WARSAW – Feb. 1, 2019 – Greenberg Traurig represented CCC S.A. in the execution of a complex cross border transaction which commences business and capital cooperation with HR Group. HR Group is the second largest footwear retailer in Germany.
CCC S.A. acquired 30.5% shares of the local vice-leader HR Group and sold 100% of the shares in its subsidiary CCC Germany GmbH. CCC will benefit from a significant market share while HR Group will take advantage of the sourcing, production, and technology of the CCC Group. Both sides expect numerous positive effects and business synergies from the transaction.
Greenberg Traurig represented CCC S.A. in the execution of several agreements related to the cross border cooperation and the acquisition of a minority stake in the HR Group Holding S.à. r.l. (HR Group): (i) a conditional share purchase agreement regarding 12.33% of the share capital of HR Group with capiton V GmbH & Co. Beteiligungs KG (capiton); and (ii) a conditional share purchase agreement regarding 19.59% of the share capital of HR Group with Flo Mağazacılık ve Pazarlama A.Ş, as well as a conditional share purchase agreement regarding the sale of shares in CCC Germany GmbH to an HR Group subsidiary, Blitz GmbH. CCC also provided a loan for the restructuring of CCC Germany’s stores.
As a part of the transaction closing, several agreements regulating the cooperation between CCC and HR Group entered into force, including a call and put option agreement between CCC and capiton for remaining the shares in HR Group held by capiton and representing 51,76% of HR Group’s share capital.
"We are proud to represent the CCC Group, our longtime client, in the next stage of its development. The successful execution of this cross border transaction is a great example showcasing how Greenberg Traurig’s capabilities can be also applied for complex M&A transactions outside of Poland. In this case, the exceptional cooperation between our offices in Warsaw and Berlin proved to be a key factor” said Jarosław Grzesiak, Greenberg Traurig’s Managing Partner in Poland.
The Greenberg Traurig Warsaw Team was led by Local Partner Daniel Kaczorowski together with Associates: Agata Iżyk, Agnieszka Obrycka, and Katarzyna Małocha.
GT Berlin team was led by Partner Peter Schorling and Senior Associate Sara Berendsen together with Associate Marco Stempin, Counsel Carsten Kociok and Associates: David Schwintowski, Lucas Wüsthof, Pamela Zieba, and others.
Greenberg Traurig is currently also representing CCC S.A. in the announced tender offer for 100% of shares in Gino Rossi S.A.
The CCC Group is one of the largest and fastest growing of large companies in Europe which specializes in footwear trade as well as one of the largest footwear manufacturers in Europe. Thanks to its subsidiary eobuwie.pl S.A., the CCC Group is also the e-commerce leader on the footwear market in Central and Eastern Europe. The CCC Group operates nearly 1,000 stores. Since 2004, CCC has been listed on the Warsaw Stock Exchange and is included in the WIG 20 index.
HR Group consists of two footwear businesses: retail part including 363 stores under Reno brand, mostly in Germany (288), Austria (38), and Switzerland (17) and the wholesale business Hamm operating in over 2090 points of sale via partners such as Metro, Tesco, and others. The Group has been active for over 130 years and has a strong position on the attractive German market.
Greenberg Traurig LLP
Greenberg Traurig, LLP is an international, multi-practice law firm with approximately 2,000 attorneys serving clients from 38 offices in the United States, Latin America, Europe, Asia, and the Middle East.
Greenberg Traurig Grzesiak sp.k. was named the 2018 Most Innovative Law Firm of the Year Award for Poland by International Financial Law Review (IFLR) and the 2017 Law Firm of the Year in Poland by Chambers and Partners. Greenberg Traurig was ranked as number one in the Mergermarket Global & Regional M&A Report 2018 with respect to the value of M&A transactions handled in Poland in 2018. The total value of the transactions executed by Greenberg Traurig amounted to USD 2.807 billion.
The Warsaw office of Greenberg Traurig, LLP provides legal services to clients in Central Europe and beyond and consists of more than 100 lawyers. Team members are regularly recognized as leaders in numerous practice areas. Chambers Global, Chambers Europe, IFLR1000, and EMEA Legal 500 consistently rank them among the top tiers the areas of Corporate/M&A, Capital Markets, Real Estate, Private Equity, Tax, Banking and Finance, Project Finance, Energy, Dispute Resolution, and TMT. For additional information, please visit www.gtlaw.com.