Sun European Partners buys EQT stake in Strauss

Private shareholders also sold their stake to Sun European Partners. The deal is still subject to approval by the relevant authorities, and is expected to close in Q1 2012.

The new owner will support Strauss in accomplishing its planned expansion in 2012, including opening more stores and improving the existing store portfolio.

Debt
Information on leverage for this transaction is currently being researched.

Previous funding
EQT first acquired Strauss in May 2008 from the Geringhoff family, a deal valued in the €50-100m range. Between 2008 and 2011, Strauss was turned around from a loss-making into a profitable business.

Company
Strauss Innovation is a German retail chain with approximately 100 stores in Germany. Strauss sells men and women's apparel and interior decoration. Revenues in 2010 amounted to €170m. Founded in 1902, the company is based in Langenfeld and employs 1,100 people.

People
Benjamin Buerstedde, vice president, led the deal on behalf of Sun European Partners. Karsten Thiel is chairman of Strauss.

Advisers
Equity - Kirkland & Ellis, Erik Dahl, Joern Schnigula, Jan Schinkoeth, Daniel Wied, Bernhard Guthy (Corporate finance), Roderic Pagel, Ulf Kieker (Tax), Markus Feil (Financial due diligence), Bernhard Fakler (Legal).
Vendor - Honert & Partner, Jochen Neumayer, Harald Lindemann, Nicole Modalek, Andreas Guenther (Legal).
Company - PNHR Pelka Niemann Hollerbaum Rohde, Peter Schroeder, Wolf Rohde (Legal). 

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