“Panthera GmbH, a group of investors comprising two Munich-based entrepreneurs, Constantin Sepmeier and Stefan Kalmund, former Apple and Bang & Olufsen executives and the Executive Board of Loewe AG reached an agreement to acquire significant parts of Loewe,” DTG reports. “The new owners want to bring the Loewe brand to a wider, younger, design- and tech-savvy base of customers throughout Europe, Russia and China.”
“Co-investor, and former head of Apple Europe, Jan Gesmar-Larsen, in his capacity as Chairman of the Advisory Board, will be responsible for the strategic realignment together with current Loewe CEO Matthias Harsch,” DTG reports. “Mr Gesmar-Larsen has benefited from extensive experience in management and board positions in many technology companies, including Apple, Dell and Bang & Olufsen.”
Read more in the full article here.
Loewe’s press release, verbatim:
TV manufacturer Loewe is off to a successful restart. Loewe’s management board has reached an agreement with an investor group composed of German family-run companies and former Apple and Bang & Olufsen managers. The takeover of major assets from Loewe AG was agreed. This secures the future of the traditional Loewe brand in Germany, under German ownership.
In the future, Loewe will operate under the name of “Loewe GmbH”. The buyers’ concept includes that the production site in Kronach will be maintained. The parties agreed not to disclose the purchase price. The transfer of operations is to take place on 31 January 2014.
The agreement with the investor group also includes, for the time being, the takeover of roughly 270 employees including all of the trainees. Moreover, there is a chance that the investor will additionally take over the production in Kronach at a later date. Until then, site operations will be continued in their entirety by the current Loewe Opta GmbH without any staff cuts. This means that roughly 80 per cent of currently still about 550 employees in Germany will remain employed for the time being. For approximately 120 employees who will not be taken over by the new owner, financing for a transfer company has successfully been secured. These employees are able to transfer to this company as of 1 February 2014, where they will receive training and help with finding a new job.
“The fact that we have managed to keep the Loewe brand in Germany is a great success,” Loewe AG’s chief representative Alfred Hagebusch stressed. “And even though I deeply regret that the investors will not be able to take over all of the employees, under the circumstances it is still good news that most of the jobs will remain intact.”
“Without the staff’s enormous commitment during the past months, we would not have been able to reach such a positive result,” Loewe CEO Matthias Harsch added. “We are also highly grateful to the two administrators: with Siegfried Beck and Joachim Exner we had two administrators by our side who – with their extraordinary level of commitment in difficult times – made a highly significant contribution to Loewe’s successful restart.”
Source: Loewe AG
[Thanks to MacDailyNews Reader “Christopher Guest” for the heads up.]
Shares in German luxury TV maker Loewe jump 45% on Apple acquisition chatter – February 13, 2013
RUMOR: Apple in talks to acquire German HDTV maker Loewe; shares surge 33% – February 13, 2013
Shares in German TV maker Loewe jump on Apple buyout talk – May 14, 2012
German TV maker Loewe denies Apple acquisition rumor – May 13, 2012
RUMOR: Apple in talks to acquire German HDTV maker Loewe – May 12, 2012