Condor Trade has acquired Rohde Shoes for an undisclosed consideration.
Condor Trade is the leading Italian manufacturer of slippers and sandals. With more than US$100 million in turnover and an annual production of 30 million pairs of sandals, Condor Trade sells its products mostly under its Inblu brand. The company is headquartered in Italy and has production facilities in Europe and Asia.
Rohde Shoes is a well-known German branded manufacturer of slippers and sandals. With more than 150 years of history and a leading brand awareness in the German market, the company has gone from sales of over US$50 million down to US$25 million, basically due to mismanagement, and thus entered into insolvency proceedings in Germany.
Frank Schmitt, the insolvency administrator of Schultze & Braun, sold the company to Condor Trade with immediate effect. Rohde is to be integrated into the group as an independent company and as its main brand in Germany.
Oaklins' team in Italy advised Condor Trade during the negotiations with the insolvency administrator and led this buy-side transaction until closing.
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