Unimaginatively named Neue Alno GmbH, i.e. 'new Alno' is the company that was formed through the acquisition of assets of Alno AG by investor RiverRock and the new entity has just informed staff about the “current state of preparations” as the new company looks to resume business operations.

The managing director of Neue Alno GmbH, Andreas Sandmann, informed (old Also?) staff at a recent meeting earlier this week in Pfullendorf that the management of the new company has been confirmed and around 320 staff contracts have been set out.

“The future of Alno lies in the hands of the employees,” said Sandmann. “ and through their confidence in the Neue Alno GmbH and their willingness to build up the company, they create the basis for a successful restart. We are already working on measures to start operations and production. The first new Alno kitchens should be delivered in the first quarter.”

Sandmann added: “With RiverRock, we have found a sole owner that will enable us to start debt-free and develop Neue Alno GmbH with our employees, regardless of shareholder interest."

In December, Alno AG insolvency administrator Martin Hörmann of law firm Anchor Rechtsanwälte signed a purchase agreement with investor RiverRock to buy the assets, including machinery, land and trademark rights, of the Pfullendorf-based kitchen manufacturer.

It is understood that RiverRock made a €20m investment into buying the Alno assets and that a renowned Germany consultant Professor Dr. h.c. Roland Berger as the Chairman of RiverRock's Fund Advisory Committee was instrumental in securing the deal.

RiverRock is an investment firm providing innovative capital solutions to predominantly small and medium-sized European companies and serves institutional and high net worth investors.

The Firm has successfully raised approx. € 650 million of capital from prestigious investors, including leading sovereign and institutional European investors seeking the German Federal Government, the European Investment Bank and large Family Offices one of which is rumoured to be Egyptian billionaire Naguib Sawiris who is the co-founder of RiverBank, the banking and lending vehicle formed to assist RiverRock investments.