GERMANY - Advent sells Herlitz to Pelikan for EUR 45m

The agreements includes the 66% stake in Herlitz as well as options and shareholder loans which are currently owned by Advent. In addition, 94.9% of Molkari Falkensee, Herlitz' Logistics Centre subsidiary, are included.

Based in Berlin, Herlitz was founded in 1904 and has been listed on the Frankfurt Stock Exchange since 1977. Advent acquired the business in 2005, taking over from creditors that had taken a majority interest following a restructuring in 2001.

For fiscal year 2008 Herlitz reported an annual turnover of EUR 301.9m and an EBIT of EUR 3.7m.

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