Berlin – Ludwig Beck am Rathauseck - Textilhaus Feldmeier AG (“LUDWIG BECK”) signed a purchase agreement on 15 April 2019 under which all the shares in THEO WORMLAND GmbH & Co. KG (“WORMLAND”) are being sold indirectly to WL Erwerbs GmbH in a management buy-out. WL Erwerbs GmbH is wholly owned by three WORMLAND managers. For LUDWIG BECK, the sale provides a stable basis for the ongoing restructuring of WORMLAND.
A CMS team headed by partner Dr Eva Annett Grigoleit advised LUDWIG BECK on all legal aspects of the transaction. Offers were received from several interested parties. LUDWIG BECK is a longstanding CMS client. The law firm previously advised the company on the acquisition of WORMLAND in 2015.
Munich-based LUDWIG BECK describes itself as one of Germany’s top fashion retail companies. In 2018, it generated gross sales of EUR 95.5 million with 455 employees and a total sales area of around 12,400 square metres, plus an online presence.
THEO WORMLAND GmbH & Co. KG is headquartered in Hanover. It specialises in men’s fashion and according to its own figures achieved sales of EUR 70.5 million in 2018 with 414 employees and a total sales area of some 16,200 square metres.
Dr Eva Annett Grigoleit, Lead Partner
Dr Igor Stenzel, Lead Partner
Vera Wahl, Associate, all Corporate / M&A
Dr Karsten Heider, Lead Partner
Maximilian Schneider, Senior Associate, both Stock Corporation Law and Capital Markets
Dr Jens Moraht, Partner
Anne Neumann, Senior Legal Consultant, both Banking & Finance
Niklas Lütcke, Partner, Restructuring