The shareholders of Pfennigpfeiffer Dako Warenhandelsgesellschaft mbH (Pfennigpfeiffer) have sold a further 18% stake in the company to MTH AG for an undisclosed consideration. MTH GA owns now a 67% shareholding in the company.
Pfennigpfeiffer, headquartered in Kesselsdorf, Dresden, is the leading non-food discounter in eastern Germany. The subsidiary network consists of over 90 subsidiaries located mainly in the Federal states of Saxony and Thuringia. Since its foundation in 1990, Pfennigpfeiffer has achieved consistent and profitable growth and with approximately 600 employees currently realizes a gross foreign turnover of more than US$100 million. The company specializes in the sale of goods for daily use and consumption with the key item categories being school and writing goods, housewares and gifts, office items, cosmetics, domestic cleaning agents and seasonal goods.
The publicly traded MTH AG is an internationally active group with approximately 2,800 employees and a group turnover of over US$500 million. The holding specializes in the areas of industry, commerce, private equity and consulting. Pfennigpfeiffer is an ideal addition to MTH’s strong selling commerce portfolio with majority holdings in LIBRO and PAGRO.
In October 2008, the shareholders of Pfennigpfeiffer sold 49% of their shares to MTH AG, an Austrian trading group. Mr Pfeiffer remained as shareholder of 51% of the shares of the company as well as CEO. As the integration of Pfennigpfeiffer into MTH was quite succesfull so far, Mr Pfeiffer decided to resign as CEO and to become a minority shareholder by selling a further 18% of his shares to MTH.
Oaklins' team in Germany advised the seller in this transaction.
Dr. Lutz Becker
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