Flick Gocke Schaumburg advises Egeria on the acquisition of KLAFS

Flick Gocke Schaumburg has advised investment company Egeria on the acquisition of a majority stake in KLAFS, a world market leader in the sauna and spa sector, focusing on the tax due diligence and tax-law aspects of the share purchase agreement.

The existing management of KLAFS will continue to run the business. Subject to customary closing conditions, the transaction is expected to close in Q1 2021. The parties have agreed not to disclose financial details.

Representing Flick Gocke Schaumburg were Matthias Full (partner), Anne-Catherine Lorek (associate) and Bettina Gerner (associate), all tax advisors at the firm’s Munich office. On the non-German aspects of the tax due diligence they were supported by Taxand partners LeitnerLeitner (Austria), Tax Partner AG (Switzerland) and Crido Taxand (Poland).

Founded in 1997, Egeria is an independent pan-European investment company that focuses on midsized companies. Egeria invests in healthy companies with an enterprise value of between EUR 50 million and EUR 350 million. Egeria Private Equity Funds hold investments in ten companies, and Egeria Evergreen in six. Egeria’s portfolio companies have a combined turnover of approx. EUR 2 billion and employ close to 10,000 people.

KLAFS, headquartered in Schwäbisch Hall, is the world’s largest manufacturer and integrator of high-quality sauna systems, steam baths and complementary products and services for private and commercial customers. It employs 733 people at 25 showrooms and four production sites in Europe.