Tombstone

Dutch Duijndam Group acquires GARDEUR

German garment manufacturer Gardeur GmbH (“GARDEUR”) in Mönchengladbach has been rescued from administration only eight weeks after it filed for insolvency. Following an international investor process, Dutch Duijndam Group acquired GARDEUR as of December 1st, 2017.

GARDEUR, founded in 1920, manufactures high-quality women’s and men’s trousers, primarily sold through department stores (such as Karstadt, GALERIA Kaufhof and Globus), specialist retailers and fashion houses (such as Breuninger, Wöhrl and Manor). GARDEUR currently employs about 1,300 staff, including about 1,000 in its own factories in Tunisia, which were also taken over by Duijndam Group. In recent years, GARDEUR Group has generated consolidated sales of between 80 and 90 mn EUR. About 50% of sales are generated by export. Serving more than 50 international markets, the company’s most important export markets are Austria, Switzerland and the Netherlands. So far, 51 % of GARDEUR was owned by managing director Gerhard Kränzle, 49 % of the shares were held by NRW.Bank.

The District Court of Mönchengladbach has appointed White & Case Partner Dr. Biner Bähr on October 5th, 2017 as preliminary insolvency administrator. With the support of Dr. Bähr, GARDEUR managed to continue its business operations without restriction even after the initiation of the insolvency proceedings. At the same time, potential investors in Europe and Asia were approached by Saxenhammer & Co. Corporate Finance GmbH (Berlin) acting as exclusive investment banker. Against other bidders, the purchase approach of Duijndam Group prevailed.

Dutch Duijndam group, founded by Steef Duijndam in 1982, has been operating internationally for over 30 years in the retail, sports and textiles sector. After selling its worldwide equestrian footwear company, Steef Duijndam developed brands such as HV Polo, HV Society, Imperial Riding and Easy Rider. On the Lower Rhine, the group was last known about 10 years ago, when in Mönchengladbach the then battered equestrian sport brand Euro-Star could be successfully revived.

Duijndam group acquired the operating business of GARDEUR through an asset deal. The Tunisian companies of GARDEUR were taken over through a share deal. The vast majority of jobs will be preserved by the entry of Duijndam Group.

Dutch Duijndam Group

acquires

Gardeur GmbH

The main Dealmakers

Matthias Grau
Christian A. Saxenhammer
Hauke Helling

Other professionals who worked on the transaction include:

  • Dr. Biner Bähr of White & Case as insolvency administrator was supported by Partner Hendrik Röger (Labor Law, Hamburg) and the Associates
  • Dr. Felix Höpker, Dr. Daniel Schwartz (both Restructuring, Düsseldorf) and Carola Boeckmann (Labor Law, Hamburg)
  • Dr. Thomas Kluth und Rebecca Piechowiak of Kluth Rechtsanwälte, Düsseldorf, as counsel to GARDEUR
  • Dr. Georg Kreplin of Kreplin & Partner (Insolvency and Restructuring), Düsseldorf, and Martin Tartsch of TRE / Eschborn (Transaction, Finance and Real Estate) as counsel to Duijndam Group