Kostal completes Compleo acquisition
The Kostal Group has now successfully completed the acquisition of the entire operating business of the German company Compleo Charging Solutions. Compleo is to remain independent as a brand and company under the umbrella of the internationally active Kostal Group.
With the granting of the last outstanding approvals, the acquisition is now complete. In June, Compleo reported that all creditor groups had approved the insolvency plan and that only “regulatory approvals and the fulfilment of further contractual execution conditions” were still outstanding.
Compleo and the former Kostal Charging business unit will be merged under the Compleo umbrella. This will allow Compleo to draw on the development and production resources of the Kostal Group in more than 20 countries. Until now, Compleo has been solely focused on providing vehicle charging technology in Europe
Compleo customers can expect to benefit from Kostal’s development expertise as charging infrastructure expands. Compleo says its backend software is ideally suited for the development of new business models outside the pure hardware business – especially in combination with bidirectional charging, which has been one of the foci of development at Kostal.
Compleo filed for insolvency in self-administration in December 2022 after the board of directors deemed “the positive continuation of the company no longer predominantly likely.” The move was preceded by a strategic realignment of the board, which was newly formed in the fall of 2022 with Jörg Lohr at the helm and Peter Hamela as CFO.
After Kostal was rumoured to be interested in acquiring Compleo at the beginning of 2023, the two companies had agreed on a complete takeover, including the retention of the Compleo brand at the beginning of May. The purchase price has not been disclosed.
“With the merger, Compleo and Kostal are combining their core competencies in the field of uni- and bi-directional charging, charging infrastructure operation and calibration compliance,” says Compleo CEO Jörg Lohr, who will continue to lead the division. “Together, we want to pull out all the stops to become the market leader in charging technology in Europe. We are looking forward to the tasks ahead. Compleo is now optimally positioned within the Kostal Group to continuously expand the stationary charging business.”
Andreas Kostal, CEO of the Kostal Group, describes his expectations for the successful acquisition: “With the acquisition of Compleo, the Kostal Group complements its business activities with a focus on the trend of energy efficiency. We now cover a significant part of the electrification of different areas of life, both on the hardware and software side, from renewable energy generation and storage, to stationary and mobile charging of electric vehicles, to energy saving via intelligent control of electric drives.”