of EUR 127 million and an adjusted EBITDA of EUR 2.9 million in the calendar year 2023.

The acquisition of the minority stake took place on the occasion of the simultaneous sale of Hexagon Ragasco, a Norwegian company, to Worthington Enterprises for NOK 1,050 million (USD 99.260 million; subject to adjustments based on the final results for the fiscal year 2024). Hexagon Ragasco is a market leader in composite LPG cylinders for leisure, household, and industrial use. The company manufactures in Norway and sells to more than 100 countries worldwide.

Hexagon Composites ASA was advised by DNB Markets and Danske Bank as financial advisors and Schjødt and Saxinger Rechtsanwalt GmbH as legal advisors. Leading the effort for SAXINGER were Dr. Immanuel Gerstner and Dr. Lukas Leitner (M&A); they were particularly supported by partner Dr. Roland Heinrich (labor law) as well as associate attorneys Mag. Stefan Foidl and Mag. Maximilian Freystetter and the alliance offices of Saxinger Schindhelm Services SE in Germany and Poland regarding the German and Polish legal aspects of the transaction.

Worthington Enterprises was legally advised by AGP Advokater and Baker McKenzie (Claudia Fochtmann-Tischler, lead for Austria).

Dr. Lukas Leitner
partner

“These transactions represent an important milestone for our client. Through the strategic investment in Worthington's Sustainability Energy Solutions and the sale of Hexagon Ragasco, Hexagon can significantly strengthen its market position in Europe and further optimize its portfolio in the field of sustainable energy solutions. We are proud to have accompanied Hexagon in these significant steps and look forward to our continued collaboration.”