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Robus Capital Management acquires business operations of Beate Uhse Group with aid of CMS

13/07/2018

Düsseldorf – A fund managed by private equity investor Robus Capital (“Robus”) has acquired the business operations of the Beate Uhse Group via insolvency plan proceedings in relation to Beate Uhse AG and the purchase of the assets of Beate Uhse Netherlands B.V. which are essential for maintaining operations – the other bondholders of Beate Uhse AG will be given the opportunity to take a stake in the new Beate Uhse Group following the investment by Robus.

CMS advised Robus on all legal aspects of the deal via an international team headed by German restructuring partner Daniel Kamke. In addition to advising Robus on its role as insolvency plan investor and buyer, the CMS team’s work included unwinding some extremely complex financial and corporate structures, which were a feature of the group prior to insolvency. CMS has been advising Robus Capital Management regularly for some years now on its activities as an investor and creditor in financial restructurings. This work has covered both pre-insolvency restructuring and rescues in the context of insolvency proceedings. Robus and CMS can look back on a number of successful transactions over the years.

The financial restructuring of the Beate Uhse Group was successfully concluded on 11 July 2018. The company has completed insolvency proceedings with regard to several group companies, thereby putting a number of liabilities and legacy issues behind it. The new start will enable the company to establish a leaner and more flexible cost structure for its core online business and to release more capital for developing the customer experience and driving growth as a result of the ongoing savings. Robus led the financial restructuring of the Beate Uhse Group, both as senior creditor during insolvency and finally also as an investor in the context of the Beate Uhse AG insolvency plan, and was able to bring it to a successful conclusion with the aid of CMS. A new parent company, be you GmbH, acquired the key assets of Beate Uhse AG as part of the insolvency plan. be you GmbH is in turn the sole shareholder of a Dutch subsidiary which acquired the core assets of the Beate Uhse Group in the Netherlands, Belgium, France and Austria through simultaneous insolvency proceedings in relation to Beate Uhse Netherlands B.V. Holders of the bonds issued by Beate Uhse AG will have the opportunity to invest in be you GmbH under the insolvency plan.

About Robus Capital: Robus Capital is an asset manager focusing on debt investment in SMEs and has offices in Frankfurt and London. With assets under management of more than EUR 700 million, Robus Capital invests in all types of credit instruments, such as bonds, syndicated loans and promissory note loans (Schuldscheindarlehen). Debt capital investment via the primary or secondary market is Robus’ main focus, but as part of its strategy spectrum the firm also invests in special situations or provides corresponding funding. This includes restructuring scenarios, with or without insolvency.

The Beate Uhse Group is a leading erotica retailer with e-commerce platforms and branches in eight European countries. It is the market leader in France, the Netherlands and Belgium. Offering a complete range of lingerie, toys and sexual health products, the group generated sales of almost EUR 100 million in 2017.

CMS Germany

Daniel Kamke, Lead Partner
Dr Maximilian Hacker, Counsel
Julia Hellberg, Paralegal, all Restructuring and Insolvency
Axel Dippmann, Partner
Carl Werner, Counsel
Dr Richard Mayer-Uellner, Partner
Dr Christoph von Eiff, Counsel, both Corporate
Markus Deck, Partner
Dr Heike Freund, Counsel
Paetrick Sakowski, Senior Associate, all Intellectual Property

CMS Netherlands

Eduard Scheenstra
Marc van Zanten
Marcel Groenewegen
Jesler Hartman Kok
Wilmy Westerhof
Jenny Noordermeer, all Banking & Finance, Restructuring
Berber van Haren
Ben de Mie, both Corporate
Katja van Kranenburg, Employment & Pensions

CMS Belgium

Benoît Vandervelde
Romain Rolland, both Banking & Finance

CMS France

Benjamin Guilleminot
Sadri Desenne-Djoudi, both Banking & Finance
Alexandra Rohmert
Vincent Desbenoit, both Corporate

CMS Austria

Dr Alexander Rakosi
Kai Ruckelshausen
Andreas Göller, all Corporate
Günther Hanslik, Banking & Finance

CMS Switzerland

Alain Raemy, Corporate
Dominique Gemperli, Banking & Finance

Pressekontakt
presse@cms-hs.com

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