Ashurst advised the bank consortium in connection with increase of the existing credit facilities of Schustermann & Borenstein group. The consortium comprised Bremer Kreditbank AG, DZ Bank AG Deutsche Zentral-Genossenschaftsbank, Frankfurt am Main, HSH Nordbank AG, IKB Deutsche Industriebank AG, ING Bank, Raiffeisen Bank International AG and UniCredit Bank AG. Schustermann & Borenstein is a portfolio company of private equity firm ARDIAN (formerly AXA Private Equity).

The Ashurst team was led by Frankfurt-based finance partner Anne Grewlich. Senior associate Dr Endrik Kramski and transaction manager Dominique Blaurock (both finance, Frankfurt) assisted.

Ashurst already advised the bank consortium in 2012 on the financing of the acquisition of a majority stake in Schustermann & Borenstein by AXA Private Equity.

Schustermann & Borenstein is a cross-channel fashion retailer that is focused on the off-price segment. The business offers more than 1,000 brands and designer labels at significantly discounted prices in its three stationary stores in Munich (two stores) and Vienna as well as on its online shopping platform BestSecret.com.