Sun-backed Strauss Innovation bought out of insolvency

Mühleck stated it sees itself as a long-term strategic investor in Strauss and will provide funds for further growth. It will take on all 79 stores and 1,200 employees, as well as the logistics centre in Solingen.

Strauss's creditors, who have been looking for a buyer since the company registered for insolvency earlier this year, approved the purchase. It hopes bankruptcy proceedings will conclude by the end of the year.

Strauss filed for creditor protection with courts in Düsseldorf in January 2014. In March, the company announced it would be closing 17 of its 96 stores and making 200 people redundant by the middle of the year as part of its administration plan.

It is thought the trend towards online shopping has affected the retail sector.

Sun European continued to accompany both Strauss's management team and Deloitte Corporate Finance in the sales process and stated it approved the purchase.

Previous funding
EQT Partners sold its stake in Strauss to Sun European in December 2011. EQT acquired Strauss in May 2008 from the Geringhoff family, in a deal valued in the €50-100m range. Between 2008-2011, Strauss was turned around from a loss-making company into a profitable business.

Company
Founded in 1902, Strauss Innovation is headquartered in Langenfeld. It sells men's and women's apparel and interior decoration.

People
Hans-Peter Döhmen is chief restructuring officer at Strauss.

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• Topics
• DACH
• Consumer
• Germany
• Sun European Partners