Wourth Group, the owner of Hotter Shoes, has acquired German fashion brand Peter Hanh GmbH out of administration, expanding the group’s presence into the DACH region and the Netherlands.
The company, which previously operated in the UK under the title WoolOvers Group, carried out the transaction as part of an insolvency plan which ensures the long-term continuation of Peter Hanh’s business operations.
Through the deal, Wourth Group will provide interim financing in order to form the basis of closing the transaction, which plans to wrap up at the end of September 2024.
With this, Peter Hanh will be able to continue operating independently, while further preserving existing jobs, a press release by advisor to Wourth Group, BCLP, confirmed.
In a statement, partner of the firm, Till Buschmann, who led the transaction alongside counsel Katrin Schroder from the Frankfurt Restructuring & Insolvency team, said: “We took a goal-oriented approach to working with Wourth Group in this challenging process.
“The takeover of Peter Hahn significantly supports Wourth Group’s strategic goals and contributes to the long-term stabilisation of the company.”
Wourth Group has continued to expand on its portfolio over recent years, particularly through the acquisition of Hotter Shoes in 2023, which it snapped up for 6.7 million pounds and helped it move into the footwear sector.
The group later acquired Thought Fashion, a move it sought out to complement its existing apparel offering while increasing its reach to a greater consumer base.
