Astraia Holding AG acquires PEINE GmbH

The Consumer sector team at Livingstone Düsseldorf have advised Gordon Brothers Europe, owners of menswear manufacturer PEINE GmbH, on the sale of the company to Swiss holding company Astraia Holding AG.

Wilhelmshaven-based PEINE is an exclusive men’s apparel manufacturer of business fashion and wedding attire, under well known brands BARUTTI and MASTERHAND. The company generates more than €25 million turnover, mainly in Germany, and employs about 80 people.

Gordon Brothers Europe acquired PEINE in 2010 and supported the management team during a subsequent restructuring process, refocusing the business around its two key brands. Since his appointment in August 2011, CEO Uwe Kauert , has been focusing on developing the two core brands and repositioning the company in the marketplace.

Astraia Holding AG is a holding company which acquires and develops companies in the fashion sector. CEO Jan D. Leuze, who comes from a well-known German family in the textile business, will take overall responsibility for the development of PEINE. He will be supported by his partner Lothar Peters, who has been working in the fashion industry as a successful consultant and CEO of large textile companies (Calida, Kunert) for many years.

“We are very pleased with the acquisition of PEINE”
, says Jan D. Leuze. “This company has a very interesting brand history and we see, even in a challenging market environment, excellent development perspectives for the traditional business brand BARUTTI. At the same time, we are excited about the growth perspectives in the at-tractive festive and wedding wear segment served by the MASTERHAND brand. The solid and profitable growth of the recent years is a good sign. We are looking forward to jointly shaping the future of the company.”

“This transaction represents a successful exit for Gordon Brothers from its investment in PEINE,” says Angus Collett, CFO of Gordon Brothers Europe. “Astraia Holding AG is an investor that will support the continued growth and development of the business. Livingstone Partners has helped us to market PEINE to maximise shareholder value and found the right investor for the business.”

Uwe Kauert, CEO, PEINE, welcomes the sale to an investor experienced in the fashion industry: “The new owner of PEINE understands the specific requirements of the apparel industry and can be an important sparring partner for us.”

“Astraia’s understanding of the BARUTTI and MASTERHAND brands, as well as their broad fashion experience make the two individuals behind Astraia Holding AG the ideal part-ners for PEINE” said Dr. André Schröer, Director at Livingstone Düsseldorf and advisor to the seller.

With the sale of PEINE, Livingstone’s Consumer sector team has advised on 10 transactions in the past 12 months. The deal follows swiftly on the Düsseldorf team’s successful buy-out of equestrian fashion group Hypo Wholesale in February, in which it also advised the exiting shareholders.


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