Primus has advised AS Lauma International on its acquisition of Felina International AG, the parent company of the German-based lingerie group, from the Palero investment fund. White & Case Frankfurt advised the sellers on the deal.
The transaction was financed by a combination of bonds arranged by AS LHV Pank and a bank loan provided by a consortium led by A/S Citadele banka in Latvia.
Felina, with a history dating back to 1885, manufactures and distributes lingerie under the brand names “Felina” and “Conturelle”. The Felina group operates a production facility in Hungary and includes distribution companies in Germany, France, Italy, Spain, Portugal, and Croatia. The group, which is headquartered in Mannheim, Germany, reported 2016 sales of approximately EUR 41 million. It employs over 700 people.
Lauma International is the parent company for Lauma Fabrics, a manufacturer of fabrics, laces and narrow bands for the lingerie industry. Lauma Fabrics operates production facilities in Latvia and Germany.
According to Primus, "with the acquisition of Felina, Lauma International expands its reach to manufacturing and retail of lingerie, forming a new vertically integrated structure with the combined revenue in excess of EUR 75 million and a workforce of 1,250 people, which will serve as a platform for further consolidation in the market."
Primus’s team was led by Partner Anton Sigal in Tallinn and Partner Zane Eglite-Fogele in Riga.
White & Case's Frankfurt-based team was led by Partner Hendrik Rohricht, Andreas Wieland, Bodo Bender, Holger Wolf, and Rebecca Emory, Counsel Andreas Klein, and Associates Christine Schneemann, Tomislav Vrabec, Simon Rommelfanger, Anne-Sophie von Koster. Hamburg-based Partner Justus Herrlinger was involved as well.