GEPADE, the bankrupt upholstery manufacturer of Delbrück, has been sold. The successful bid came from Munich-based investor Solvesta GmbH, specialized in restructuring. GEPADE, with its staff of 150, achieves annual sales of over 20 million euros. The sale agreement preserves both the Delbrück location and the associated jobs. According to news reports, Solvesta has a growth strategy laid out for the next few years. The new directors are Solvesta founder Dr. Patrik Fahlenbach and Christian Solfronk.
This innovative transaction included a capital increase by way of contribution in kind with a transfer of assets and a subsequent share deal. The TRACC Legal firm, Dr. Lotz in charge, advised the investor Solvesta.
The seller was the bankruptcy trustee Martin Schmidt of the renowned law firm Schultze & Braun, specialized on bankruptcy administrations.