Hammonds cements Alba tie with sell-off work

Hammonds has advised consumer electronics business Alba in two recent sell-offs, including a 50 per cent stake in Grundig Multimedia.

The Grundig deal, worth e35m (£26.15m), gives total ownership to consumer electronics brand Beko, which bought a 50 per cent stake in the business from a German receiver as a joint venture with Alba in 2004, when Hammonds advised Alba.

Hammonds also recently advised Alba on the sale of £27m electronics business Roadstar, which owns brands including Bush, Goodmans and Grundig, to former Alba director and Roadstar chief executive Antonio Coda.

On both deals the Hammonds team was led by London corporate partner David Hull, who also advised Alba on acquiring the 50 per cent stake in Grundig in 2004, and on the sale of Alba’s leisure division to private equity house Rutland Partners for £51.5m last summer.

Hull said: “Having advised Alba on the original acquisition, Hammonds was well placed to advise on the sale of its investment in Grundig Multimedia for a significant uplift on the value of the investment in the Alba balance sheet.”

Grundig and Beko were advised in-house. Antonio Coda was advised by name partner Dr Walter Konig of Zurich-based Konig & Co.