Alno AG insolvency administrator Martin Hörmann of law firm Anchor Rechtsanwälte has signed a purchase agreement with investor RiverRock to buy the Pfullendorf-based german kitchen manufacturer.

In a deal rumoured to be worth some €20m RiverRock will acquire Alno AG assets including machinery, land and trademark rights, and intends to resume operations and the production of kitchen furniture as soon as possible. The company will operate under the name Neue Alno GmbH and will have around 410 employees, including 34 trainees.

“We are very pleased that the employees can now regain hope,” said Hörmann. “Both sides have intensively and constructively worked towards a conclusion. With the contract we have reached a very important stage, but we are not yet at our destination. Now we have to wait and see that important conditions are met for the contract to take effect.”

Last month the insolvency administrator initiated the shutdown of the business after the last interested party pulled out. The decision to discontinue Alno AG business operations will remain in place until the conditions of the purchase agreement have been fulfilled and the contract is concluded.

The deal has been called a “surprising and pleasing turnaround” by insolvency administrator Prof Dr Martin Hormann of Anchor Lawyers.