Lovells’ German practice has acted for longstanding private equity client Advent International in its €770m (£520m) acquisition of Permira’s majority position in discount retailer Takko.
The fashion chain, which has 1,059 stores worldwide, with 836 in Germany, was bought by Advent in partnership with Takko’s management, led by its managing director Arnold Mattschull. The management team was advised by Munich-based Benedikt Hohaus, a partner at Pöllath & Partners.
The seller, private equity house Permira, was advised on the deal by Clifford Chance Düsseldorf corporate parter Christoph Witte.
The Lovells team acting on the deal was led by Frankfurt-based corporate partner Joachim Habetha alongside a number of representatives in the commercial, employment, pensions, real estate, IP and competition practice groups.
According to Habetha the transaction was a reasonably straightforward secondary buyout that was complicated slightly by the number of shareholders in Takko.
“There were 22 shareholders in the company and that was a challenge in terms of coordination,” said Habetha.
Advent has outlined ambitious growth plans for Takko, aiming to open 150 stores each year with a particular focus on Central and Eastern Europe.