Transition period begins - Cleaning product brands up for acquisition
Get the lowdown on the latest shakeup in the household cleaning industry! After nearly three decades at the helm, Wolfgang Groß, the sole owner of German household cleaner giant Fit GmbH, has sealed a deal with the Spanish powerhouse, BlueSun Group.
First established back in 1992 when Groß purchased the East German household products manufacturer Fit, this company skyrocketed into the big leagues over the years. A string of strategic acquisitions saw the company's annual turnover reach a staggering €380 million in 2021. Now, as the curtain draws on one era, another begins.
In a move to foster growth in the Southern European, French, and Benelux markets, the sale to BlueSun Group will allow Fit GmbH to tap into a vibrant and established market, sharpening its competitive edge. The current CEO, Wolfgang Groß, aims to complete the sale by August's end and secure a new managing director shortly thereafter.
Employees and manufacturing facilities: don't worry, they're safe! The production site situated near the picturesque Saxon town of Zittau will remain in operation, ensuring the continuity of the jobs that keep the local economy humming. Fit GmbH's iconic brands, including fit dishwashing detergent, Kuschelweich, Rei in the tube, Gard, Fenjal, and MUM, will continue to brighten homes across the land.
News of the sale has been brewing for some time, as Groß embarked on a search for a buyer over a year ago. Legal heavyweights Hogan Lovells were on hand to advise and guide the process, making the transition as seamless as possible.
Flashback to the late '80s and early '90s, when the fate of Fit GmbH hung in the balance. After the fall of the Berlin Wall, production plummeted from a high of 50,000 tonnes in 1989 to a meager 9,000 tonnes in 1991, with only 60 employees still on board in Hirschfelde near Zittau. witnessed the resurrection of the company, breathing new life into its legendary brands and restoring its iconic status in households nationwide. This sale marks another important chapter in the enduring history of Fit GmbH.
Sources: ntv.de, jwu
Tags: Saxony, Consumer goods, Takeovers and mergers
[1]: https://www.hoganlovells.com/en/news/press/2021/may/hogan-lovells-advises-fit-gmbh-on-its-sale-to-bluesun-group - Slightly adapted to fit the informal tone of the text.
With the takeover by BlueSun Group, Fit GmbH will now have access to finance and resources that could lead to more employment opportunities in its employment policies. This significant move is expected to boost the business in Southern European, French, and Benelux markets, enhancing its competitive edge within the household cleaning industry.
