Menswear manufacturer Peine has been sold to Swiss financial firm Astraia Holding AG, with the company plotting growth for the business.
Gordon Brothers Europe has sold the German manufacturing company, which owns menswear brands Barutti and Masterhand, after a three year investment in the business.
Piene was bought by Gordon Brothers in 2010 and has since been built it into a “successful business”.
Gordon Brothers Europe chief executive Frank Morton said: “The operational and financial turnaround was made possible through the resources and the expertise of Gordon Brothers Europe in understanding the asset values and industry sector. The turnaround of Peine leaves the business well positioned and we hope that it will continue to grow and prosper with its new owners.”
Jan D Leuze, chief executive of Astraia Holding, added: “We are extremely pleased with our acquisition of Peine and look forward to developing and growing the business further.”