DGAP-News: CEWE Stiftung & Co. KGaA / Key word(s): Investment
CEWE Concludes Agreement to Purchase Wall Art Specialist "WhiteWall"
- CEWE expands in the prime segment for wall art with the takeover
- WhiteWall to remain an independent brand with its own production
- Management expects rise in the value of the company as a whole
Oldenburg/Berlin/Frechen, 30 April 2019. CEWE Stiftung & Co. KGaA (SDAX, ISIN: DE 0005403901) has concluded an agreement to purchase WhiteWall Media GmbH, located in Berlin and in Frechen near Cologne.
The WhiteWall brand and business operations, the production plant in Frechen and the four WhiteWall stores in Hamburg, Düsseldorf, Berlin and Munich are to be taken over from seller Avenso GmbH; the takeover does not include the LUMAS unit and its galleries. The WhiteWall shop-in-shop presence in the LUMAS galleries in New York, Vienna, Zurich, Cologne, Frankfurt and Paris is to be maintained. The acquisition also sees the WhiteWall staff, numbering around 170 employees, being taken over at the locations in Berlin and Frechen as well as in the company's own stores. Alexander Nieswandt, the founder and Managing Director of WhiteWall Media GmbH in Frechen, will be the WhiteWall Managing Director in future too. Completion of the transaction sees the addition of another Managing Director; Thomas Alscheid has already been with the CEWE Group for more than ten years.
CEWE CEO Dr. Christian Friege: "The acquisition of WhiteWall is an excellent addition to our portfolio of brands, matching the premium standard of the CEWE Group. The development of WhiteWall is impressive, with the company providing outstanding quality in the upmarket premium segment. The independence of the brand is to secure its dynamic performance in future. We are thus also strengthening the overall CEWE Group market position."
Marc Ullrich, co-founder & CEO of Avenso GmbH: "We are delighted, knowing that WhiteWall couldn't be in better hands than it is with CEWE. CEWE and WhiteWall both stand for outstanding product quality and good customer service. For us, a guarantee that the WhiteWall brand would remain independent was important. The financial strength and experience of the CEWE Group are ideal when it comes to securing the further development of WhiteWall."
Alexander Nieswandt: "I am delighted that we have the opportunity to continue to expand WhiteWall as a premium brand with the European market leader CEWE as our partner and owner. And the philosophy of a long-term CEWE commitment is a major advantage for WhiteWall and its employees."
CEWE will probably take over WhiteWall for a purchase price based on an enterprise value of 30 million euros as at 1 June 2019 on the basis of the interim financial report as at the end of May 2019. The transaction values the enterprise at around 0.9 times the turnover achieved on 2018 by the part of the enterprise to be taken over. For the current financial year, the CEWE Board of Management expects the takeover - including the purchase price allocation and the transaction costs - to initially still have a negative impact on the EBIT in the amount of around one million euros. CEWE expects the acquisition to have a sustained positive effect on the value of the company as a whole. Completion of the transaction still also depends on approval by the relevant Monopoly and Merger commissions.
The CEWE apps are all available in the app stores: CEWE PHOTO WORLD, CEWE POSTCARD, CEWE SERVICE and other photo apps, and the CEWE Investor Relations app for iPad(c) or android tablets, with annual reports and quarterly reports, presentations and sustainability reports.
About CEWE: The innovative photo and online print service company, with fourteen highly-technical production operations and a staff of around 3,900 employees in 26 European countries, is both market and technological leader. In 2018 CEWE delivered around 2.2 billion prints, 6.2 million CEWE PHOTO BOOK copies and numerous photo gift articles to more than 20,000 retail partners to generate Group turnover of 653.3 million euros. The company is continuously generating new impulses in the photographic industry with innovations for people who enjoy taking photos. CEWE is a leading company when it comes to climate protection. CEWE brand products are all produced in a climate-natural process. In the "commercial online printing" business segment, printed material for businesses is marketed through the sales platforms of CEWE-PRINT.de, SAXOPRINT, viaprinto and LASERLINE. Founded by Senator h. c. Heinz Neumüller in 1961, CEWE has been listed on the stock exchange since 1993 and is an SDAX member.
30.04.2019 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
|Company:||CEWE Stiftung & Co. KGaA|
|Phone:||+49 (0)441 40 4-1|
|Fax:||+49 (0)441 40 4-42 1|
|Listed:||Regulated Market in Berlin, Frankfurt (Prime Standard); Regulated Unofficial Market in Dusseldorf, Hamburg, Hanover, Munich, Stuttgart, Tradegate Exchange|
|EQS News ID:||804995|
|End of News||DGAP News Service|