Adveo's German subsidiary Adveo Deutschland in talks with investors.
US private equity firm Sandton Capital Partners (Sandton) has made a binding offer to take over part of business of the Spanish insolvent office supplies distributor Adveo Group International (Adveo). In a message to the Spanish competition and market authority CNMV on 2 January 2019, Adveo confirmed that it had received and accepted the offer from Sandton, but that the transaction is subject to approval by Adveo's creditors and other closing conditions.
Sandton is offering between 13.3m and €15.5m to acquire Adveo Global Services and the company's businesses in Belgium, France and Italy. Adveo Group International and it's subsidiaries in Germany, Portugal and Spain are not part of the potential deal with Sandton.
Adveo's German subsidiary Adveo Deutschland has filed for self-managed administration proceedings in November last year and the management is aiming to restructure what it considers to be a sound and competitive company. According to latest information from the administrator's office, the company's management is currently in talks with interested investors.
This article is part of our free coverage on Adveo Group International. Print and e-paper subscribers can read the full article in the next issue of EUWID Pulp and Paper on 16 January 2019.