Circular Projects GmbH – Buy-side acquisition of HydroDyn Recycling out of insolvency

In April 2026 Circular Projects GmbH acquired the core operations of insolvent HydroDyn Recycling GmbH in an asset deal. Roemer Capital advised the buyer on the buy side.

Starting Point

Since 2015, HydroDyn Recycling GmbH has developed systems for cleaning and processing heavily contaminated plastic waste at its Hamburg and Schwerin sites. At the core is the patented HydroCleaner technology. Despite proven technology maturity, liquidity constraints led to an insolvency filing in January 2026.

Circular Projects GmbH evaluated acquiring the core operations, including key operating assets and IP, via an asset deal – with the aim of continuing the technology, know-how and sites.

Objective

The goal was a robust buy-side transaction that:

• structured the distressed process so the buyer could decide with confidence
• secured valuation, deal structure and negotiations
• mapped a clear path to closing and operational takeover
• retained founder know-how and operating continuity in the new structure
• reposition the business for global growth via a new licensing model

Roemer Capital was mandated as buy-side advisor to Circular Projects GmbH.

Approach

Working closely with the buyer, the buy-side process and transaction logic were set up:

• a clear acquisition rationale for the core business and HydroCleaner technology
• structuring of the distressed asset deal (process, timeline, decision pack)
• sparring on valuation, deal structure and negotiations through closing
• preparation of the operational takeover, including integrating the founders into the successor company
• design and introduction of a new licensing model and strategic repositioning for global growth

Lucas Roemer was involved operationally and strategically and acted as a sparring partner, focused on transaction logic, materials and the path to closing.

Result

On 16 April 2026 the core operations transferred to Circular Projects GmbH, at the same time as insolvency proceedings were opened.

39 jobs were secured. Founders Michael Hofmann and Dirk Schneider continue to lead the business as HydroDyn Systems under Circular Projects. Going forward the focus is engineering, system integration, licensing and sales. The Hamburg and Schwerin sites remain in a changed setup. A new licensing model was introduced in parallel, positioning HydroDyn Systems for international growth through licensing and system integration.

Impact

With buy-side support, Circular Projects was able to:

• implement a going-concern solution for a patented recycling technology
• retain key people and operating substance
• secure 39 jobs in Hamburg and Schwerin
• refocus the company on engineering, licensing and sales
• reposition the company for global growth through a licensing model

The transaction created the basis to develop HydroDyn as HydroDyn Systems in the market for industrial plastic washing plants.

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