Jost Hartmann
Proventis Partners
Testrut (DE) GmbH
Deal Type
Acquisition
Sector
Consumer
Completion Date
29th August 2019
Deal Value
Not disclosed
Company Background
The Testrut Group is an international trading company with over 80 years of tradition that trades in non-food categories all around home and garden, marketing its products to the retail trade both stationary and online. Testrut develops consumer goods/product for specialist retailers and retailers in the indoor categories of household goods as well as bathroom and sanitary ware. In the outdoor categories, the Testrut Group concentrates on garden supplies, decoration and ambience, leisure and garden furniture, oven accessories as well as grills and BBQs.
The management of Robert Testrut GmbH & Co. KG, Testrut (DE) GmbH and Testrut Service GmbH filed applications for the opening of insolvency proceedings in their own administration at the responsible local court in Duisburg on August 28, 2018. This was caused by the liquidity bottleneck in a sister company of Testrut (DE) GmbH, which was triggered by a well-known customer from the discount sector and affected the entire group. The proceedings were opened on November 1, 2018, and Dr. Andreas Roepke of the law firm hrm, Henneke Roepke Rechtsanwälte, was appointed administrator.
Deal Summary
Hong Kong-based Link H.K. Ltd. has acquired a majority shareholding in Testrut (DE) GmbH and the associated foreign subsidiaries of Testrut Service GmbH. The corresponding insolvency plan was accepted by the creditors of Testrut (DE) GmbH without any dissenting votes. In addition to satisfying the creditors, the insolvency plan included further financing of the operative business.
Value Added
Proventis Partners accompanied the shareholders and the management of the Testrut Group in coordination with the plenipotentiary during the entire distressed M&A process. The services included the preparation of the entire transaction documentation, the identification and approach of suitable investors, the coordination of the due diligence and the commercial negotiation of the transaction.
Latest Mergers Alliance News
Khronos Advisory (Thailand) has advised Electricity Generating Public Company Limited (EGCO) on USD95 million capital increase in PT Chandra Daya Investasi
Dresner Partners (USA) advised Connoisseurs Products on its sale to Willert Home Products
Ethica Group (Italy) advised Vicenza Mode, high-end knitwear manufacturer, in the sale of a majority stake to Sienna PE
