At the beginning of August 2017, S&C International Deutschland GmbH and Will Coffee GmbH had to file for insolvency. Production and branch operations have continued uninterruptedly ever since. The appointed insolvency administrator Dr. Christoph Schulte-Kaubrügger of the White & Case law firm commissioned the Restrukturierungspartner management consultancy to carry out the transaction process in order to find a sustainable solution for both companies, the employees and the branches. As part of a structured M&A process, the team of Restrukturierungspartner led by Managing Director Dr. Robert Tobias approached a large number of German and international investors. Further tasks were the supervision of various management meetings with interested parties, the accompaniment of the due diligence, the obtaining and evaluation of indicative and binding offers and the support of sales contract negotiations. Dr. Gerrit Heublein of the law firm HEUBLEIN | MÜLLER provided legal support to the seller during the sales contract negotiations.
"The great interest of potential investors in both companies has shown that the Dunkin' Donuts brand, the business model and some of the branches are extremely attractive," explains Dr. Tobias. In the end, the Shahia Food Group from Saudi Arabia was able to prevail over other bidders. The contract was signed in November 2017 and the purchase agreement was completed at the beginning of May 2018. The parties agreed not to disclose the purchase price. The business operations were transferred by means of conversion measures within the framework of insolvency plans accompanying the proceedings, which have now been completed by entry in the commercial registers. The Shahia Food Group was thus able to take over the branch locations and all employees.
"With the Shahia Food Group, we have found a financially strong and above all experienced investor who will not only continue the branches but also invest in the modernisation of the stores", Dr. Tobias is pleased after the successful closing. The group already operates around 350 Dunkin' Donuts stores in Saudi Arabia and Bahrain and plans to expand into Europe.
Insolvency administration by White & Case:
Dr. Christoph Schulte-Kaubrügger (Partner), Dr. Philipp Hackländer (Partner), Dr. Florian Kleinschmit (Local Partner), Martin J.P. Neumann (Associate)
HEUBLEIN | MÜLLER accompanies the sales contract negotiations on the seller side:
Dr. Gerrit Heublein (partner), Steffen Meier (lawyer)
Taylor Wessing Partnerschaftsgesellschaft mbB accompanies the purchase contract negotiations on the buyer side::
Dr. Hendrik Boss (partner, restructuring), Philipp Pheiler (senior associate, restructuring), Dr. Marc Andre Gimmy (partner, labour law), Anna Maria Fischer (associate, labour law)