Basque conglomerate Ternua Group is moving forward with its insolvency proceedings, announced in June, through the sale of its Ternua and Loreak Mendian brands.

The Dikar co-operative, part of Mondragon Corporation, has acquired the group’s eponymous brand, following authorisation from Commercial Court No 1 in San Sebastián. The deal aims to safeguard the industry and the brand’s Basque roots, ensuring its continuity “within a solid, internationalised business project committed to the region.”

In a statement carried by Europa Press, Dikar stressed that this acquisition “consolidates its commitment to the region and its support for the Basque industry.”

The co-operative has not disclosed the purchase price for Ternua and noted that the deal forms part of its “diversification strategy” and “strengthens its position in the outdoor sector, where it already operates with its Columbus brand, specialising in equipment for outdoor activities.”

Incorporating Ternua into the Basque co-operative’s brand portfolio will allow “both brands to share synergies in product development, marketing, suppliers and sales channels”, the same sources said, adding that it will also bolster Dikar’s presence “in European and digital markets, and reducing its dependence on the U.S. market.”

They added that this operation likewise aims to “preserve industry, employment and the roots of a Basque brand with strong international recognition, promoting its continuity within a solid, internationalised business project committed to the region, in line with Mondragon’s values.”

Founded in 1969 and headquartered in Arrasate (Gipuzkoa), Dikar focuses on the hunting, sport shooting and outdoor sports sectors, and has two subsidiaries, one in Lawrenceville (United States) and another in Aveiro (Portugal). The head office and subsidiaries together employ more than 250 people.

Loreak Mendian also changes hands

As it proceeds with the sale of its four business units, Ternua Group has also found a buyer for its fashion brand Loreak Mendian, which it acquired in 2019. The brand will keep its roots in the Basque country: its new owner will be the Gipuzkoan company Borobitex, according to local media El Correo and El Diario Vasco.

The transaction was authorised by Commercial Court No 1 in Donostia on 15 September. Behind Borobitex, a limited company based in Irún, are three employees linked to the brand, including one of its founders, Víctor Serna.

With the sale of Loreak Mendian’s business unit, the continuity of 18 jobs is guaranteed (Ternua Group had around 180 employees at the beginning of the process).

In parallel with these two operations, the Basque conglomerate is working to ensure the continuity of its other two brands, Astore and Lorpen.

FashionNetwork.com with information from Europa Press