“Shameless Smoothies” sold to KRÜGER Group
Munich, 14 September 2017. KRÜGER Group, located in Bergisch Gladbach, acquires the Munich headquartered Ready-to-Mix Smoothie firm Shrewd Foods GmbH via an asset deal.
Oliver Schartl, attorney at law and mandated insolvency administrator for Shrewd Foods GmbH, has successfully sold the assets of the insolvent firm to HNC Healthy Nutrition Company GmbH, a wholly owned subsidiary of KRÜGER GmbH & Co. KG.
Shameless Smoothies is the core product offered by the Munich startup Shrewd Foods GmbH. In 2014 the founders brought this brainchild to life, introducing the first one hundred percent natural ready-to-mix smoothie made with freeze-dried fruits. This process is particularly well suited to preserve the nutritional value of the produce and allows for the end-product to be stored without the need for refrigeration.
The three founders’ vision was aimed at creating healthy and functional drinks, without sugar or additives, which fit into the modern everyday life. Due to delays in their last round of financing, Shrewd Foods GmbH had to file for insolvency with the Munich District Court on July 26th, 2017.
Insolvency administrator Schartl, from the law firm Müller-Heydenreich Bierbach & Kollegen, was able to work alongside management to preserve business operations and find an investor within the one month bidding process. HNC Healthy Nutrition Company GmbH provided the most convincing offer and thereby, effective September 15th, 2017, acquired all business operations from Shrewd Foods GmbH.
The KRÜGER subsidiary specializes in food products and dietary supplements suited for sustainable, health-conscious, and fitness diets. With a two billion euro strong revenue, KRÜGER is a world leader in providing high-quality consumer foods and distributes products such as instant-coffee, -hot chocolate, -tea, and sweeteners. Oliver Schartl summarized, “KRÜGER has not only out-bid the other contenders in this transparent M&A process, but also has presented the best strategic fit for Shameless Smoothies. I am sure that the founder’s vision, to enjoy a cold and healthy smoothie without a ‘fridge, will be perfectly carried out by KRÜGER and that now the era of scaling and globalization can begin.”
ACXIT Recovery Management was exclusively mandated to assist in the transaction on the sell-side, whereas the buyer completed the transaction without any third party advisor.
ABOUT Müller-Heydenreich Bierbach & Kollegen
The law firm Müller-Heydenreich Bierbach & Kollegen (www.mhbk.de) is specialized on insolvency administration for decades with attorneys-at-law in Munich and other locations in Bavaria. Six court-appointed insolvency administrators are working on insolvency proceedings at several local courts in Bavaria and Thuringia. Particular strengths of the law firm are transferring restructurings, insolvency plans, self-administration as well as group insolvencies. Attorney-at-law and insolvency administrator Oliver Schartl is specialized in the continuation of businesses and reorganization in a broad variety of businesses. He has successfully managed more than 550 insolvency proceedings and has been involved in over 900 insolvencies. Additionally, he holds a membership at the “Verband Insolvenzverwalter Deutschlands e.V” (Registered Association of lnsolvency Administrators) (www.vid.de) as well as a membership at “Gesellschaft für Restrukturierung – TMA Deutschland e.V.
ABOUT ACXIT Recovery Management
ACXIT Recovery Management as part of ACXIT Capital Partners is an independent consultancy firm exclusively dedicated to distressed mergers & acquisitions. ACXIT Recovery delivers tailored solutions and transactions for small and medium sized companies as well as for insolvency administrators. The managing partners of ACXIT Recovery were in charge of more than 100 successful transactions in restructuring and insolvency situations over the last eight years.
ACXIT Capital Partners is a leading independent corporate finance and investment advisory firm for mid-market clients and entrepreneurs in Europe and beyond. Since 1998, ACXIT offers its clients comprehensive corporate finance advisory services including M&A and capital markets advisory as well as restructuring, equity/debt and strategic advisory. As an independent, privately owned firm we maintain offices and representations in Frankfurt, Berlin, Munich, Leipzig, Zurich, Hong Kong and New York, as well as strong alliances in France and India. (www.acxit.com)
ACXIT Recovery Management GmbH
Christian Nicolas Bächstädt, Managing Partner
Phone: +49 (89) 215 460 00