Kingsbridge sells insolvent Kunert

Austrian investor Grossnigg took over a 45% stake in German firm Kunert, which will retain its entire staff, via newco Kunert Fashion. Grossnigg now holds operative responsibility for the business.

Grossnigg and Kingsbridge injected a joint €10m into Kunert as part of the deal.

Private equity house Kingsbridge will remain a minority shareholder, keeping a 45% stake, according to reports. The GP injected a further €30m in Kunert five years ago, when the firm was already struggling with loan claims.

Kunert has not been the only one of Kingsbridge's portfolio companies to file for insolvency. Toys company Märklin, also backed by Goldman Sachs, went under in 2009.

Company
Kunert was founded by Maria Kunert in Warnsdorf in 1907. After the dispossession of the firm at the end of WWII, Julius Kunert re-opened Kunert in 1947 in Immenstadt, where it is still headquartered.

The company now employs around 1,000 staff. It manufactures its products in a plant in Tétouan, Morocco, as well as in Germany.

Kunert listed on the stock market in 1988.

People
Fritz Hinterberger, Wilhelm Haböck and Constantin Wunn were brought in by Grossnigg as the new management team for Kunert. Hermann de Jong has been Kunert's CEO since 2006 but will now leave his position.

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