Miro Radici AG has taken over 100 % of the Steilmann Group on Monday the 25th of
September 2006.
The contract is subject to the agreement of the Federal Cartel Office, Germany.
The Federal Cartel Office is expected not to have any concerns about this deal.
By taking over Steilmann, Miro Radici AG has acquired the remaining companies
from the former Steilmann leadership.
In the past few years Miro Radici AG has already acquired several companies from
Steilmann:
- Kirsten GmbH+Co.KG
- Nienhaus+Lotz GmbH
- Apanage GmbH+Co.KG
- Dressmaster GmbH
- FASHION FACTORY Store GmbH
as well as the majority of
- Steilmann Osteuropa GmbH & Co.KG..
Steilmann made efforts to find a solution to their liquidity issues which failed.
As a consequence the managing director, Ute Steilmann, was forced to contemplate an
insolvency procedure. With the intervention of the pool-banks of the remaining Steilmann
Group, Miro Radici AG were approached and offered their support to save Steilmann from
bankruptcy. With a lack of time to conduct full due diligence Miro Radici AG relied upon the
integrity of the information supplied.
With the help and financial support of the pool banks as well as constructive assistance from
the Steilmann family, the labour union and employees, Miro Radici AG is prepared to
redevelop the remaining Steilmann Group. This will be a challenging task in the near future.
By taking over the remaining Steilmann Group, a further strategic step has been taken by
Miro Radici AG Fashion branch.
The Miro Radici Fashion division will now realise an annual turnover of
600 Million Euro
Further business interests of the Miro Radici AG are in Retailing with Wehmeyer and
Boecker as well as in Home Textiles with Radici Trading GmbH, Asiatex GmbH and Belotex
GmbH.
The estimated turnover of the Miro Radici AG in Germany in 2006 will increase to around.
1 Billion Euro.
When consolidated with Miro Radici Group in Italy, the total turnover of the Miro Radici
Group is around
2 Billion Euro.
Ute Steilmann resigned as the managing director of the Steilmann companies.
Nevertheless she still will support the company as a consultant in the future.
Mr. Massimo Giazzi, COO of the Miro Radici AG, has been announced as the new Managing
Director.
Due to their excellent Far East platforms Miro Radici AG as a solution provider sees
enormous opportunity through this transaction. The Steilmann Group will benefit from Miro
Radici’s vertical sourcing structure. This will assist “Steilmann” to regain its leading position
in Germany and ensure the further growth of “Steilmann” in Eastern Europe.
For further information contact:
Michael Grönebaum
Miro Radici AG
groenebaum@radici.de
