The restructuring firm takes control of the hair care group, which filed for insolvency in February. The deal will enable it to maintain some 360 jobs.
NK5, an advisory firm in restructuring and turnaround services, has acquired the chain of hair clinics Svenson, which last February was declared insolvent by the Commercial Court number 7 of Madrid.
The company filed for voluntary insolvency proceedings after declaring itself in a state of insolvency with liabilities of €22.7 million against assets of just €3.9 million. Together with the insolvency application, Svenson presented a binding offer to buy NK5, which is going to take control of around 95% of the company with the aim of relaunching it in the coming years. Garrigues and Cuatrecasas are the advisors in the transaction.
The transaction, which is expected to be completed in the coming weeks, will allow the group, which has 38 outlets in Spain, and almost all of its staff, currently around 360 people, to continue operating. All of the company’s current management will remain in place in this new phase.
Svenson is the Spanish multinational company that leads the hair health market in Europe, offering the most innovative medical-cosmetic techniques for hair problems and the most suitable solutions for men and women and for all degrees of alopecia or irreversible baldness.It has more than 50 of its own centres and more than 500 professionals, including doctors, surgeons, instrumentalists, nurses, technicians and hair specialists. It also has a hair clinic in Madrid and operating theatres in other centres, such as San Sebastian, Barcelona, Palma de Mallorca, Tenerife, Seville and Malaga.
Garrigues advised Svenson with a team formed by partner Juan Verdugo, principal associate Andrés Ignacio Martín and senior associate Marina Lorente.