Puello Family Pulls Out MIFA Take-Over Talks
SANGERHAUSEN, Germany – The family Puello will not acquire the German bicycle manufacturer MIFA as they are no longer participating in the take-over talks. This was reported yesterday afternoon by MIFA’s administrator Lucas Flöther.
The reason for the family Puello, representing the former Winora Group managers Susanne Puello and her husband Felix, to discontinue the take-over talks was not made public by Lucas Flöther. It was the main outcomes of the creditors’ committee meeting last Tuesday.
No experience center at MIFA facility
The family Puello had put forward the idea to turn MIFA’s brand new production location into a so-called ‘experience factory’ where customers could follow the production of their bikes. Both the high-end e-bike brand Grace as well as Steppenwolf, owned by MIFA, would fit in this new ‘experience factory’. But it did not work out this way.
Both Susanne and her husband Felix Puello are long time industry insiders. They founded the Haibike brand in 1996 and Susanne took over the management of the family company Winora. In 2001 the Winora Group became part of the Accell Group while last March she unexpectedly announced to step down as managing director of the Winora Group and to leave the Accell Group subsidiary.
Only one option left for MIFA
The creditors committee also decided to reject a second party offer for the acquisition of MIFA. Nevertheless this investor has been given a second chance as they gave him the opportunity for a new offer which is regarded as the only option left for the survival of MIFA. If this or another investor does not submit an offer to the creditors better than a scenario of closing the factory, the insolvency administrator is obliged to terminate the business on 1 July 2017 for reasons of insolvency law.