14-Mai-2021

goetzpartners successfully advised Görtz to obtain a subordinated financing structure from the German support fund WSF

Deal announcement

goetzpartners advised Görtz during uncertain times within the German footwear retail sector caused by the corona pandemic, on the successful financing with a subordinated financing structure obtained from the German support fund WSF ("Wirtschaftsstabilisierungsfonds").

The successful WSF financing confirms and safeguards the unique omnichannel strategy of Görtz group as an integrated stationary and e-commerce footwear retailer on the German market, based on a highly scalable market place model and technologically advanced omnichannel capabilities (e.g. ship from store, ship to home).
We provided key advise and support during the whole financing process with our debt advisory services, from acting as a sparrings partner for the management during the business planning phase of the group, creating a plausibility and transparency report on the compiled business plan for the incumbent banks, calculating different business scenarios and supporting during negotiations and ad-hoc analyses required by the WSF.

Our mandate started in the last quarter of 2020 with initiating the negotiation process with the WSF on obtaining governmental support measures to cope with the impact caused by the lockdowns due to the corona pandemic. At the same time, Görtz was updating its business planning and bank reporting for 2021, on which we provided valuable advice as an external sparrings partner. Based on the status of the business plan in 2020, we created a plausibility and transparency report, highlighting the key planning assumptions towards the incumbent bank consortium.
During the ongoing negotiations in 2021 with the WSF we advised Görtz management and provided key support e.g. via updated scenario calculations for the medium term business plan based on the current developments of the corona pandemic and providing ad-hoc analyses and presentations required by the WSF.
The project was concluded successfully in April 2021 with the provision of a subordinated financing structure by the WSF as a support measure to counter the effects from the corona virus pandemic and lockdowns on Görtz group.

ABOUT Görtz Group
Ludwig Görtz GmbH ("Görtz"), headquartered in Hamburg, was founded in 1875 and is a leading premium retailer for footwear, leather goods and accessories. The company employs c. 3,000 people with a high share of female employees (82%) and is present in more than 90 cities in Germany (163 stores) and Austria (2 stores)

TRANSACTION TEAM

Philipp Widmaier
Managing Director
Email

Marius Wolter
Associate Director