September 2013. Austrian entrepreneur Dr. Erhard F. Grossnigg acquires the whole company in an asset deal out of insolvency. Kunert’s business operations and staff are now transferred to newly founded Kunert Fashion GmbH.
The production sites in Immenstadt and in Morocco are going to be maintained, as well as the brand names Kunert, Julius Kunert and Hudson. Former majority shareholder Julius Textile Investment (Kingsbridge Capital Group) is going to become minority shareholder of the new company. In accordance to the applicable law, sales revenues are used to reimburse creditors proportionally.
For the last decades, Erhard Grossnigg has been being one of the most recognized Austrian entrepreneurs. In regard to the fashion and textile industry, he has made a name for himself with the successful restructuring of Huber-Gruppe, a lingerie manufacturer (inter alia with the brands Huber Bodywear, Skiny und Hanro).
The management board of the newly founded Kunert Fashion GmbH consists of Fritz Hinterberger, Wilhelm Haböck und Constantin Wunn. Fritz Hinterberger is highly experienced in consumer and branded goods markets as well as with the repositioning of medium-sized corporates. Wilhelm Haböck was managing director of Vossen, an Austrian towel manufacturer for years and has extensive knowledge in marketing and sales. Constantin Wunn as finance director has been with Kunert Fashion GmbH &. Co. KG since 2011.
German trade partners have given support to Kunert during the reorganization. Repeatedly they confirmed that Kunert is a relevant and important supplier. Joint discussions during the reorganization have led to better product placements and mutual marketing initiatives which have resulted in positive developments in first half-year 2013.
Acxit Capital Management – now ACXIT Capital Partners – acted as the financial advisor to Kingsbridge Capital Advisors Limited.
ACXIT Capital Partners is a leading international corporate finance and investment advisory firm for mid-market clients and entrepreneurs in Europe and beyond. Since 1998, we offer our clients comprehensive corporate finance advisory services including M&A and capital markets advisory as well as restructuring, debt and strategic advisory. As an independent, privately owned firm we maintain offices in Frankfurt, Berlin, Munich, Zurich, Vienna and Hong Kong as well as strong alliances in China, India and the USA.
To date, we have completed more than 350 transactions with a total deal/financing volume of approx. EUR 17bn. Our clients are corporations, family-owned businesses, entrepreneurs, financial sponsors and family offices. While our home market is in the German speaking region, most clients are international and transactions cross-border. (www.acxit.com)
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Dr. Ingmar Ackermann, Managing Partner
E-mail: Ackermann@acxit.com
