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Possehl Acquires Kleine Wolke Textilgesellschaft mbH & Co. KG
The Lübeck-based Possehl Group has acquired Kleine Wolke Textilgesellschaft mbH & Co. KG, which is headquartered in Bremen, from the listed Leifheit AG, Nassau, retroactively as of January 1, 2010 for its Small and Medium-sized Enterprise (SME) Investment division. The corresponding agreement, which Leifheit and Possehl signed today, is still subject to approval by the German Federal Cartel Office.
The company, which was founded in 1968, is a leading provider of high-quality products for the bathroom and bedroom. The product range primarily encompasses bath mats, bathtub liners, shower curtains and rods, hand towels, and bed linens. Together with the second brand "Meusch", the company, which has approximately 120 employees, generates annual sales of nearly € 30 million.
Peter Michael Kressman, Managing Director of Kleine Wolke/Meusch, sees outstanding future prospects within the new ownership structure: "We are very pleased to have found in Possehl not only a new owner that thinks and acts with the long term in mind, but also one that is stable and with which we can execute our growth strategy systematically."
For Possehl's SME Investments division, the purchase of Kleine Wolke/Meusch is already the third company acquisition this year. Hans-Jürgen Groth, Head of the SME Investments division at Possehl: "With the purchase of Kleine Wolke/Meusch we succeeded in acquiring a company that possesses a strong brand and a high degree of name recognition. Within the Possehl Group, Kleine Wolke/Meusch will be able to continue and further develop its independent brand strategy. Due to its very good market position, high-quality products, and experienced management team, I see outstanding prospects for the company and its employees."
“We increasingly feel that the owners, management, and even staff of small and medium-sized enterprises are very receptive to the idea of becoming part of the Possehl Group. The primary reasons for this are the maintaining of independence with a long-term orientation and Possehl's connection to a charitable foundation. In the second half of the year as well, therefore, I see good opportunities for carrying out additional company purchases successfully."
The Possehl Group is managed by the holding company L. Possehl & Co. mbH. With eight decentralized divisions, it is a diversified Group, which generated sales of € 1.2 billion and employed approximately 6,500 people around the world in 2009.
Contact:
Uwe Lüders
Chairman of the Executive Board of
L. Possehl & Co. mbH
Beckergrube 38–52
23552 Lübeck, Germany
Phone: +49 (0) 451 148-201
Fax: +49 (0) 451 148-207
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