This transaction culminates the restructuring plan that was developed nearly one year ago when GLBH Holdings S.a.r.l. acquired the Fila business from Cerberus Capital Management. Under the restructuring plan, Fila’s business model has transitioned from direct operations to brand licensing in the major regions of the world, other than Korea and the United States, which will continue to be operated directly by GLBH. With the completion of the EMEA transaction, Fila has repaid all of the indebtedness incurred to acquire the business in 2007.
Yoon Soo (Gene) Yoon, chairman and CEO of GLBH, says, "We are delighted to have concluded the MBO for our EMEA business and are thrilled with the investment group who has backed the management team. With the completion of our restructuring plan and the repayment of the acquisition debt, we are now poised to focus on the growth of the Fila brand worldwide and the turnaround of our United States business, both of which are well underway."