Munich-based re-structuring specialist BluO International Affiliates has announced that despite the financial and economic crisis, it has been able to collect over EUR300m before the first closing.
 
BluO says that with an additional EUR300m confirmed for spring 2009 it will be the largest restructuring fund in Germany.
 
Founder Dr Peter Löw says that unlike classic private equity BluO does not employ a high degree of outside capital when entering a company, but rather relies on its own financial strength.
 
'In this environment there are currently over 100 companies we will look at closely,' adds Löw. 'We expect two to six takeovers through BluO this year.'
 
The fund plans to completely take over companies in duress that show turnover of up to EUR4bn with a focus of EUR200m and without any outside capital and to initiate the necessary steps for consolidation.
 
BluO Fund I is a fund seated in Luxemburg. It invests in medium and large companies in the German-speaking area, as well as in the rest of Europe.