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The Swiss Corporate Finance team is pleased to announce the sale of RUAG Environment AG (“RUAG Environment”) to Thommen Group AG (“Thommen Group”). PwC supported RUAG AG (“RUAG”) as financial advisor, and also provided support on tax and pension related matters.
RUAG Environment is among the top three environmental recycling companies in Switzerland for electronic waste, with particular focus on fridge recycling. RUAG Environment is headquartered in Altdorf/UR and operates three subsidiaries as well as 16 external e-waste collection sites across the country. In the course of the unbundling of the RUAG business that is performing services to the Swiss armed forces and the subsequent transfer of these businesses into MRO Switzerland as a separate legal entity, RUAG Environment got transferred to MRO Switzerland as well. With no synergies between RUAG Environment and the other businesses of RUAG, the board of directors decided to put the company up for sale.
With increasing price pressure in the market, the number of potential buyers for RUAG Environment was very limited. A sale to Thommen Group turned out to be the ideal solution after discussions were held with a limited number of interested parties. After a period of intense due diligence, negotiations and discussions with internal and external stakeholders, the parties have agreed on the terms of a transaction. Signing and closing took place on October 27, 2020.
Sascha Beer
Michael Huber
Alessandro Rossi