The Germany-based company was initially enetered into insolvency on 6 August with spiralling debts compounded by the economic recession.

However, two investment companies – Value8 NV and Solo Capital BV – reached an agreement with Buhrs’ administrator regarding the acquisition and the restarting of business activities.

A company statement said: “This acquisition concerns the activities of Buhrs’ subsidiaries in the Netherlands, namely Buhrs Zaandam BV and Buhrs Fulfillment Systems BV (Poly- and Paper Wrapping Solutions), the shares of the German company Buhrs Deutschland GmbH (Buhrs-ITM, envelope inserting systems and Betron, control systems). In additions, the shares in all foreign sales and service offices (United States, China, Japan, France and England) were acquired. It is Buhrs’ intention to also quickly have the German company, which is currently in preliminary receivership, fully operational once again.

“Although the failure of the parent company has created much uncertainty for all concerned parties – employees, customers, and suppliers – the restart offers the possibility for Buhrs to not only continue but expand. The loyalty displayed by the (former) employees and customers has been remarkable. The management team in charge of the restart possesses turnaround experience in combination with commercial experience and knowledge of the market sector in which Buhrs is active. Kim Ying Lee and Joost van der Klooster will be part of this management team.”

In 2007, Buhrs achieved an international turnover of more than EUR 70m, after which turnover fell back to around EUR 45m over the following two years. About half of these (international) sales were generated by Buhrs’ Dutch operations.

Administrator Michel Moeijes, of Tanger Advocaten, welcomed the news: “As the administrator, I am glad that a restart can take place and that this Dutch company can be saved.”

Peter Paul de Vries of Value8 NV said: “The combination of a high-quality product, loyal customers and dedicated staff provides good opportunities to leave the recent problems behind us and expand Buhrs as a healthy, profitable company.”

Source: Buhrs

Tags: Buhrs, Germany, Solo Capital, Value8