Erich Kellerhals – Billionaire

Phnom Penh HR

7 years ago

Erich Kellerhals

$1.88 B

Erich and Helga Kellerhals founded the electronics retail giant Media-Saturn GmbH with two business partners (Walter Gunz and Leopold Stiefel) in 1979. The very first Media Markt opened its doors that year in an industrial park in Munich, with the aim of offering a broad selection of brand products at permanently low prices. In 1988, the founders sold a 54% stake to Kaufhof, which later merged with retail giant Metro. Still holding close to 22% of Media-Saturn and maintaining veto rights, Erich Kellerhals has had a strained relationship with Metro over the governance and operation of Media-Saturn, resulting in extensive legal battles. In March 2016, Metro announced plans to split off Media-Saturn — which has over 1,000 stores in 15 countries and generates around $23 billion in annual revenue — into a separate joint-stock corporation with its own public listing. Erich and Helga live in the hills of Salzburg, Austria, where they own a fine-dining restaurant. Via their management holding company, Convergenta Invest und Beteiligungs GmbH in Salzburg, they also invest in shopping malls and commercial real estate in Austria, Germany and Poland. The couple founded Convergenta in 2004.

Erich Kellerhals Net Worth: Erich Kellerhals is a German entrepreneur who has a net worth of $4 billion. A newcomer to the billionaires’ circles, Mr. Kellerhals is one of the founders of the electronics retail giant Media Saturn GmbH. Based in Ingolstadt, Erich Kellerhals teamed up with two partners to set up the company in 1979. Two years later, the trio sold the bulk of their stake to Kaufhof, which later fused with retail giant Metro. In January 2013, Metro bought the rest 3% owned by one of Kellerhals’ co-founders for about $310 million. At the time, the entire company was valued at around $10.5 billion (7.7 billion euros). Thus, the acquisition made Metro’s share in the company jump to more than 78%. However, Metro and Kellerhals have maintained a strained relationship. Kellerhals even took part of a court battle over a conflict regarding the company’s governance. The output was Metro prevailing in court, while Kellerhals has held onto his almost 22% stake.

Source:

1. forbes

2. celebritynetworth