Monheim am Rhein, 27.May 2025
VEDRA Pensions GmbH ("VEDRA") will take over the German pension liabilities of AST Deutschland GmbH ("AST"), currently totaling 172 eligible pensioners and former employees, by way of a buy-out.
The transaction is expected to be completed in June 2025.
VEDRA will take over a pensioner company previously set-up by AST. As a result, VEDRA assumes all the risks and liabilities associated with the pension scheme. The VEDRA Group is responsible for the management of these assets, which are protected by a two-tier trust structure (CTA). This ensures that the trust assets are used for their intended purpose. The investment of the capital is via a German special fund. VEDRA invests an equity contribution in the pensioner company, as is customary in international comparison, ensuring a corresponding alignment of interests.
“Following the restructuring of the AST Group's stainless steel activities in Germany, we had to find a secure and experienced partner for our company pensioners in order to ensure the future of pension payments in Germany. VEDRA stood out as a specialist with a wealth of experience in managing existing pensioner companies and offering pragmatic solutions," says Stephan Urban, Managing Director of AST.
"We are delighted to be entrusted with the responsibility of supporting the AST beneficiaries in the future. The deal shows how buy-out solutions in Germany are flexible and attractive, but also how pensioner companies with an external CTA, an investment via special funds and a large equity contribution from the acquiring risk carrier are becoming more established," says Tilo Kraus, Managing Director of VEDRA Pensions.
The legal advice and structuring of the buy-out was provided by the law firm GÖRG Partnerschaft von Rechtsanwälten. The pension-specific issues were dealt with by Burkhard Fabritius, the experienced partner and head of GÖRG's Hamburg office. Prior to his career as a lawyer, he specialised in company pension scheme issues at Allianz Versicherungs-AG, and has since spent almost 20 years offering legal counsel to companies on this subject. Prof. Dr. Stephan R. Göthel, who is also a partner at GÖRG's Hamburg office, was responsible for corporate and transaction structuring. He has been advising on M&A, private equity/venture capital and corporate law for over 20 years, during which time he has gained extensive experience in each of these fields.
The legal advice and structuring of AST Germany was carried out by Clifford Chance, with partners Dr. Christopher Fischer specialising in occupational pension law and Annette Röhder in corporate law. Daniela Angelini and Mustafa Sezer from WTS provided tax advice on the pension carve-out.
About AST
AST Deutschland GmbH was one of the largest stainless steel service centres in Germany, offering a wide range of processing options, from cutting to size in various dimensions, to surface finishing. As part of a restructuring of the group of companies, they discontinued production operations in Germany in 2024. AST Germany is a subsidiary of Arvedi AST, one of Europe's leading stainless steel producers, with production in Terni, Italy. The core business consists of flat rolled stainless steel products, which are used in a variety of applications. The product range also includes large forgings. These are for the energy, industrial and mechanical engineering sectors. The range also includes welded stainless steel tubes.
About VEDRA Pensions
VEDRA Pensions GmbH is a German holding company that specialises in innovative and pragmatic solutions related to pension buy-outs. Since its foundation in 2016, VEDRA has proven itself in the German market when it comes to relieving companies of the risks associated with pension obligations: Inflation risk, longevity risk, interest rate risk and market risk. The VEDRA model results in a complete economic and legal relief of the company from liability, in combination with the derecognition of the obligations from the balance sheet. For the entitled pensioners, this has the advantage that the obligations are fully funded. VEDRA currently supports several thousand beneficiaries. For more information, please visit our website: Vedra Pensions – Home of Pensions
Follow VEDRA Pensions on LinkedIn: VEDRA Pensions
For questions or interview requests, please contact:
EN 
DE