PwC advises investor on acquisition of insolvent bag manufacturer BREE
Düsseldorf, 28 October 2019
PricewaterhouseCoopers Legal AG Rechtsanwaltsgesellschaft (PwC Legal) and PricewaterhouseCoopers GmbH Wirtschaftsprüfungsgesellschaft (PwC WPG) have provided legal, financial and transactional advice to a strategic investor on the acquisition of the insolvent bag manufacturer BREE Collection GmbH (BREE).
The acquisition of BREE is a strategic addition to the investor’s activities in the DACH region. The Signing of the main contractual documents took place in August 2019. The insolvency plan, which provides for the investor to take over new shares in BREE, was submitted to the Hamburg insolvency court in September 2019. On 24 October 2019, the creditors unanimously accepted the insolvency plan. The transaction has already been cleared under merger control law, which means that there are no more obstacles to the investor taking over the business operations of BREE.
PwC WPG’s experts advised the investor on the financial and tax due diligence and on the strategic aspects of the distressed M&A transaction.
PwC Legal advised the investor on the legal structuring and implementation of the transaction. In particular, the focus was on transaction advice under insolvency law and included financing, IP/IT, labour law and merger control law. The conclusion of several agreements in August 2019 initially ensured the continuation of BREE’s current business operations. Thereafter, the company was financially restructured by the insolvency plan and the investor’s entry was implemented.
The bag manufacturer BREE, founded in 1970, has its registered office in Hamburg. The company specializes in the manufacture and sale of high-quality bags and accessories made of leather and disposes of own stores in the DACH region. It employs around 150 people and achieved annual sales of EUR 21 million in 2018. In May 2019, BREE filed for insolvency. Stefan Denkhaus of BRL was appointed as insolvency administrator.
Advisors to the Investor:
PwC Legal
Sebastian Knapp (lead, Insolvency law/M&A, Frankfurt), Jan-Dierk Schaal, Melanie Wellner (both IP/IT, Hamburg), Dr. Nils Gildhoff (Antitrust law, Hamburg), Martin Vollmann (Employment law, Frankfurt), Dr. Thomas Wenninger (legal due diligence, Stuttgart)
PwC WPG
André Bäcker, Bastian Hintz (both Financial Due Diligence, Frankfurt), Timo Klees (Distressed M&A, Frankfurt), Dr. Axel Mielke, Kilian Werner (both Tax, Frankfurt)
About PwC Legal Business Solutions:
In our global, rapidly changing business world, cooperation, restructuring, transactions, financing and social responsibility are topics that increasingly concern our clients. They need legal certainty for a wide range of complex tasks. That is why we advise them holistically and in close cooperation with PwC’s tax, human resources and finance experts and our international legal network in over 100 countries. Whether a globally active company, a public corporation or a wealthy private individual, every client has a personal contact at our firm who supports them responsibly in all matters of commercial law. In this way, we help our clients to secure their economic success in the long term.
PwC Legal Business Solutions in Germany. More than 370 lawyers at 18 locations. Integrated, tech-powered legal advice.
About PwC Germany:
Our clients face diverse challenges, strive to put new ideas into practice and seek expert advice. They turn to us for comprehensive support and practical solutions that deliver maximum value. Whether for a global player, a family business or a public institution, we leverage all of our assets: experience, industry knowledge, high standards of quality, commitment to innovation and the resources of our expert network in 149 countries. Building a trusting and cooperative relationship with our clients is particularly important to us – the better we know and understand our clients’ needs, the more effectively we can support them.
PwC Germany. More than 15,000 dedicated people at 20 locations. €3.05 billion in turnover. The leading auditing and consulting firm in Germany.
