MIC PRODUCTION: From Restructuring Case Back to Profitability
The Company
The MIC Group consists of two machining companies serving the automotive industry. Until 2024, both belonged to the DVS Group and operated under the names DVS Production and DVS Production South. On October 1, 2024, Accursia acquired both companies as part of a carve-out.
For years, both plants had been integrated into the group’s structures: finance and accounting, IT systems and other central services were handled by the group. Following the carve-out, these functions had to be established independently within a short period, while production continued and deliveries to customers remained uninterrupted. At the same time, customers, suppliers and financing partners had to be convinced that the plants would remain reliable partners even without the backing of the group. For this purpose, Accursia arranged independent financing for both companies as part of the transaction. For the former shareholder, the carve-out also meant significant financial relief: it was able to divest a business that had weighed on its results and focus on its strategic priorities.
MIC PRODUCTION GmbH in Krauthausen (Thuringia) manufactures transmission components such as shafts and gears on a contract manufacturing basis, including for automotive suppliers and OEMs. MIC PRODUCTION South GmbH in Kürnbach (Baden-Württemberg) traces its origins to Fröhlich GmbH CNC-Technik, founded in 1991. Since 2014, it has been producing truck wheel hubs in series on a highly automated line, almost exclusively for a major commercial vehicle manufacturer.
Together, the two companies generate around EUR 35 million in revenue with approximately 130 employees.
Two Companies, Two Starting Positions
The two plants came to Accursia with contrasting conditions. MIC PRODUCTION South was operationally sound. Action was primarily needed in the fine-tuning of maintenance and liquidity.
At MIC PRODUCTION, the situation was serious. The operation had once been designed for around EUR 40 million in revenue and more than 200 employees. Revenue fell from EUR 33.4 million in 2023 to EUR 19.2 million in 2024, while the cost structure remained unchanged. In 2024, normalized EBITDA stood at minus EUR 5.3 million, and the annual net loss amounted to EUR 7.5 million.
There was also a lack of transparency. After the carve-out and the IT transition, accounting was not functioning. Incoming invoices were not recorded, and receivables were not followed up. No one could reliably say where the company stood financially, while payables to suppliers continued to grow. Liquidity was correspondingly strained.
Behind the crisis, Accursia saw the intrinsic value of both plants: manufacturing know-how, long-standing OEM customers and a position in the supply chain that cannot be replaced at short notice. The difficulties lay in structure and governance, not in the business model. That is precisely where Accursia takes action.
New Governance as the Starting Point for Transformation
The turnaround began with new governance. Following the acquisition, Accursia introduced clear structures for management, control and responsibility and selectively reorganized the management team.
Initially, Swen Graf drove the first stabilization measures forward. Torsten Neumann then assumed operational responsibility for restructuring both plants, a restructuring specialist with an extensive lean background in the automotive supply industry. The management team is thus itself a central value driver: it is responsible for implementing the restructuring and reports closely to the shareholder.
As shareholder, Accursia sets the strategic framework, establishes fixed planning and reporting cycles and drives the development of a broader management structure so that knowledge and responsibility do not depend on just a few individuals. Where know-how is lacking, targeted reinforcement is provided.
First Step: Stabilizing the Financial Foundation
At MIC PRODUCTION, liquidity was initially the main focus. All payments were centrally controlled and aligned with production needs, while unnecessary fixed costs were consistently cut.
Cooperation with suppliers was placed on a stable footing, and accounting was completely re-established. Only then did a reliable picture of outstanding items on both sides emerge.
This was accompanied by rigorous working capital management: outstanding receivables were consistently collected, and order quantities and payment terms were tightly controlled. Today, the company has significantly reduced its payables to suppliers and is once again generating positive operating cash flow.
Second Step: Adjusting Costs to the Actual Size of the Operation
The new transparency revealed that MIC PRODUCTION was still operating within the structures of a much larger business: parallel business units with duplicated functions in work preparation and production planning, as well as IT and licensing costs for a workforce that no longer existed at that size.
The basis for the restructuring was a break-even calculation: What organization does an operation of this size need? The personnel structure was adjusted accordingly, in a socially responsible manner and without labor court disputes. The business units were merged, and licenses and order quantities were aligned with actual requirements.
At MIC PRODUCTION South, the focus was on processes rather than structures. One example: an older leased machine was replaced at the same monthly cost by a modern 5-axis machine that processes more products and achieves shorter cycle times.
Third Step: From Downsizing to Growth
With stable liquidity and an appropriate cost structure, attention turned to the future. Open discussions with customers about the turnaround created renewed trust. Cooperation with existing customers was placed on an economically sustainable basis and expanded to include additional volumes, and new customers were acquired even during the restructuring phase.
MIC PRODUCTION South is also positioning itself for growth. Series production for its main customer is running steadily at high capacity utilization. With the new 5-axis machine, the plant can also manufacture additional products and broaden its positioning.
The strategy for both plants is clear: develop new customers and markets, expand the product range and further develop the group in a targeted manner. A restructuring case has become a platform for profitable growth on which Accursia intends to continue building.
Value Creation in Figures
The operational turnaround is now reflected in the figures. After nine months, the group recorded EBITDA of EUR 2.0 million in 2026, an improvement of EUR 2.3 million compared with the same period of the previous year, with revenue virtually unchanged. The leverage did not come from the market, but from structure, costs and management.
MIC PRODUCTION has been EBITDA-positive month after month since February 2026. The cost base now matches the size of the operation, and personnel costs account for less than 30% of total output. MIC PRODUCTION South has almost tripled its result over the same period and has a solid order backlog keeping it at capacity for months.
On a full-year basis, the turnaround becomes even clearer. From the low point in the acquisition year 2024, the group’s EBITDA is expected to rise to around EUR 2.1 million in 2026 according to the current forecast, a swing of around EUR 6.8 million in two years. Both companies contribute to this, and both are profitable.
The Key Value Drivers of the Turnaround
Looking back, three key value drivers can be identified. The first is governance and leadership. Accursia established clear structures early on and selectively reorganized the management team, deliberately in two stages: first stabilization, then the transfer of operational responsibility to a restructuring specialist with an extensive lean and automotive background. What mattered was leadership that carried the change into the organization.
The second is transparency. The rolling 13-week liquidity planning introduced by Accursia, newly established accounting and Accursia’s monthly reporting made it clear where the companies really stood. This had an impact both internally and externally: transparency was the basis for every decision and secured customers’ trust.
The third is the focus on a few correct measures. Instead of a comprehensive program, management concentrated on the levers with the greatest impact: central liquidity management, staff reductions based on a break-even calculation without labor court proceedings, and the elimination of duplicated structures. These measures were consistently carried through to completion instead of launching many in parallel.
From Stabilization to Regular Operations
Two plants with very different starting positions have become a profitable group. EBITDA is expected to turn from minus EUR 4.7 million in the acquisition year 2024 to around plus EUR 2.1 million in 2026 according to the current forecast, an improvement of around EUR 6.8 million. With the return to profitability, both sites, their manufacturing know-how and around 130 jobs are preserved.
In the next step, the stability achieved will be translated into sustainable structures. Decisions and workflows will be embedded in fixed processes, and the second management level will be strengthened so that the entire organization supports the path taken. At the same time, Accursia is driving the group’s growth, organically and through targeted acquisitions as part of a buy-and-build strategy.
For us, responsibility means recognizing, preserving and restoring value to substance in a special situation.
