Allen & Overy advises capiton on agreement of strategic partnership between HR Group and CCC S.A.
29 November 2018
Allen & Overy has advised the Berlin-based private equity company capiton AG (capiton) on the agreement of a strategic partnership between Hamm Reno Group Holding S.à r.L. (HR Group) and the Polish shoe retail chain CCC S.A.
Under the agreement, HR Group assumes 100% of the shares in CCC Germany GmbH with its registered office in Frankfurt am Main, which operates approx. 80 CCC stores in Germany. CCC S.A. in turn acquires a strategic minority interest of approx. 30% in HR Group. In this context, the CCC group will acquire approx. 12% of the capiton shares and all shares held by the previous Turkish shareholder Flo/Ziylan, who will be replaced by the CCC group as strategic minority shareholder. Two call options provide the framework for a potential later exit of capiton by way of a sale of its shares to CCC; the private equity company remains the majority shareholder of HR Group also after the entrance of CCC S.A.
The transactions are still subject to clearance by the competent cartel authorities.
HR Group is a leading European shoe retailer and system wholesaler. As the second-largest brick-and-mortar shoe retailer in Germany, Austria and Switzerland, the group operates around 400 stores under the RENO brand. In addition, HR Group acts as system wholesaler, selling through department stores and cash & carry markets at more than 2,000 retail outlets in 20 European countries and, increasingly, also via online shops and market places.
capiton is an independent, owner-managed private equity company that manages funds worth EUR 1.0 billion in total. capiton currently holds twelve medium-sized enterprises in its investment portfolio. As an equity partner, the investor supports management buy-outs and growth financings at established medium-sized enterprises.
Allen & Overy previously advised capiton on its acquisition of HR Group & Co. KG in 2016.
The Allen & Overy team was led by partner Dr Markus Käpplinger and further comprised counsel Nikolai Sokolov and Dr Roman Kasten as well as associates Nadine Gommel, Robert Jochim, Bastian Schmack (all Private Equity/M&A, all Frankfurt). Advice on all financing aspects was provided by a team led by partner Dr Walter Uebelhoer, who was assisted by counsel Dr Ilja Baudisch and associate Dr Jörg Weber (all Banking and Finance, all Munich).
In addition, the team comprised partner Dr Heike Weber and senior associate Tim Spranger (both Tax), partner Dr Hans-Peter Löw and counsel Boris Blunck (both Employment & Benefits), senior associate Dr Riccardo Marinello and associate Hasan Kaya (both Real Estate, all Frankfurt), partner Dr Jürgen Schindler, associates Milosz Cywinski and Benjamin Geisel as well as trainees Daniel Irisarri Lolin and Amelie Legein (all Antitrust, all Brussels), counsel Jacques Graas and associates Pol Theisen, Ilya Vaneev and Philippe Eicher (all Corporate, all Luxembourg).