Livingstone has advised insolvency administrator Dr. Jens-Sören Schröder (Johlke Niethammer, Hamburg) on the sale of C&M Company GmbH to Hair&More Friseurbetriebe GmbH by asset deal. Terms of the transaction are undisclosed.
C&M Company GmbH (C&M), founded in 1997 and headquartered in Hamburg, is one of the leading hairdressing chains in Germany and is considered a pioneer of discount hairdressers. The company has a comprehensive range of services and products, comprising hairdressing services and other services (beauty and cosmetic services) and online offers. The range of services is rounded off by on-site sales of various hair care and styling products for men and women.
When the company filed for insolvency on April 16, 2020, C&M operated 73 stores in nine German states and employed around 400 people. In the past financial year, the company generated sales of around EUR 12 million.
In the course of the proceedings, the insolvency administration decided to identify a long-term oriented entrepreneur for the continuation of the company in a structured sales process supported by Livingstone. The creditors’ meeting decided in favor of the offer from Hair&More Friseurbetriebe GmbH, which will take over 57 salons and around 340 employees as part of an asset deal. Over the next few months, the salons will be successively converted to the “loom” brand and concept.
Daniel Kriegisch, representative of Hair&More GmbH, on the transferring reorganization and the future, “We are pleased to grow our concept at the established locations of C&M Company GmbH and warmly welcome the energetic and committed employees to our team. Together we will master the challenges of the near future and emerge from the current crisis stronger and with fresh energy and motivation.”
“We would like to thank Livingstone for their effective leadership throughout the Corona-battered M&A process. The acquisition of 57 salons with the negotiation of the corresponding leases in the asset deal is a very remarkable result, especially under the current pandemic conditions,” commented insolvency administrator Dr. Jens-Sören Schröder. He added, “Furthermore, we would also like to thank the staff of C&M, who supported the swift turnaround despite this difficult period.”
“We are very pleased the insolvency administration placed its trust in us to support them in this transaction. Identifying a long-term investor for a chain store operation for a company hit by COVID-19 was very exciting. We found the right partner and competent investor in Hair&More Friseurbetriebe GmbH. The whole process has been a pleasure and we would like to thank all persons involved for their trust,” says Dr. André Schröer, Partner at Livingstone Düsseldorf.