EQT Partners has agreed to acquire a majority stake in Strauss Innovation, a German private-label retail chain that focuses on interior decoration and men's and women's apparel. No financial terms were disclosed. EQT is buying the company from the Geringhoff family, which will retain a minority ownership position. Strauss reported 2007 revenue of approximately EUR 250 million.
EQT Opportunity (“EQT“) has signed an agreement with the shareholders of Strauss Innovation to acquire a majority stake in the company through a capital increase. The current main owner, the Geringhoff family, will continue to hold a significant stake.
Strauss Innovation is a private label retail chain with 108 stores in Germany and revenues of approximatelyEUR 250m in 2007. The company is well known for its innovative assortment concept combining interior decorations as well as women's and men's apparel. Since 1997 the private label retail chain has belonged to the Geringhoff family and Alldata GmbH.
“The support of EQT does not only strengthen the company financially but also allows it to grow and develop its unique business concept. I am convinced that EQT is the right partner for us and the company. I look forward to closely working together with EQT on a prosperous future for Strauss Innovation”, said Mr. Peter Geringhoff senior.
“With its innovative spot concept and extremely high customer loyalty, Strauss Innovation has a very high growth potential. EQT looks very much forward to working together with a strong management and board in order to develop the company to its maximum success”, said Dr. Ernst Ludes, Partner at EQT Partners
Strauss Innovation is the 5th investment by the EQT Opportunity Fund that was launched at the beginning of 2006. The EQT Opportunity Fund makes impact investments in medium sized companies which have a sound underlying business and a clear value creation potential, but which also face particular issues requiring special expertise to resolve.
EQT Opportunity is one of a group of private equity funds that manages approximately