Salamander subsidiary Melvo sold to financial investors

Kornwestheim/Karlsruhe. Salamander subsidiary Melvo GmbH now has new owners. A number of investors backed by the private equity company HANNOVER Finanz GmbH and the management took over the production and sales company for shoecare products and footwear accessories with effect from January 1, 2004. Equity provider HANNOVER Finanz has been acquiring holdings in SMEs for 25 years and focuses on buy-outs and growth financing projects. The takeover secures the jobs of over 100 employees in Kornwestheim and in the Hungarian plant in Sabona. The parties agreed to keep the purchase price confidential.

With sales of around 30 million euros in 2003 and more than 100 employees, Melvo is one of the leading players in the shoecare product and footwear accessories sector. The company has operated successfully in recent years in a stagnant market.

"This transaction will generate new growth potential for the Melvo brands, in particular Salamander", says Dr. Amir Ghoreishi, CEO of Salamander AG in Kornwestheim. "Melvo will be an active player in the anticipated consolidation of the sector in the coming years".

The sale of Melvo GmbH is a further step in the systematic strategy of Salamander parent EnBW Energie Baden-Württemberg AG to restructure its portfolio of holdings. Melvo is the 82nd EnBW company or holding to date to be sold, merged, incorporated in partnerships or closed as part of the current project to reduce the complexity of the EnBW Group.

The specialist dealer network of Salamander AG was sold to GARANT SCHUH + MODE AG back on October 1, 2003. The sale of the 100 per cent stakes of Salamander AG in Sioux GmbH and shoecare product manufacturer Melvo marks the successful completion of the restructuring of Salamander's footwear activities.