Allen & Overy LLP has advised Berlin-based private equity company capiton AG on the acquisition of HR Group GmbH & Co. KG.  HR Group GmbH & Co. KG is the parent company of the HR Group, a leading European shoe retailer and system wholesaler which is in particular known for its shoe chain Reno.

The investment was made through the fund capiton V, advised by capiton AG, which acquired the majority stake.  Further co-investors are Ziylan, a portfolio company of the Turkish private equity company Turkven and one of the biggest shoe retailers in Turkey, and Peter M. Wolf, a former executive board member of Tchibo and Karstadt. It is also intended for the management to participate by way of a management buy-out. The parties agreed not to disclose the purchase price.  The transaction is still subject to clearance by the cartel authorities.

The HR Group operates its stores in particular in Germany, Austria, Switzerland and Eastern Europe and in 2015 generated an annual profit of about EUR 600 million with its approx. 4,500 employees. With the new shareholder structure, the HR Group intends to lay the groundwork for further growth.

capiton AG is an owner-managed financial investor that invests in large SMEs in Germany, Austria and Switzerland through management buy-outs and expansion financing. capiton AG's roots go back to the late 70s.

The Allen & Overy team was led by partner Dr. Michael Bernhardt and further comprised partner Dr. Markus Käpplinger, senior associates Nikolai Sokolov and Dr. Roman Kasten as well as associates Phillip Prystawik and Sebastian Dexheimer (all private equity/M&A, Frankfurt). The team advising on all financing issues was led by Munich partner Dr. Walter Uebelhoer (banking & finance, Munich).

The team was moreover supported by partners Dr. Asmus Mihm (tax, Frankfurt), Dr. Hans-Peter Löw (employment & benefits, Frankfurt), Jürgen Schindler (antitrust, Brussels), counsels Dr. Christian Hilmes (real estate, Hamburg), Jacques Graas (M&A, Luxembourg), senior associates Boris Blunck (employment & benefits, Frankfurt), Miray Kavruk (IP/IT, Düsseldorf), Dr. Ilja Baudisch and Dr. Urs Lewens (both banking & finance, Munich and Frankfurt) as well as associates Maximilian Mayer (banking & finance, Munich), Gunnar Harlacher (tax, Frankfurt), Dr. Sebastian Schulz (employment & benefits, Frankfurt), Milosz Cywinski (antitrust, Brussels) and Pol Theissen (M&A, Luxembourg).