Munich, November 11, 2025 – WTS Advisory AG (“WTS”) has exclusively advised the shareholders of biotherm Hagenow GmbH (‘biotherm’) on a strategic partnership with Nehlsen AG (“Nehlsen”).
Nehlsen AG is a leading provider of recycling and waste disposal services in northern Germany and, after more than 100 years of company history, is still family-owned. As part of the transaction, the business activities of the former biotherm Group were consolidated into biotherm Hagenow GmbH. In particular, biotherm operates a biomass cogeneration plant in Hagenow, northern Germany, whose waste heat is used, among other things, for the connected production of wood chips. The WTS Advisory team supported the shareholders of biotherm as exclusive M&A advisor in the preparation and execution of the transaction. In addition to leading the project management, WTS coordinated the entire due diligence process and, together with A | L | P Rechtsanwälte (“ALP”) as legal advisors, managed the contract negotiations.
With its strategic investment in biotherm, Nehlsen has succeeded in entering the field of thermal recycling of waste wood. At the same time, the combined expertise of the experts at biotherm and Nehlsen, together with the capacities of biotherm's BMHKW at its Hagenow site, will enable research into innovative, waste-based standard fuels.
Transaction background
The partnership between biotherm and Nehlsen brings significant strategic and economic synergy effects for both companies. It gives biotherm access to the management capacities and technical expertise of a large medium-sized company. For example, biotherm benefits from purchasing conditions, but also from the implementation of the requirements of the 17th Federal Immission Control Ordinance (BimSchV) at its Hagenow site. Nehlsen can integrate the BMHKW into its material flows. In addition, the BMHKW can be used for practical research on waste-based standard fuels.
To implement these synergies, Nehlsen has initially acquired a significant minority stake in biotherm, with an option to acquire all shares. On behalf of Nehlsen, Mr. Kai Bastuck will join Mr. Carsten Uffmann in the management of biotherm. The two founders of biotherm, Ms. Ute Näther-Uffmann and Mr. Dieter Uffmann, will soon hand over the management of the company entirely to the next generation.
Testimonials
Carsten Uffmann, Managing Director of biotherm, emphasizes: “The deal team led by Dr. Heiko Frank was available to us as a competent point of contact at all stages of the transaction. In Nehlsen, we have gained a partner that is an ideal fit for biotherm, both strategically and in terms of its medium-sized character.”
“We would like to thank the WTS deal team for their professional support during this transaction. We look forward to the strategic cooperation with biotherm, especially in the testing of new, waste-based regular fuels,” adds Kai Bastuck, Head of Business Development at Nehlsen AG.
WTS consulting team
Dr. Heiko Frank, Partner
Armin Schöpke, Senior Manager
Marius Matis, Manager
About biotherm
biotherm operates one of Germany's largest biomass cogeneration plants in Hagenow in western Mecklenburg-Western Pomerania, with an output of 5 MW of electricity and 36 MW of heat. Under the leadership of the Uffmann family, the biomass cogeneration plant was expanded to include wood chip production, which uses waste heat to dry the fuel. This combination results in a market-leading overall efficiency of around 89 percent for the CHP plant. The wood chips are sold nationwide under the thermochip brand and are characterized by the highest quality in terms of low residual moisture, uniform size, low fines content, low oversize content, high calorific value, and low-ash combustion. In addition, the Hagenow site produces and distributes nationwide products such as thermosafe fall protection, thermospan premium bedding, and thermofloor flooring. Last but not least, biotherm operates a highly successful waste disposal facility for garden and park waste as well as waste wood in categories A1 - A4 at a second location in Neubrandenburg, which also produces biotherm premium compost.
About WTS Advisory AG
WTS Advisory is an independent, innovative solution provider offering targeted consulting and active operational support to companies across the entire CFO agenda. This includes solutions ranging from external reporting, finance department optimization, governance, risk, and compliance issues to M&A and transaction consulting.
WTS Advisory is part of WTS, a global full-service provider of tax consulting and financial and deal advisory services. WTS has 12 locations in Germany and is represented in more than 100 countries worldwide.
The Deal Advisory division of WTS Advisory & WTS offers integrated consulting on financial (WTS Advisory) and tax (WTS) aspects throughout the entire transaction process. The WTS Advisory M&A Strategy and Deal Advisory team supports corporate transactions, for example in the form of financial due diligence investigations and other M&A buy-side and sell-side services, as well as valuation services such as expert and indicative company valuations, fairness opinions, purchase price allocations, impairment tests, and post-deal implementation.
Contact
WTS Advisory AG
Dr. Heiko Frank, Partner l Lead M&A Strategy & Deal Advisory
Friedenstr. 22 · 81671 Munich · Germany
T: +49 (0) 89 28646-2394
M: +49 (0) 1709416717
heiko.frank@wts.de
www.wts.com/advisory
