Document main content
European collaboration brings success for furniture giant.
Dear Mackrell friends,
A team of Gärde Wesslau, Sweden, lead by Staffan Lindblad, and SKW Schwarz, Germany, lead by Dr. Jürgen Sparr, has successfully completed for Kinnarps AB the acquisition of business operations of Samas GmbH & Co. KG.
Kinnarps AB, a client of Gärde Wesslau, is the second largest office furniture producer in Europe with a turnover of about Euro 350,000,000. They employ about 2,000 staff and operate in 40 countries. Samas GmbH & Co. KG had in 2008 a turnover of Euro 180,000,000, employing about 780 staff.
After Kinnarps AB had shown some interest in acquiring Samas GmbH & Co. KG, Gärde Wesslau approached SKW Schwarz to help advising them in this matter. SKW Schwarz could offer immediate attention. In a first meeting it could be carved out that an acquisition would not be viable due to the economic situation of Samas GmbH & Co. KG and its history, except the company would file for bankruptcy. Cutting all old ties was indispensible to protect Kinnarps AB.
It could be established a consensus with advisors of Samas GmbH & Co. KG that filing for bankruptcy was the only way to save most of the company and jobs.
Within two weeks of the first meeting on this subject of Kinnarps AB with the participating Mackrell firms in Hamburg Samas GmbH & Co. KG filed for bankruptcy and less than a week later negotiations with the insolvency administrator started.
In the first week of January a joint venture of Kinnarps and the bankrupt estate had been established, taking over sales for Samas GmbH & Co. KG. Mid January six new German companies, subsidiaries of Kinnarps AB, were found to be in place to take over assets from the administrator.
The final deal was signed on February 5th, 2010, conditions precedent were met on March 1st, 2010 and operation taken over by the new subsidiaries of Kinnarps AB.
Clients expressed that they were very satisfied with the performance of all lawyers of Mackrell involved.
We believe this to be a good example for excellent level of legal support offered by Mackrell firms and their ability to act swiftly on behalf of clients, especially due to the trust between Mackrell members into each other abilities.
Staffan and Juergen
Author: Dr. Jürgen Sparr LL.M.
Firm: SKW Schwarz
- Cairncross & Hempelmann Boasts 11 Top Lawyers »
- Cairncross & Hempelmann Principals Named to Chambers USA »
- Recent changes in Russian Migration legislation »
- FIRM OF THE MONTH »
- Carried Interest Treatment Affected by Proposed Legislation »
- Babbe win Global Awards »
- Gregory M. Bergman Named as One of the Top Ten 2010 Environmental Lawyers in the United States »
- Judicial Appointment »
- Morrison Cohen LLP Publishes Article on Recent U.S. Tax Changes Impacting Transactions »
- ALISON GREEN MADE PARTNER AT MTG »
- Client Alert: California's Green Chemistry Initiative Raises Many Litigation Concerns »
- NZ Law Update »
- Client Alert: California's Proposed "Green Chemistry" Regulation Could Broadly Affect Consumer Product Makers, Sellers »
- Reception for Mackrell International ABA Attendees -- August 4th 2010 »
9/6/2010 - 24th - 26th September 2010 EMEA Regional Meeting Vienna, Austria »
10/6/2010 - 12th - 14th November 2010 Americas Regional Meeting : Lima, PERU »
12/6/2010 - Mackrell International AGM 27 April - 1st May 2011 - Phoenix , Arizona »
14/6/2010