Livingstone Düsseldorf’s Special Situations team has advised the insolvency administrator Dr. Peter Neu on the sale of the insolvent bathroom furniture manufacturer Posseik Möbelfabriken GmbH to Posseik Möbel GmbH, a subsidiary of Emotion Warenhandels GmbH, Bremen.
Posseik Möbelfabriken is a leading manufacturer of bathroom furniture, shelving, office furniture and floorboards. Prior to its insolvency, the company generated revenues of more than €6m.
“The sale secures employment for the remaining workforce in an independent and productive company in Wermelskirchen. In Posseik Möbel GmbH and its parent company Emotion Warenhandels GmbH, we have found an investor who will guide the company back to a stable financial footing, focusing on future investments in its online business”, says insolvency administrator Dr. Peter Neu, lawyer at the law firm ATN d’Avoine Teubler Neu in Wuppertal.
In June 2015, Dr. Peter Neu appointed Livingstone to run a structured M&A process. Livingstone approached strategic acquirers and investors. A major challenge to this process was the ability to identify suitable acquirers in an extremely short time frame. This was crucial if the transaction was to reach a successful conclusion.
“The acquisition of such a famous brand further enhances our brand offering and strategic expansion strategy. We thank the Livingstone team for their professional support throughout this transaction”, said Dominik Salehi, general manager of Emotion Warenhandels GmbH.
Dr. André Schröer, Director at Livingstone Düsseldorf, commented: “We are very pleased to have found a strong partner for Posseik Möbelfabriken GmbH in the highly competitive furniture market environment. Our sector knowledge and insight was crucial in ensuring the completion of this transaction.”