PwC advises investor on acquisition of insolvent bag manufacturer BREE

October 28, 2019

Düsseldorf, 28 October 2019

PricewaterhouseCoopers Legal AG Rechtsanwaltsgesellschaft (PwC Legal) and PricewaterhouseCoopers GmbH Wirtschaftsprüfungsgesellschaft (PwC WPG) have provided legal, financial and transactional advice to a strategic investor on the acquisition of the insolvent bag manufacturer BREE Collection GmbH (BREE).

The acquisition of BREE is a strategic addition to the investor’s activities in the DACH region. The Signing of the main contractual documents took place in August 2019. The insolvency plan, which provides for the investor to take over new shares in BREE, was submitted to the Hamburg insolvency court in September 2019. On 24 October 2019, the creditors unanimously accepted the insolvency plan. The transaction has already been cleared under merger control law, which means that there are no more obstacles to the investor taking over the business operations of BREE.

PwC WPG’s experts advised the investor on the financial and tax due diligence and on the strategic aspects of the distressed M&A transaction.

PwC Legal advised the investor on the legal structuring and implementation of the transaction. In particular, the focus was on transaction advice under insolvency law and included financing, IP/IT, labour law and merger control law. The conclusion of several agreements in August 2019 initially ensured the continuation of BREE’s current business operations. Thereafter, the company was financially restructured by the insolvency plan and the investor’s entry was implemented.

The bag manufacturer BREE, founded in 1970, has its registered office in Hamburg. The company specializes in the manufacture and sale of high-quality bags and accessories made of leather and disposes of own stores in the DACH region. It employs around 150 people and achieved annual sales of EUR 21 million in 2018. In May 2019, BREE filed for insolvency. Stefan Denkhaus of BRL was appointed as insolvency administrator.

Advisors to the Investor:

PwC Legal

Sebastian Knapp (lead, Insolvency law/M&A, Frankfurt), Jan-Dierk Schaal, Melanie Wellner (both IP/IT, Hamburg), Dr. Nils Gildhoff (Antitrust law, Hamburg), Martin Vollmann (Employment law, Frankfurt), Dr. Thomas Wenninger (legal due diligence, Stuttgart)

PwC WPG

André Bäcker, Bastian Hintz (both Financial Due Diligence, Frankfurt), Timo Klees (Distressed M&A, Frankfurt), Dr. Axel Mielke, Kilian Werner (both Tax, Frankfurt)

 

About PwC Legal:

PricewaterhouseCoopers Legal AG Rechtsanwaltsgesellschaft (law firm PwC Legal) is represented with more than 250 lawyers at 18 locations in Germany. It provides integrated legal advice in cooperation with the business lines audit and assurance services (Assurance), tax consulting services (Tax) as well as deals and consulting (Advisory) of PricewaterhouseCoopers GmbH Wirtschaftsprüfungsgesellschaft. Sound technical know-how and practice-oriented economic understanding characterize the way we work.

PwC Legal is a member of the worldwide PwC Legal network, with more than 3,500 lawyers offering their services in 100 countries worldwide. 

About PwC:

The common purpose of PwC is to build trust in society and solve important problems. With a network of firms in 157 countries, more than 265,000 people are committed to providing high-value sector-specific services in the fields of Auditing, Tax- and Business Consulting.

The brand name, PwC, refers to the PwC network and/ or to one or several of its member firms, each of which is a separate legal entity. Further details under www.pwc.com/structure.

Contributors

Sebastian Knapp

Corporate/M&A

Tel: +49 69 9585-1888

Jan-Dierk Schaal

IP, IT, Commercial

Tel: +49 40 6378-2293

Melanie Wellner

IP, IT, Commercial

Tel: +49 40 6378-2695

Martin  Vollmann

Employment and immigration law

Tel: +49 30 2636-5629

Dr. Thomas Wenninger

Corporate/M&A

Tel: +49 711 25034-1717