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Press Release:

Lidl E-Commerce acquires JT Touristik

Berlin-based travel company JT Touristik GmbH (“JTT”) has been rescued from administration after filing for insolvency end of September 2017. Following an international investor process, Lidl E-Commerce International GmbH & Co. KG (“LIDL”), an affiliate of German Schwarz Gruppe, acquired JTT. German Schwarz Gruppe is a private family-owned retail group that owns and operates the Lidl and Kaufland brands, and thereby the fourth-largest retailer in the world by revenue.

The acquisition is subject to approval by antitrust authorities, the transaction is expected to be completed by mid-January 2018 at the latest.


JTT, founded in Berlin in 2009, has successfully established itself as one of the leading European dynamic tour operators with a turnover of EUR 156 mn. in 2016. End of September 2017, the company had to file for insolvency. The District Court of Berlin appointed PLUTA Partner Dr. Stephan Thiemann on October 5th, 2017 as preliminary insolvency administrator.

With the support of Dr. Thiemann, JTT managed to continue its business operations even after the initiation of the insolvency proceedings. At the same time, potential investors in Europe, the United Arab Emirates and the US were approached by Saxenhammer & Co. Corporate Finance GmbH (Berlin) within the scope of an elaborated investor process. Against various other bidders, the purchase approach of LIDL prevailed.

LIDL acquired the operating business of JTT through an asset deal, the entire staff will be taken over by LIDL. Managing Director Jasmin Taylor will leave the company as of January 1st, 2018.

Christoph Hahn, Director and head of travel at Lidl E-Commerce International, says: “This acquisition strengthens our existing travel business. JT's expertise fits in quite well with the skills we've built up over the last decade.“

Dr. Stephan Thiemann says: “We have achieved the ideal solution for JT Touristik. With Lidl E-Commerce International, we succeeded to find a renowned buyer who will successfully continue the business of JT Touristik, this is a very gratifying result. The work of the past weeks finally paid off.”

Other professionals who worked on the transaction include:
Dr. Stephan Thiemann of PLUTA as preliminary insolvency administrator of JTT Touristik GmbH was supported by Heinz-Joachim Hombach (Restructuring, Stuttgart), Katja Alexander (Restructuring, Berlin), Stephan Gittel (Restructuring, München), Ute Sambale (Restructuring, Leipzig), Markus Fünning (Transaction, Ulm) and Dr. Karl-Friedrich Gulbins (Labor Law, Stuttgart).
Timo Klees (Lead) and Sven Kalisch of KPMG AG Wirtschaftsprüfungs­gesellschaft, Jan Gerrit Kehbel, Sebastian Knapp, Andre Bäcker, Julia Jakobs, Melanie Wellner and Gunars Urdze of KPMG Law Rechtsanwaltsgesellschaft mbH, as counsel to Lidl E-Commerce GmbH & Co. KG

Saxenhammer & Co. Corporate Finance GmbH
is a leading boutique investment bank with over 15 years of experience focused on special situations in Germany and across continental Europe. Saxenhammer & Co. ranks amongst the top firms in this segment. Special situations are the transactions, which are characterized by complexity, speed and creativity. The objects in the transactions include companies, who look for growth opportunities, secession or external financing in crisis, under (preliminary) insolvency, or in neglected industries. The firm’s track record comprises the execution of over 140 successful transactions across all major industries with a success rate of over 90%. With an international reach through partner firms, Saxenhammer & Co. is engaged in cross-border transactions.

Lidl E-Commerce International
GmbH & Co. KG

acquires
JT Touristik GmbH
CONTACTS
ON THIS DEAL
Matthias Grau
Partner
mgr@saxenhammer-co.com
Phone: +49 30 755 40 87-13

Ulrike Bude
Analyst
ub@saxenhammer-co.com
Phone: +49 30 755 40 87-22

Björn Grüner
Analyst
bg@saxenhammer-co.com
Phone: +49 30 755 40 87-23
Saxenhammer & Co. Corporate Finance GmbH

Schumannstraße 18  |  10117 Berlin
T +49 30 755 40 87-0  |  F +49 30 755 40 87-19
info@saxenhammer-co.com  |  www.saxenhammer-co.com
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