Schieder Möbel Holding concludes the sale of its Bosnian furniture subsidiary Standard d.d. to Delta Group, a leading investor in the Balkan region.
Schieder Möbel Holding GmbH (Germany)/ Sarajevo (Bosnia and Herzegovina) sold its 67% owned and stock-listed furniture subsidiary Standard d.d., Sarajevo to Delta Real Estate ddo, a subsidiary of Delta Holding, Serbia’s largest private company.
Despite current adverse market conditions and extreme deal complexities the transaction could be mastered successfully, representing one of the most significant investments of a Serbian company in the Federation of Bosnia and Herzegovina (BiH).
With the sale of those shares in Standard d.d., solutions have been found for all major parts of the Schieder Group, which had to declare insolvency in 2007. Dr. Sven-Holger Undritz, insolvency administrator of Schieder Möbel Holding GmbH, the parent company of Schieder Group, says: “This sale represents another significant milestone in the Schieder insolvency and I am glad to report that this sale was successfully concluded despite the most adverse market conditions as well as numerous transactional complexities. This is a remarkable continuation of the successful disposals of business entities out of Schieder Group that started with the sale of the IMS-SEH Companies to Berggruen Holdings in December 2007. Through the transfer to new owners, more than 8,000 staff of the entire Schieder Group are still employed.”
The sale represented one of the most complex transactions in BiH and for Schieder Group due to
• Standard d.d. being a stock-listed Bosnian entity on the Sarajevo Stock Exchange (SASE) with 33% free-float
• Seller being an insolvent German company regulated by German insolvency laws
• Purchaser being the largest private Serbian Company, undertaking one of the most signifi cant direct investments in BiH.
About Standard d.d.
Standard is a major producer of chairs and tables based in Sarajevo (Bosnia and Herzegovina) with net sales of approx. EUR 23 million in FY 2008 and approx. 700 employees. Standard is listed on the SASE.
Corporate Finance Partners acted as financial adviser to Dr. Undritz on the sale, leading and structuring the transaction.
