Mutares Acquires Three Primera Labels
ESCADA AG and the Munich-based holding company mutares AG concluded a sales agreement for parts of the PRIMERA Group in Münster/Westphalia (Germany).
Under this agreement mutares AG, a specialist for medium-sized companies, takes over 90% of each PRIMERA subsidiary for the labels Laurèl, apriori, and cavita.
A minority interest of 10% remains for the time being with ESCADA AG. The companies agreed to keep the details of the sale confidential.
PRIMERA GmbH & Co. KG is a 100% percent subsidiary of ESCADA AG and comprises the premium label Laurèl as well as the labels apriori, BiBA and cavita which are allocated in the upper mid-price segment.
ESCADA's Board of Management expects the sales agreement for BiBA GmbH also to be concluded with an investor in the near future.
ESCADA AG had initiated the structured sales process for the PRIMERA Group in December 2008. The divestiture is a key element in the Group's ongoing strategic reorientation and financial restructuring.