IMAP Germany advises Albert Horn Söhne GmbH & Co. KG on the sale to Nedac Sorbo Group

Client Background & Objective

​Since its foundation in 1948, HORN has developed into one of the largest providers of greeting cards. The product portfolio is supplemented by a comprehensive range of wrapping paper, ribbons and gift packaging (cases and bags). Customers of HORN include food retailers and department stores, as well as wholesalers in the DACH region. In February 2017, the company had filed for insolvency proceedings in self-administration in order to continue their restructuring process; started back in 2016 with the help of consulting company Ebner Stolz in an attempt to realign the company. For this purpose, HORN appointed  insolvency expert Tillmann Peeters from the restructuring-boutique Falkensteg, as Managing Director of the company. Dr. Jan Markus Plathner from the law firm Brinkmann & Partner is trustee.

IMAP Advantage & Approach

IMAP was invited to pitch for the sale-side mandate shortly after HORN’s filing for insolvency. The professional relationship and consistent alignment between IMAP in Germany, HORN and the other advisors involved, was a vital element for the mutual success of the transaction, which was completed in 4 months.

Having successfully worked together with the advisors prior to this transaction and based on IMAP’s outstanding market insights with regards to the potential buyers, IMAP was the preferred M&A advisor for both the shareholder family and the creditor committee involved.

IMAP only approached selected investors. Thanks to the convincing future concept for HORN, NEDAC was able to win the three-staged bidding process and received the approval by the creditor committee. It will also take over the remaining 390 employees as part of the restructuring. NEDAC is a distribution and trading company based in Duiven, the Netherlands, with branches in the UK and Belgium. As a provider of a wide range of products in the non-food sector, it is also one of the leading companies for greeting cards in the Netherlands. HORN complements their existing range of products and strengthens NEDAC’s presence in the German food retail.

Wouter Meijerink, CEO of NEDAC said: "The strong brand HORN is an ideal synergetic addition to our current group structure and strengthens the presence of NEDAC in the German food retail.”

Additonal deal drivers were the excellent work with the client’s (Stolz and Falkensteg) as well as the buyer’s lawyers (Anchor Rechtsanwälte) and the great commitment of the Company’s staff involved in this transaction. Furthermore, IMAP's team in Germany was able to create a competitive environment, enabling a quick and smooth process.


“Thanks to the intensive efforts of all participants, HORN was able to find an investor and the restructuring was successfully completed. Due to NEDAC’s related experience, the company is now well positioned and sustainable following the successful restructuring” commented Tillmann Peeters, the Restructuring Manager.

“Our declared goal was to find an investor, who offers a strategic partnership for the brand HORN and the employees and assists as a strong partner. As a result, we are very satisfied with the outcome of the investor search. The transaction fits perfectly into NEDAC’s profile” added Henning Graw, Partner at IMAP in Germany.


Henning Graw
+49 621 3286124