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GT Advises CCC on Cooperation with HR Group and Sale of German Operations

GT Advises CCC on Cooperation with HR Group and Sale of German Operations

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Greenberg Traurig's Warsaw and Berlin Offices have represented CCC S.A. in the sale of its German operations to German footwear retailer HR Group S.a. r.l., and its acquisition of 30.5% shares of the HR Group. Allen & Overy reportedly advised the HR Group on the deal.

Based on the agreement, CCC acquired 12.33% of the share capital of HR Group with Capiton V GmbH & Co. Beteiligungs KG (“Capiton”) and 19.59% of the share capital of HR Group with Flo Magazacilik ve Pazarlama A.S., and sold CCC Germany GmbH to an HR Group subsidiary, Blitz GmbH. In addition, CCC will also provide a loan for the restructuring of its former stores.  

As a part of the transaction CCC and Capiton entered into a call and put option agreement for the remaining shares in the HR Group held by Capiton, representing 51.76% of HR Group’s share capital. CCC will be entitled to exercise the call option within one month after the lapse of six months or 24 months from the transaction closing date.

Additionally, the CCC Group and HR Group entered into a framework supply agreement governing the principles of commercial cooperation with regard to the supply of products, pursuant to which its subsidiaries will initiate cooperation with regard to supplies of own-brand products in the upcoming seasons.

The CCC Group is a footwear manufacturer in Europe, listed on the Warsaw Stock Exchange and included in the WIG 20 index.

Operating for over 130 years, HR Group consists of two footwear businesses — the retail part under the Reno brand and the wholesale parter under the Hamm brand

The GT Warsaw Team was led by Local Partner Daniel Kaczorowski and included Associates Agata Izyk, Agnieszka Obrycka, and Katarzyna Malocha. The Berlin team was led by Partner Peter Schorling and Senior Associate Sara Berendsen and included Counsel Carsten Kociok and Associates Marco Stempin, David Schwintowski, Lucas Wusthof, and Pamela Zieba.

Editor’s Note: After this article was published Allen & Overy confirmed its involvement in the agreement of a strategic partnership between Hamm Reno Group Holding and the CCC. The Allen & Overy team was led by Frankurt-based Partner Markus Kapplinger, working with Frankfurt Partners Heike Weber and Hans-Peter Low, Counsels Boris Blunck, Nikolai Sokolov, and Roman Kasten, Senior Associate Tim Spranger and Riccardo Marinello, and Associates Nadine Gommel, Robert Jochim, Bastian Schmack, and Hasan Kaya. The firm's team in Munich was led by Partner Walter Uebelhoer, assisted by Counsel Ilja Baudisch and Associate Jorg Weber. The Brussels-based team consisted of Partner Jurgen Schindler, Associates Milosz Cywinski and Benjamin Geisel, and Trainees Daniel Irisarri Lolin and Amelie Legein. Luxembourg-based Counsel Jacques Graas and Associates Pol Theisen, Ilya Vaneevv, and Philippe Eicher were also involved in the deal.

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