Sale of Subsidiaries of Schieder Möbel Holding
Berggruen Holdings Ltd., the holding company of German-American investor, Nicolas Berggruen, has agreed to acquire 100% of the shares of IMS AG and SEH Ges.m.b.H. (Schieder Europa Holding), together with 99 % of the shares of BFM ETAP Sp. z o.o., subsidiaries of Schieder Mobel Holding, which was once Europe's largest furniture manufacturer. The closing is scheduled for November 2007.
About IMS:
The IMS Group headquartered in Bendern, Liechtenstein, generates with over 3500 employees a turnover in excess of EUR 250 million and runs eleven manufacturing plants in Poland, five for upholstered furniture and six for case goods. It operates an effective sales network in Austria, Benelux, Croatia, Germany, Hungary, Poland, Spain and Switzerland.
About ETAP:
Young, fast developing supplier of mostly leather upholstered furniture, located in Bydgoszcz, Poland.
About Berggruen Holdings:
Berggruen Holdings is the direct investment vehicle of Nicolas Berggruen, son of art collector Heinz Berggruen with overall net assets of excess USD 1 Billion. His current investments have regularly demonstrated a great sense of social responsibility and commitment to the society, abstaining from short-term profit maximisation and instead focussing on sustainable long term growth.
Corporate Finance Partners MidCap acted as exclusive advisor to the insolvency administrator of Schieder Mobel Holding GmbH - Dr. Sven-Holger Undritz.
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About IMS:
The IMS Group headquartered in Bendern, Liechtenstein, generates with over 3500 employees a turnover in excess of EUR 250 million and runs eleven manufacturing plants in Poland, five for upholstered furniture and six for case goods. It operates an effective sales network in Austria, Benelux, Croatia, Germany, Hungary, Poland, Spain and Switzerland.
About ETAP:
Young, fast developing supplier of mostly leather upholstered furniture, located in Bydgoszcz, Poland.
About Berggruen Holdings:
Berggruen Holdings is the direct investment vehicle of Nicolas Berggruen, son of art collector Heinz Berggruen with overall net assets of excess USD 1 Billion. His current investments have regularly demonstrated a great sense of social responsibility and commitment to the society, abstaining from short-term profit maximisation and instead focussing on sustainable long term growth.
Corporate Finance Partners MidCap acted as exclusive advisor to the insolvency administrator of Schieder Mobel Holding GmbH - Dr. Sven-Holger Undritz.
