Afinum takes 40% Görtz stake

Last year saw the ailing company conduct a successful turnaround operation, seeing revenues of €365m from its stores across the DACH region. The first quarter of 2014 has seen the company exceed its turnover targets and achieve a sales increase in the double-digit percentage range.

The capital injection will finance the modernisation and targeted expansion of the branch network, as well as the development of the company's multi-channel strategy.

Completion of the deal is subject to the consent of the relevant authorities, but is likely to take place by the end of May.

Funding for the capital injection is likely to have been drawn from the €210m AF Eigenkapitalfonds für deutschen Mittelstand vehicle, which focuses on German companies with a turnover between €25-500m. According to Afinum's website, investments from this fund are in the small-cap region, amounting to between €5-30m. The fund held its first close on €200m in July 2010 and has a target of €500m according to unquote" data.

Last month, Afinum sold Caseking and its UK arm Overclockers to Equistone after a 3.5-year holding period.

Company
Headquartered in Hamburg, shoe retailer Görtz has approximately 3,200 employees in Germany and Austria. The firm operates two websites: www.görtz.de and www.görtz.at. Since 1875, the company has been owned by its founders, the Görtz family.

People
Ludwig Görtz is co-partner at Görtz. Stephan Schödel is an investment manager at Afinum.

Advisers
Equity - P+P Pöllath + Partners (Legal); PwC (Financial due diligence); Kurt Salmon (Commercial due diligence).

 

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• Topics
• DACH
• Consumer
• Expansion
• Germany