windeln.de sells Feedo to Czech distributor of baby & toddler products ags 92
• Divestment of part of the measures to increase the efficiency and profitability of windeln.de • Staff reduction by
74 full-time positions and reduction of the negative EBIT by around EUR 3 million p.a.
• Transaction expected to close in the course of 2018
• All online shops of the windeln.de Group now on the same technical infrastructure
Munich, July 20, 2018: windeln.de SE ("windeln.de" or "Group"), one of the leading online retailers of baby and toddler products in Europe and for customers in China, today signed an agreement for the sale of its Eastern European subsidiary Feedo Sp. z o.o. and its subsidiary ("Feedo") to the Czech wholesaler and retailer of baby and toddler products ags 92 s.r.o. ("ags"). The sale is part of the previously announced measures to increase efficiency and profitability. With the sale of Feedo, windeln.de benefits from the deconsolidation of a loss-making subsidiary (Feedo's adjusted EBIT in 2017 was EUR -3.4 million), the reduction of the headcount by 74 active full-time positions (FTE) and a uniform, fully integrated technical infrastructure after the sale. The transaction is expected to close in the course of 2018.
Feedo operates online shops for baby and toddler products in the Czech Republic, Slovakia and Poland. In the 2017 financial year, Feedo generated revenues of EUR 23.7 million, adjusted EBIT of EUR -3.4 million (-14.1% of sales) and negative operating cash flow of EUR -3.3 million. On February 6, 2018, as part of a comprehensive restructuring program, windeln.de decided to consider selling its independent Feedo business and to focus on core activities with short-term profitability potential. As part of the restructuring measures, windeln.de has announced that it will reduce the Group's headcount from 387 FTEs at the beginning of 2018 to around 250 FTEs by the end of the year. In view of the sale of Feedo with currently 74 FTEs and the personnel reduction already implemented at windeln.de, this target is already being achieved with 237 FTEs for the Group.
Matthias Peuckert, CEO of windeln.de: "The sale of Feedo underlines our continuous efforts to improve the Profitability of the Group and is an important step on the way to our new organizational structure. We remain fully committed to the strategic initiatives we communicated in February and will continue our extensive measures to bring the Group into profitability."
GCA Altium acted as financial advisor to windeln.de on the sale of Feedo.
Phone: +49 (89) 41 61 71 52 75
windeln.de SE is one of the leading online retailers for baby and toddler products in Europe. In addition, the company operates a successful e-commerce business with baby and toddler products for customers in China. The wide product range ranges from diapers and baby food to children's furniture, toys and clothing to strollers and car seats. windeln.de was founded in October 2010. Since 6 May 2015, windeln.de has been listed in the Prime Standard of the Frankfurt Stock Exchange. For more information, see http://corporate.windeln.de.
Feedo Sp. z o.o. is an online retailer of baby and toddler products in Eastern Europe. With its online shops in the Czech Republic, Poland and Slovakia, it serves more than 200 thousand families with young children. More information can be found under www.feedo.cz, www.feedo.sk and www.feedo.pl
About ags 92
ags 92 s.r.o. is a leading wholesaler and retailer of baby and toddler products in the Czech Republic, Slovakia and Hungary. The group also operates 18 offline stores. The acquisition of Feedo creates a group with a turnover of almost 50 million euros. More information can be found under www.ags92.com