IMAP Germany advised greeting card manufacturer HORN on the sale to the Dutch Nedac Sorbo Group

The IMAP-Team for M&A transactions in special situations advised Albert Horn Söhne GmbH & Co. KG ('HORN') within their insolvency proceedings in self-administration on the sale of the business operations of the traditional greeting card manufacturer. The buyer is Nedac Sorbo Group ('NEDAC') from the Netherlands, who also takes over the remaining 390 employees as part of the restructuring.

Since its foundation in 1948, HORN has developed into one of the largest providers of greeting cards. The product portfolio is supplemented by a comprehensive range of wrapping paper, ribbons and gift packaging (cases and bags). Customers of HORN include food retail, department stores as well as wholesalers in the DACH region. The company had filed for insolvency proceedings in self-administration in February, to be able to continue the already commenced restructuring with the help of the consulting company Ebner Stolz and to realign the company. For this purpose, HORN appointed the insolvency expert Tillmann Peeters from the restructuring-boutique Falkensteg as managing director of the company. Dr. Jan Markus Plathner from the law firm Brinkmann & Partner is trustee.

NEDAC is a distribution and trading company based in Duiven, T​​he Netherlands, with branches in the UK and Belgium. As a provider of a wide range of products in the non-food sector, NEDAC is also one of the leading companies for greeting cards in the Netherlands. HORN complements the existing range of products and strengthens the presence of NEDAC in the German food retail.

IMAP has only approached selected investors. Thanks to the convincing future concept for HORN, NEDAC was able to win the three-staged bidding process and received the approval by the creditor committee.

As part of the accelerated transaction process, the signing was already implemented 3 months after the start of the project. HORN was exclusively advised by IMAP Germany. The IMAP team consisted of Henning Graw (Partner) and Simon Borst (Analyst).

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