RHEINE, GERMANY--(BUSINESS WIRE)--Nur Die Group ("Nur Die"), a subsidiary of DBApparel (“DBA”), an affiliated portfolio company of Sun European Partners, LLP ("Sun European"), today announced that it has acquired selected assets of Vatter GmbH ("Vatter"). Vatter, a hosiery company and major supplier to the Nur Die Group, filed for insolvency in July 2008. In the acquisition agreement, Nur Die has agreed to transfer the assets acquired to a new company called Belfein GmbH ("Belfein") which will operate as a subsidiary of Nur Die.
David Donnelly, CEO of Nur Die, stated, "This is positive news for both Nur Die and the new company Belfein. The agreement reinforces the Nur Die supply chain and gives a competitive market advantage to the Group given Belfein’s high quality production capabilities. Further, the agreement provides employment opportunities for the majority of the former Vatter employees."
Philip A. Dougall, Managing Director of Sun European, stated, “We are delighted to support Nur Die in strengthening its supply chain through the acquisition of Vatter and will continue to support the strategic objectives of the wider DBA group.”
Belfein will operate a knitting facility in Schongau and a finishing plant in Cadca, Slovakia, employing in total approximately 750 employees. A second finishing site of Vatter, based in Rheine, and employing about 40 people, will not be taken over by Belfein and will be closed by the end of March 2009.
About the Nur Die Group
The Nur Die Group is a major marketer of hosiery, socks, and intimate apparel under the brands "Nur Die", "Elbeo", and "Bellinda" in Germany and Eastern Europe and is a subsidiary of DBA, the largest marketer of intimates (women), underwear (men), and legwear in Europe.
About Sun European Partners, LLP
Sun European Partners, LLP has an office in London and affiliates with offices in Frankfurt and Paris, and is the European adviser to Sun Capital Partners, Inc., a leading US-based private investment firm focused on control investments in market–leading companies that can benefit from its in–house operating professionals and experience. For more information, please visit: www.SunEuropeanPartners.com.