German sportswear and casual clothing group Chiemsee has a new majority shareholder after Unternehmensgruppe Schmidt bought a big stake in the Grabenstätt-based firm.

Schmidt acquired the 21-year-old company, which enjoyed sales of 32 million euros in fiscal 2002, from bank Baader Wertpapierhandelsbank AG and the Kaller family.

The group of companies due to celebrate its centenary in three years includes sportswear brands Kappa Deutschland, Tomster USA, Okamoto Sportswear and Bay City Textilvertrieb.

"Chiemsee is and will continue to be an authentic and credible brand deeply rooted in sports," said company spokesman Florian Steinberger. "We have a very independent and unique handwriting of combining fashion and function.

"In the sourcing, logistics and data processing sectors, we will find and use sensible synergies with our affiliated companies in the Schmidt group."