Published on March 24th, 2014 | by The GC Team0
Loewe ownership goes to Stargate Capital
German TV manufacturer Loewe has announced it is to be acquired by Stargate Capital GmbH, an investor based in Munich. The parties to the deal, which is due to be completed at the beginning of April, have agreed not to disclose the purchase price.
Payment of the purchase price and funding for future growth have been “fully secured” by Stargate and the banks involved, and Stargate will acquire all business operations of Loewe AG and Loewe Opta GmbH. There is promise for the future of “investment totalling tens of millions of euros,” and Stargate has said it will maintain the business and production at Loewe’s Kronach site in Germany as a going concern.
James McConnell, Loewe UK’s managing director, said: “Stargate Capital is a serious investor with clear plans for Loewe. The investment means Loewe is now solvent and with a fighting fund for growing the business. We are on track with the development of an exciting product roadmap with strategic partner Hisense which will be debuted at IFA this year. For UK dealers this will mean better products, better supply and a rejuvenated Loewe.”
This deal follows the withdrawal earlier this year of investment company Panthera GmbH from an agreement to acquire Loewe (see report on this website January 17th.), when bank support was not forthcoming.