Investor found for Münsterländische Margarine-Werke J. Lülf GmbH
November 7, 2017 · Rosendahl, Germany
Purchase agreement signed with Lafayette Mittelstand Capital
49 jobs saved in milk production
An investor has been found in the insolvency proceedings for Münsterländische Margarine-Werke J. Lülf GmbH. Over the past two weeks, final contract negotiations have been conducted with two potential buyers. The results of these negotiations were presented to the creditors’ committee, which then approved the purchase agreement to be signed with the investor Lafayette Mittelstand Capital. In his capacity as the insolvency monitor, Mr Stefan Meyer from PLUTA Rechtsanwalts GmbH is monitoring and overseeing the restructuring process as part of the debtor-in-possession proceedings on behalf of the creditors.
Successful restructuring is subject to comprehensive measures in the field of human resources being implemented – a point where the potential investors’ concepts differed significantly from each other. The bidder Lafayette planned to save more jobs in the acquisition concept which they presented. According to their concept, 49 jobs will be saved. The managing partner Mr Melchior Lülf appreciates this solution: “Lafayette has good ideas from an entrepreneurial point of view and showed a lot of enthusiasm for our products in the entire process.” Mr Lülf is also happy about the fact that some of the members of staff affected by redundancies have already found new jobs. With the support of the NGG trade union, it was possible to approach some employers in the region and to already find new jobs for those persons. The investor Lafayette, who was advised in the acquisition process by the law firm Memminger LLP, is pleased about the result: “We are convinced of the products’ quality and of the market opportunities for the ‘Münsterland’ brand. We intend to develop the company further and also increase its visibility via new products.”
The execution of the purchase agreement and the final implementation of the restructuring solution in November are subject to the conditions precedent that specific requirements will be met, which, however, is seen as certain by the parties.