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Sun European Partners eyes sale of troubled department store chain Strauss

14 Apr 2014

Sun European Partners is reportedly eyeing the sale of German department store chain Strauss Innovation after the business sought court protection from creditors in January.

The buyout house bought Strauss from EQT in December 2011 following three years of turnaround work from the Nordic private equity firm.

EQT turned the loss-making business into a profitable one ahead of the exit, with 2010 revenues estimated at about €170m.

Sun seems to have had less success, however. German weekly magazine WirtschaftsWoche quoted Strauss administrator Andreas Ringstmeier as saying interested parties included financial investors with experience in the industry.

Hans Peter Doehmen, who is advising Strauss on restructuring, told the magazine there was a good chance creditors would get some of their money back.

He said, “Our goal is to get binding offers in April, conclude an agreement in May and present the investor by June at the latest.”

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