GBE sells its investment in PEINE GmbH
Gordon Brothers Europe funded the purchase of the business in early 2010 and provided operational support to the company in building a successful business around the Barrutti and Masterhand brands.
Frank Morton, CEO of Gordon Brothers Europe, says: “The operational and financial turnaround was made possible through the resources and the expertise of Gordon Brothers Europe in understanding the asset values and industry sector. The turnaround of PEINE GmbH leaves the business well positioned and we hope that it will continue to grow and prosper with its new owners.”
Jan D Leuze, CEO of Astraia Holding AG commented: “We are extremely pleased with our acquisition of PEINE GmbH and look forward to developing and growing the business further.”
About PEINE GmbH
PEINE GmbH is an exclusive provider of high-quality men’s fashion. Its well-known established brands include BARUTTI and MASTERHAND. Head quartered in Wilhelmshaven, Germany, PEINE design, produce and market men’s clothing internationally. The company generates more than €25 Million Euro turnover and employs over 80 staff.