Rubie's Deutschland Group successfully sold
The investor process for Rubie's Deutschland Group was successfully completed at the end of September. In cooperation with the self-administration led by Christoph Enkler (Brinkmann & Partner, Frankfurt) and legally supported by ADVANT Beiten, Restrukturierungspartner found several investors for the largest German retailer of carnival articles.
With around 150 employees in five German companies and two foreign subsidiaries, the Rubie's Deutschland Group generates sales of around 30 million euros. Its business activities include in particular the design and distribution of costumes as well as accessories, carnival and event cosmetics, and the trade in well-known licensed products for Disney, Lucasfilm, Marvel and Warner Bros. among others. In view of this product portfolio, the group suffered a massive slump in sales due to the COVID 19 pandemic, as carnival, Oktoberfest or Halloween events, by far the most important sales drivers, could no longer take place. The group of companies applied for self-administration proceedings at the end of May. The Cologne Local Court appointed Marion Rodine of Runkel Rechtsanwälte, as the provisional administrator.
Brinkmann & Partner, Frankfurt provided comprehensive operational and legal advice to the self-administration for the restructuring of Rubie`s Deutschland Group. Frankfurt partner Christoph Enkler was appointed as general representative for the restructuring. He and his team were in charge of advising the management, managed the overall insolvency law aspects of the self-administration and took responsibility for the operational continuation of the business.
In order to put the group of companies back on a stable financial footing for the future, the self-administration initiated a structured investor process. The management consultancy Restrukturierungspartner provided exclusive advice to the self-administration. The team of experts led by Managing Director Werner Warthorst and Manager Merlin Smeenk has approached a large number of national and international investors in recent months and conducted intensive negotiations with various interested parties. In the end, agreements were reached with several investors.
The operating business in Germany, including the three well-known brands Konfetti, Mottoland and Jofrika Cosmetics, was taken over by MCC Germany Holding GmbH with effect from October 1, 2021. The majority of jobs will be retained. The investor from Asia has more than 30 subsidiaries worldwide.
The company's real estate in Troisdorf and in Bergisch Gladbach was sold to the North Rhine-Westphalian Pütz Group, which specializes in the leasing and management of commercial real estate.
It is particularly pleasing that the two international subsidiaries can also look to the future with confidence. Peter Dreck S.R.O., based in the Czech Republic, was sold by way of a management buy-out (MBO). Final purchase agreement negotiations are currently underway for Rubie's Netherlands B.V.. The deal is expected to close in the next few days.
ADVANT Beiten initiated the self-administration proceedings for the restructuring of Rubie's Deutschland Group. A team led by Frankfurt partner Heinrich Meyer advised on insolvency law issues and the sale of the Dutch subsidiary. Hamburg partner Dr. Christian Ulrich Wolf led the ADVANT Beiten team in the sale of the German operations to MCC Germany Holding GmbH. Munich partner Dr. Holger Weimann advised the company on licensing and intellectual property law.
“We are very pleased that the sale has enabled us to retain both a large proportion of the jobs and the well-known brands. Particularly against the backdrop of the highly seasonal business model during the low-turnover period, this was only possible thanks to the extremely professional and trusting cooperation of all parties involved,“ emphasizes general agent Christoph Enkler from the law firm Brinkmann & Partner.
“Due to the Corona pandemic and the lack of planning certainty regarding the carnival season and other festivities, the investor process was very complex and characterized by many uncertainties. Nevertheless, with a very internationally oriented investor process we were able to give the group of companies a perspective for the future,“ explains Merlin Smeenk from the consultancy Restrukturierungspartner, who as project manager oversaw the investor process on the seller side.