Signing the deal in mid-November, Astarita and Evans bought the troubled company’s intellectual property, tools, moulds and goodwill, and have already recommenced production at its partner-owned factory in China.
Astarita said the pair were determined to bring fresh energy to a company which had been “the most prominent in Europe,” after their successful acquisition of £1.5m-turnover UK mannequin firm Proportion London in 2020.
He told Printweek: “Rachael and I have a history of purchasing businesses in this state, and trying to repair them. So we purchased Proportion four years ago, bought Kesslers a year ago, and Genesis is next.
“We saw an opportunity to have another go at turning something unloved into a better opportunity.”
Genesis, which manufactures exclusively in China, had offices and showrooms in Germany, the US, and Cairo, and dedicated European sales staff across Europe.
“[Genesis’] factory is one of the best manufacturers in China,” Astarita added.
“But what we want to do is to enhance Proportion’s offering. Genesis has an extensive number of ranges, with a really good sports range and athleisure range – so we want to be able to replicate those tools, because now we own the IP, in our UK factory and have dual sourcing.
“For customers that want UK lead times, and UK handmade [products], we can do that here in London, and for customers that are used to the Genesis model of China [based-manufacturing], and the costs that come with it, can still enjoy the same offering that they had with Genesis.”
The duo will fly out to China either side of Christmas to visit the factory.
Astarita and Evans bought out Kesslers London from the PFI Group in a November 2023 MBO, having been part of the team acquired by PFI Group when it bought Kesslers from administration under previous owner Hexcite.
Having seen first-hand the potential dangers of tying up companies within a group structure, Astarita said he and Evans had opted to keep their business ventures separate from each other.
“We want every business we have to be able to stand on its own two feet,” he said.
“There will be sharing of best practice and experience, but there’s no financial link. Ultimately, when you buy a distressed business, the due diligence period is short and sharp – we’re going to give it our absolute best attempt, and work hard at it, but we need to test the market and speak to customers to see how they feel trading with a renewed Genesis.”
Kesslers specialises in the production of retail displays and merchandising solutions for a host of big name retailers and brands.
Kesslers and Proportion employ 98 staff, turning over around £15m between them.
