Grenke – Quick Take On The First Statement From W. GRenke

Grenke – Quick Take On The First Statement From W. GRenke
<a href="">mohamed_hassan</a> / Pixabay

Disclaimer: There is some real wild speculation in this Grenke post which represents an explicit personal opinion from a concerned investor and nothing else. Please don’t take this seriously and please don’t sue me !!!!

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Q2 2020 hedge fund letters, conferences and more

An Update On Mr. Grenke's Release

Just a very quick update on Mr. Grenke’s release that came 1 hour later than announced (when my index finger already began to hurt from refreshing the home page).

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I have copied out only the “juicy” part, highlights are mine:

Die GRENKE AG gewährt den Franchiseunternehmen Unterstützung beim Aufbau der lokalen Strukturen und stellt bei Bedarf die Refinanzierung der Leasing- oder Factoringabschlüsse im banküblichen Rahmen sicher. Hiervon zu trennen sind Anlaufkosten und der Aufbau des jeweiligen Franchiseunternehmens selbst. Diese wurden über die CTP Handels- und Beteiligungs GmbH, Wien, finanziert. Die CTP GmbH nahm dabei die Rolle eines Private Equity Investors ein. Sie übernahm gerade solche Chancen und Risiken aus dem Aufbau der Franchisegesellschaft, die die GRENKE AG erklärtermaßen nicht tragen wollte. Die GRENKE AG selbst hat in der Vergangenheit wiederholt von der Ausübung des Erwerbsrechts ganz Abstand genommen oder die Gesellschaft im Ergebnis zu deutlich reduzierten Kaufpreisen erworben.
Bis zur (mittelbaren) Übernahme der CTP GmbH durch Herrn Grenke Ende Januar 2020 waren die GRENKE AG und Herr Grenke selbst
– weder an der CTP GmbH oder mit dieser verbundenen Strukturen beteiligt
– noch haben sie diese kontrolliert
– noch haben sie diese vertreten.

Herr Grenke selbst hat keine Zahlungen von der CTP oder den Unternehmen der verbundenen Strukturen erhalten.

Der Erwerb der CTP Anfang 2020 wurde seit Beginn der Vertragsverhandlungen im Jahre 2018 transparent behandelt und wird im Ergebnis von der GRENKE AG begrüßt. Dem gewachsenen Einfluss des Franchisesystems der GRENKE AG wird damit Rechnung getragen.
Bereits ab dem Jahr 2014 erwarb die Garuna AG von der CTP GmbH 10% an einzelnen gehaltenen Franchisebeteiligungen mit dem Ziel, die Beteiligungsquote der CTP an den Franchisegesellschaften auf unter 50% zu reduzieren und damit eine mehrheitliche Beherrschung zu verhindern. Die Aktien der Garuna AG werden von einer persönlichen Vertrauten von Herrn Grenke, Frau Corina Stingaciu, als wirtschaftliche Berechtigte gehalten.

So Mr. Grenke bought CTP only in January 2020 which seems to have been information leaked already in a Spiegel article. He clearly confirms that he didn’t take out any money out of Grenke via CTP or any related entity. On the other hand, the Garuna story is really weird.

Googling his “close confident” Corina Stingaciu only reveals this one position as manager of Garuna, no Linkedin profile and a picture of her and Mr. Grenke on a social event in Baden Baden from February this year.

A Wild Speculation

Looking at the picture I will now make a wild speculation: Could it be that she is MAYBE Mr. Grenke’s girlfriend ? The reason hwo I came to this conclusion is the fact that when you type “Wolfgang Grenke” into Google, at least in my version “Freundin” (Girlfriend) is added as first recommended additional search term but doesn’t reveal anything in the results.

To be honest, this part of the release is “fishy” and not self explaining. Still, i don’t think that this is the next Wirecard, not even close, but I also don’t think that Mr. Grenke is really transparent here. To me, “gifting” somehow a stake to his potential girl friend is not that much better than taking out the money personally, but again, this is wild speculation.

In my opinion, tomorrow he would need to answer questions such as:

  • who were the old owners of CTP ?
  • did CTP invest in anything else than Grenke franchises ?
  • What profits did CTP make over the last 5,10,15 years being a PE company from selling the franchises ?
  • what was the transaction price  for Mr. Grenke ? (Important !!)
  • what did Mrs. Stingaciu pay via Garuna for her stake in the franchises ? Did she pay at all ?

So let’s see how tomorrow turns out, but this is unfortunately not a “Persilschein” for Mr. Grenke himself.

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Jacob Wolinsky is the founder of, a popular value investing and hedge fund focused investment website. Jacob worked as an equity analyst first at a micro-cap focused private equity firm, followed by a stint at a smid cap focused research shop. Jacob lives with his wife and four kids in Passaic NJ. - Email: jacob(at) - Twitter username: JacobWolinsky - Full Disclosure: I do not purchase any equities anymore to avoid even the appearance of a conflict of interest and because at times I may receive grey areas of insider information. I have a few existing holdings from years ago, but I have sold off most of the equities and now only purchase mutual funds and some ETFs. I also own a few grams of Gold and Silver

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