Gordon Brothers Europe invests in European menswear manufacturer and supplier PEINE GROUP
The company, which is headquartered in Wilhelmshaven, Germany and has operations across Europe, entered administration at the end of 2009 and was resigned to closure until Gordon Brothers came on board. As a long-term investor, Gordon Brothers Europe has secured the continued existence of the company, which has been in operation since 1948.
The company will now trade under a new name, Peine GmbH and Gordon Brothers is confident that it can oversee a change in the company’s fortunes as well as saving 90 jobs and building upon the company’s recent restructuring of its core brands; BARUTTI for business wear and MASTERHAND, which specialises in wedding and formal wear.
Commenting on the deal, Markus Kamsteeg, Managing Director – Sales, Product and Marketing at Peine GmbH says: “We are delighted that Gordon Brothers has invested in our company. Gordon Brothers’ expertise in retail and the consumer goods industry is an ideal fit for our business and provides us with the support we need to take the company forward. Recently, we have realigned our brands BARUTTI and MASTERHAND giving a clear definition to the individual labels and we have already received positive feedback on our current collection. We are now confident about the long-term prospects for the company.”