SAXINGER advises Hexagon Composites on the acquisition of the alternative fuels business from Worthington Enterprises

SAXINGER comprehensively advised Hexagon Composites ASA on the acquisition of the alternative fuels business, Sustainable Energy Solutions ("SES Composites"), from a subsidiary of Worthington Enterprises. With this transaction, Hexagon takes full control of SES Composites, thereby strengthening its position in the European clean energy solutions market.

SES Composites is a leading European manufacturer of high-pressure cylinders and systems for compressed gases, with production sites in Słupsk (Poland) and Burscheid (Germany). The steel cylinder production in Kienberg (Austria) will remain under joint ownership. The strategic acquisition enables Hexagon to unlock further synergies along the production and supply chain and allows for a focused alignment with high-growth segments.

In 2024, SES Composites generated revenues of EUR 28 million with an EBITDA of EUR 700,000 (pro forma). For 2025, an increase to EUR 33 million in revenue and EUR 2 million in EBITDA is expected. The purchase price is based on an enterprise value of EUR 11.7 million (100% basis) and is partly settled in shares of Hexagon Composites and Hexagon Purus. The transaction is expected to be finalized by the end of Q3 2025, following the completion of a demerger process in Austria.

The SAXINGER team, led by partners Dr. Immanuel Gerstner and Dr. Lukas Leitner, also included Mag. Stefan Foidl, Dr. Raziye Taskiran (all Corporate, M&A), and Mag. Gregor Haidenthaler (IP), and provided Hexagon with comprehensive legal support throughout the transaction.

Worthington was advised by Baker McKenzie under the lead of Mag. Claudia Fochtmann.