Reed Smith has advised Target Partners on all aspects of the sale of its shares in 1-2-3.tv GmbH, the operator of the first German auction channel, to ARCUS Capital AG (ARCUS) and BE Beteiligungen Fonds GmbH & Co. KG. The terms of the acquisition were not disclosed. The transaction is subject to regulatory approval and is expected to close before the year end.

ARCUS and BE Beteiligungen Fonds GmbH & Co.KG jointly took ownership of 1-2-3.tv GmbH from the previous financial investors: Target Partners, Wellington Partners and Cipio Partners. The shareholders of the new operating company will include the existing shareholders of 1-2-3.tv: the co-founder, Henning Schnepper and the channel’s CEO, Iris Ostermaier.

Founded in 2004 as the first German auction channel, 1-2-3.tv exceeded already in 2009 profitability and achieved annual revenue of around €108 million for the financial year 2015.

For more information please see the company press release: http://www.targetpartners.de/en/n/arcus-capital-uebernimmt-deutschlands….

The Reed Smith team was led by Munich partner Dr Justus Binder and included associate Frank Mizera (both Private Equity/Venture Capital).