• Gries Deco Company (DEPOT) led by Christian Gries, is a leading German multi-channel retailer specialising in decoration and living accessories
  • Headquartered in Niedernberg (Germany), DEPOT was founded in 1948 and employs approximately 8,400 people
  • DEPOT operates more than 500 Point of Sale systems (POS) in Germany, Austria and Switzerland, and is accompanied by a growing online store as well as more than 100 shop-in-shop POS
  • Migros-Genossenschafts-Bund (MIGROS) acquired 90% of the shares in 2009 and 2013, Christian Gries owned the remaining 10%. Additionally, MIGROS held 100% of shares in DEPOT Switzerland
  • MIGROS has invested heavily in the growth of the Gries Deco Group, which led to a growth of the store portfolio from 109 to 500 stores and corresponding sales growth from EUR 83 million to over EUR 480 million
  • Due to changing market conditions and customer purchasing behaviour, DEPOT experienced negative like-for-like sales and pressure on gross margins, resulting in the need for a restructuring opinion


  • DC Advisory (DC) supported bilateral negotiations between MIGROS and Christian Gries. DC conducted a selective market sounding in order to identify and line up alternative investors in parallel
  • DC ensured that all work streams, in particular the IDW S6 restructuring opinion and a real estate appraisal, were thoroughly prepared and successfully completed


  • As part of a management buyout, Christian Gries took over all shares of the two companies, Gries Deco Holding GmbH and DEPOT CH AG
  • The buyout was supported by MIGROS through a debt waiver as well as new financing
  • A pre-condition for the debt waiver was a tax ruling, resulting in the tax exemption of the restructuring gain