NRDC Equity Partners and BB Kapital SA confirmed Wednesday that they are acquiring Galeria Karstadt Kaufhof, the department store business in Germany also known as Galeria.NRDC Equity Partners is the private investment firm operated by Richard Baker, his son Jack, and Lucas Evans. Richard Baker is chief executive officer and governor of HBC, which is separate and unrelated to NRDC Equity Partners. NRDC invests in The announcement on Wednesday confirmed WWD reports on April 6 and 9.
The precise number of stores that the new owners will operate remains to be seen as many rental agreements are still being negotiated by the insolvency administrator and Galeria management. The shops being retained will be determined at the end of April, and the company’s head office “will also be adjusted to reflect the reduced size of department stores, with the aim of managing Galeria like a medium-sized company,” the new owners indicated.
Evans added that along with Baker, “We are fully supportive of existing management and their go-forward strategic plan. Our role is to assist Mr. Beetz and the leadership team in their execution of the strategy which we are confident will yield positive results for the business.”“We are extremely glad that we found unanimous support for our long-term plan,” said Beetz. “We believe in the future of Galeria, and we have only one focus: invest, develop, and grow the department stores.
“Three months ago, we set in motion a plan to secure the future of Galeria Karstadt Kaufhof by filing for insolvency proceedings,” said Olivier van den Bossche, CEO of Galeria. “The aim was to achieve a disengagement from the old structure through a change of ownership. We wanted to keep Galeria as a whole competitive and continue the strategy of consistent local orientation. Today, we are decisively closer to this goal. This is the natural next step to protect and extend the future of Galeria.
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