Corestate Capital's founder and majority shareholder Ralph Winter has agreed to buy back a 28% stake in the company from Zurich-based Intershop Holding for an undisclosed amount.
Intershop Holding bought the interest in the autumn of 2013 as part of a €20 mln capital increase aimed at funding Corestate's expansion.
Corestate said it requires additional resources in the medium term to finance its planned expansion and noted that Intershop is not prepared to increase its exposure abroad, while also having a 'critical view on a potential a dilution of its stake'. As such, Corestate's major shareholders Ralph Winter and Thomas Landschreiber agreed on a withdrawal of Intershop from the group's capital base.
'Due to the special quality and extraordinary growth opportunities of Corestate Group, I decided to increase my commitment to over 90% of shares,' commented Ralph Winter, founder and senior advisor of Zug-based Corestate Capital. 'It is likely that the group will in the medium term strengthen its capital base further and significantly expand its position as an investor and asset manager within Europe.'
In the autumn of last year the Swiss asset manager was forced to cancel its €150 mln IPO due to a difficult market environment.
Corestate had intended to issue €100 mln of new shares from a capital increase as well as to offer shares held by existing shareholders to allow for a free float of over 50% after the IPO.
