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:
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)
André Bäcker, Bastian Hintz (both Financial Due Diligence, Frankfurt), Timo Klees (Distressed M&A, Frankfurt), Dr. Axel Mielke, Kilian Werner (both Tax, Frankfurt)
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