Powerline specialist Devolo is being rescued by Austrian investor
SOL Capital from Austria takes over significant parts of the Aachen-based powerline manufacturer. The second insolvency in two years has thus come to an end.
Devolo has long been successful, particularly with powerline adapters for the home.
Since December 2023, the German company Devolo has been in insolvency proceedings under its own responsibility; these proceedings have now been concluded. The company has announced that significant parts of the company will be taken over by SOL Capital from Austria. This is not just a financial injection, but an "asset deal" in which Devolo's assets are transferred to SOL.
The two companies have not disclosed what these assets are. However, according to a statement by Managing Director Dr. Paul Niederkofler, SOL is keen to maintain Devolo's business with network components such as powerline adapters: "Together we will drive forward our national and international expansion plans and invest sustainably in product and technology development as well as strengthening the brand. We are delighted to be able to contribute our expertise to this innovative company."
Surviving two insolvencies in two years
As part of the takeover, the former PM Technik GmbH, which operated Devolo, will become Devolo Solutions GmbH, based in Aachen. Heiko and Gerrit Harbers will remain managing directors. The creditors' committee has already approved the deal, which was signed on April 17, 2024 and applies retroactively to April 1 of this year.
Devolo had already gone bankrupt for the first time in February 2022 due to supply chain problems and low demand during the coronavirus pandemic. Even then, there were proceedings in self-administration, which were concluded in October 2022. Devolo was considered saved. In December 2023, however, the company was again insolvent, once more according to its own statements, due to low demand.
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