Shearman & Sterling advised Silverfleet Capital and their portfolio company 7days on the financing of the add-on acquisition of Praxis Herning A/S, a Danish supplier of specialist workwear. Managing Directors Jesper Rasmussen and Søren Wortmann, who are the majority shareholders of Praxis, will continue to manage the business and are acquiring an interest in 7days as part of the transaction.
Praxis was founded in 1995 and is headquartered in Herning, the textile capital of Denmark. The company specializes in designing, producing and selling clothing for medical professionals. Its product portfolio of scrubs includes tunics, polo shirts, trousers and shoes. Besides Denmark, Praxis primarily serves customers based in the rest of the Nordic region (Sweden, Norway, Iceland and Finland).
Silverfleet Capital is an independent European holding company investing in mid-market companies and has been a longstanding client of Shearman & Sterling. The Shearman & Sterling team led by Winfried M. Carli advised Silverfleet Capital on several financings, inter alia, the financing of the acquisition of 7days. Following the acquisition of 7days at the beginning of the year, Silverfleet has started to implement its buy and build strategy to enter new markets for 7days.