End of the road for Ternua Group
Basque outdoor group Ternua has been broken up, with each of its three brands now in the hands of separate, new owners. Ternua went into administration earlier this year.
One of its brands, Loreak Mendian, has found a new owner in Borobitex, a new company set up by one of the Ternua group founders, Víctor Serna, and two partners. The streetwear apparel brand, whose name is Basque for ‘mountain flowers’, was acquired on October 8 for €800,000.
Next, main brand, Ternua, passed into the ownership of Dikar, principally a game-sports group, whose brands include Columbus. Dikar is part of a bigger group, the Mondragón Corporation, which runs more than 80 co-operative companies around the world in industry, retail, finance and education. Dikar paid €1.5 million to acquire the Ternua brand on October 9.
Finally, on October 21, a court in San Sebastián approved a proposal for new ownership of the Ternua Group’s third brand, specialist sock producer Lorpen.
A group of 25 Lorpen employees has raised €400,000 to take the sock brand into employee ownership.
