PwC Legal advises textile Joint Venture MGC on the acquisition of Melchior Textil GmbH
Frankfurt, 4 February 2020
PricewaterhouseCoopers Legal AG Rechtsanwaltsgesellschaft (PwC Legal) has provided extensive legal advice to European textile manufacturer MGC on the acquisition of German textile manufacturer Melchior Textil GmbH from HOS-Group. MGC is the textile joint venture between UK-based Carrington Textiles and the Portuguese textile manufacturer TMG – Acabamentos Texteis SA.
Experts from PricewaterhouseCoopers GmbH Wirtschaftsprüfungsgesellschaft (PwC GmbH) advised on the tax aspects of the transaction.
Carrington Textiles is one of Europe’s leading suppliers of workwear fabric. Formed in Lancashire, UK, in 1891, the company is operating in 80 countries worldwide, producing more than 55 million meters of fabric per year. Carrington Textiles currently generates an annual revenue of more than 100 million Euros per year.
Textil Manuel Goncalves, S.A. (TMG) is a textile manufacturer based in Vila Nova de Famalicão, Portugal, producing 18 million metres of fabric per year and exporting to 40 countries worldwide. Founded in 1937, TMG is a supplier to the clothing industry, also producing textiles for the automobile sector. TMG Group has approximately 1.400 employees with net sales totaling more than 150 million Euros per year.
Established in 1996 and based in Wangen, Allgäu (Germany), Melchior Textil GmbH procures and markets raw fabrics which are then refined by partners to finished workwear fabrics. The company is currently achieving annual revenues of approximately 10 million Euros.
Advisors to Joint Venture MGC:
PwC Legal Germany
Dr. Angelika Bartholomäi (Lead), Frank Scheele, Georg Buchenhorst, (all Corporate/ M&A), Dr. Alexander Rehs (Public Law), Dr. Gerung von Hoff (Antitrust Law), Dr. Frank Degenhardt (Employment Law)
PwC Legal Portugal
Isabel Coelho Santos; Cristina Cabral Ribeiro
PwC Tax Germany
Yvonne Schmucker
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.
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