Tag Archives: Industrie

Sandbäckens acquires Johanssons VVS i Ängelholm

Segula

18 September, 2020

Sandbäckens strengthens its position in the Northwestern Skåne region through the acquisition of Johanssons VVS i Ängelholm AB. Sandbäckens is already established in the local market through the subsidiary Sandbäckens Rör i Björe i Halmstad AB.

Johanssons VVS was founded by Stefan Johansson in 1998 and is a full-service provider within HVAC, specializing in district heating, heat pump installations as well as heating & sanitation contracts for new builds, rebuilds and extensions.

Sandbäckens Rör i Bjäre Halmstad AB, established in 2015, has had a successful growth journey since its inception. The company has a turnover of SEK 40 million and 20-25 employees in its two offices in Grevie and Halmstad. The acquisition of Johanssons VVS i Ängelholm is an important next step to continue the successful growth journey.

“We are very pleased with the acquisition of Johanssons VVS. The company is well managed and has a well-established reputation in the region. The acquisition strengthens Sandbäcken’s presence in southwestern Sweden and is a solid platform for continued profitable growth in the region” says Marcus Planting-Bergloo, Managing Partner, Segulah.

 

For further information: please visit www.sandbackens.se or contact:

Marcus Planting-Bergloo, Managing Partner, Segulah Advisor AB,  +46 70 229 11 85, Planting@Segulah.se

Tobias Ålund, VD, Sandbäckens Rör i Bjäre Halmstad AB +46 70 785 23 80, tobias.alund@sandbackens.se

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GI Partners Joins Charlesbank Capital Partners to Accelerate Growth at American Residential Services

Charlesbank

American Residential Services (ARS), the nation’s largest provider of residential heating, ventilation, air conditioning (HVAC) and plumbing services, announced today that GI Partners, a leading private investment firm, is making a majority investment in the company. Existing investor Charlesbank Capital Partners (Charlesbank) and management are also making significant new investments in the business.

Based in Memphis, Tennessee, ARS operates a network of more than 70 locally managed service centers in 23 states, with approximately 6,500 highly talented employees and the largest team of HVAC technicians and plumbers in the U.S. The company is dedicated to providing exceptional customer service, with an emphasis on highly skilled employees, state-of-the-art technologies including smart home and remote diagnostics, 24/7 service and a 100% money-back guarantee. It operates under the well-known national brand ARS, as well as through trusted local brands in select markets, while capitalizing on differentiated relationships with leading national retailers.

“We welcome GI Partners, our new majority partner, and are excited to work with them to build upon the considerable momentum in the business and execute on our growth opportunities,” said Dave Slott, CEO of ARS. “The GI Partners team brings deep services investment experience and operational and technological expertise that will provide significant opportunities for ARS’s employees while enhancing the customer experience. As we enter this next chapter of our evolution, we are also thrilled to continue our successful partnership with Charlesbank and are confident that these investments will accelerate our pace of both organic growth and M&A.”

Hoon Cho, Managing Director at GI Partners said, “We have great appreciation for the business that the team has built and have been impressed by the growth and resiliency evidenced by the Company to date. We are very excited to partner with management and Charlesbank to accelerate positive change and execute on the significant opportunities ahead.”

Jeff Sheu, Managing Director at GI Partners, added, “We look forward to collaborating with ARS and Charlesbank to aggressively expand ARS’s national footprint both organically and by acquiring best-in-class operators to strengthen ARS’s leading market position. We will remain committed to accelerating growth by deepening our strong relationships with customers, partners, and employees.”

Andrew Janower, Managing Director at Charlesbank, commented, “We appreciate the dedication of the senior leadership team since our initial investment in 2014, and we look forward to continuing to partner with them for the next phase of ARS’s growth as a national leader in the residential HVAC industry. We are especially grateful for the continued commitment of ARS’s front-line employees and technicians, who have worked tirelessly to provide outstanding uninterrupted service to consumers across the country through the COVID pandemic.”
The transaction is expected to close in the fourth quarter of 2020, subject to customary closing conditions and regulatory approvals.

About American Residential Services
As an Exceptional Service Provider, ARS serves both residential and light commercial customers by providing heating, cooling, indoor air quality, plumbing, drain cleaning, sewer line, radiant barrier, insulation, and ventilation services. The ARS Network features industry-leading brands including, A.J. Perri, Aksarben ARS, Allgood, Andy’s Statewide, ARS, Aspen Air Conditioning, Atlas Trillo, Beutler, Blue Dot, Brothers, Columbus Worthington Air, Comfort Heating & Air, Conway Services, Efficient Attic Systems (EAS), Florida Home Air Conditioning, Green Star Home Services, McCarthy Services, Proserv, Rescue Rooter, RighTime Home Services, RS Andrews, The Irish Plumber, Unique Services, “Will” Fix It, and Yes! Air Conditioning and Plumbing. For more information, please visit www.ars.com.

About GI Partners
Founded in 2001, GI Partners is a private investment firm based in San Francisco, California. The firm has raised over $23 billion in capital from leading institutional investors around the world to invest in private equity, real estate, and data infrastructure strategies. The private equity team invests primarily in companies in the Healthcare, IT Infrastructure, Services, and Software sectors. The real estate team invests across a broad range of platforms and strategies. The data infrastructure team invests primarily in hard asset infrastructure businesses underpinning the digital economy. For more information, please visit www.gipartners.com.

About Charlesbank Capital Partners
Based in Boston and New York, Charlesbank Capital Partners is a middle-market private investment firm managing more than $7 billion of capital. Charlesbank focuses on management-led buyouts and growth capital financings and also engages in opportunistic credit and technology investments. The firm seeks to build companies with sustainable competitive advantage and excellent prospects for growth. For more information, please visit www.charlesbank.com.

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Avedon strengthens bearings and spindle manufacturer SLF through acquisition of STI, a specialized engineering trading company

Avedon

Fraureuth/Wackersdorf, August 31st, 2020 – Spindel- und Lagerungstechnik Fraureuth GmbH (“SLF”) a leading niche manufacturer of specialized spindles and roller bearings located in Fraureuth, Germany, today announces the acquisition of STI GmbH (“STI”), a specialized engineering trading company. The transaction was completed in the form of an asset deal and the parties agreed not to disclose the purchase price or further details of the transaction.

As part of a succession solution, SLF has acquired the family business STI. Founder and CEO Ralf Teufert will stay on board as CEO for a transition period and thereafter reduce his operational responsibilities over time. With the acquisition SLF further expands the group’s product spectrum with demanding, customized engineered products and solutions as well as s strengthens its worldwide sourcing network. which will help improve the group’s competitive positioning in attractive end-markets, further grow the OEM customer base, as well as increase the international footprint.

Michael Ludwig, CEO of SLF comments:
“We are very excited to announce that STI is joining the SLF group. The acquisition of STI fits well with our overall strategy to expand our competences in developing customized solutions for demanding applications. STI is a particularly well positioned niche business with strong engineering competences as well as long-standing customer relationships. Through joining forces, SLF and STI will both benefit from the strong complementarity of the businesses as well as the ample synergy potential.”

Ralf Teufert, CEO of STI comments:
“Becoming part of the SLF group excites us. We see great synergy potential in combining forces on both, the sourcing as well as the engineering and sales side. As SLF is a key customer of ours, we established a long-standing, close relationship over many years and are excited to intensify this relationship in the future.”

The enlarged SLF group will continue to be supported by Avedon Capital Partners, a leading mid-market growth investor based in Germany and The Netherlands, as well as the four founders of SLF. Since 2019, Avedon is invested in SLF and supports the company’s succession- and growth plan.

Alexis Weege, Partner at Avedon, adds:
“STI is a unique, well-positioned company that fits well with SLF’s strategy to expand the product offering with customized solutions for demanding applications as well as strengthen its international presence. We are looking forward to further supporting the combined group and leveraging the synergy potential.”

 

About STI
STI GmbH is a niche specialized engineering trading company which was founded in 1995, is headquartered in Wackersdorf and today employs 21 employees. STI combines strong engineering competence to develop customized products and components with a strong worldwide sourcing network and is thus able to provide its customers with specialized products and solution development.
www.sti-bearings.com

About Spindel- und Lagerungstechnik Fraureuth GmbH
Spindel- und Lagerungstechnik Fraureuth GmbH (“SLF GmbH”) is a German spindles and bearings manufacturing company which was founded in 1993 and .is headquartered in Fraureuth (Saxony). The Company today employs 350 employees. SLF offers spindle and roller bearings in the diameter size range of 40mm to 1600mm to predominately OEM customer with a clear focus on high-end specifications for demanding applications.
www.slf-fraureuth.de

About Avedon Capital Partners
Avedon is a leading growth capital investor based in Düsseldorf and Amsterdam. Avedon invests in small and medium-sized companies in Western Europe with a focus on the software & technology, industrials, consumer & leisure, and business services sectors. Avedon works closely with its management teams to realize growth ambitions and has a long track record of successfully delivering results through autonomous growth and buy-and-build strategies. For more information please visit www.avedoncapital.com
www.avedoncapital.com

For further inquiries, please contact:

Michael Ludwig, CEO SLF, M.Ludwig@slf-fraureuth.de, +49 3761 801 210
Alexis Weege, Partner, alexis.weege@avedoncapital.com, + 49 211 5988 906

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Advent International and Cinven complete acquisition of thyssenkrupp’s Elevator Technology business

Cinven

International private equity firms Advent International (“Advent”) and Cinven (together the “Consortium”) have completed the acquisition of thyssenkrupp’s Elevator Technology business (“thyssenkrupp Elevator” or the “Group”) from thyssenkrupp AG (the “Transaction”).

thyssenkrupp Elevator is a leading global provider of elevators, escalators, and other innovative passenger transportation solutions to customers in more than 100 countries worldwide. Headquartered in Germany, the Group has operations in more than 1,000 locations. The Group generated revenues of c. €8.0bn in the financial year 2018/19.

Following strong performance in recent years and reflecting the global nature of the business, the Group has continued to trade well despite the COVID-19 period, showing significant resilience in the face of uncertain economic conditions based on its high levels of long-term contracted service revenues and the strong cash flow generation of the business.

As part of the Transaction, thyssenkrupp AG has reinvested in thyssenkrupp Elevator, acquiring a substantial minority stake, underlining the attractive value creation potential of the business as well as a commitment to Germany and the Group’s employees.

Bruno Schick, Partner and Head of DACH and Emerging Europe at Cinven commented:

“thyssenkrupp Elevator is a compelling investment opportunity with strong, long term growth drivers supported by predictable profit streams and cash flows from multi-year service contracts. It’s a business that has already demonstrated its ability to weather even the most difficult market conditions. Partnering with management and employees, we are committed to adding significant value to this truly outstanding business – including through investing in organic growth and acquisitions.”

“thyssenkrupp Elevator is one of the top 4 global Elevator & Escalators players, renowned for innovation and technology with a comprehensive product and service portfolio. Drawing on our deep experience in the industrial and business services sectors along with our global platform, we see significant opportunity to further support the company’s continued growth through product development, R&D and international expansion for the benefit of customers, suppliers and employees,” said Ranjan Sen, Managing Partner and Head of Germany at Advent International.

Peter Walker, CEO of thyssenkrupp Elevator said:

“Our new main shareholders, Advent and Cinven, have already shown huge determination and commitment to the business during the completion of the Transaction. Add to that the clear expertise and strategic vision they showed during the sale process and we know we have found the right partners to work with as we take the company forward as an independent business. There is much for all stakeholders of thyssenkrupp Elevator to be excited about, including the opportunity for growth through geographic expansion and strategic acquisitions. We’ll also have access to focused and substantial financial resources of our owners to achieve this as well as the funding of innovation and R&D. We have every reason to look to our independent future with ambition and optimism.”

About thyssenkrupp Elevator

thyssenkrupp Elevator’s product portfolio includes passenger and freight elevators, escalators and moving walkways, passenger boarding bridges, stair and platform lifts. The Group also has a customised service business that offers maintenance services for its entire product portfolio. The business operates a global sales and service network to ensure optimum proximity to its customers.

The Consortium has a shared investment philosophy of responsibly growing leading businesses and is committed to a long-term value creation plan for thyssenkrupp Elevator.

 

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Astorg to acquire Normec Group from Summit Partners

Astorg

Astorg is pleased to announce that it has signed a definitive agreement in partnership with management to acquire Normec Group (“Normec” or the “Group”), a leading provider of testing, inspection, certification and compliance services headquartered in the Netherlands, from global growth equity investor Summit Partners.

Normec was founded in 2016 and today employs a team of more than 900 across the Benelux region and Germany. The Group specialises in testing, inspection and certification services in the foodcare and life, safety & environment markets. Since its inception, Normec has accelerated the execution of its strategy to become a Top 3 player in its markets through the acquisition of over 20 leading specialist providers.

Joep Bruins, CEO and founder of Normec, said: “We are delighted that Astorg has chosen to partner with Normec. Astorg has a strong track record of investing in and supporting the growth of founder-led companies. We are very proud of what we have achieved in such a short timespan since our founding, and we are appreciative of the support we have received from Summit Partners. We are excited to work together with Astorg to continue to strengthen and build out the Normec value proposition for our clients.”

François de Mitry, Managing Partner at Astorg, commented: “Over the past years, we have spent significant time reviewing the testing, inspection and certification space through which we have identified Normec. Normec’s leading position in its highly attractive core markets is a strong fit with Astorg’s investment strategy, and we are very excited to support Normec’s international expansion.” Nicolas Marien and Benjamin Cordonnier, Directors at Astorg added: “Normec has an impressive track record of delivering consistent growth through outstanding quality of service. We have already identified promising future M&A opportunities to actively work on with the management team led by Joep.”

Christian Strain, Managing Director at Summit Partners said: “It has been a privilege to work in partnership with the Normec team. Since Summit’s investment in 2017, the Group has executed its organic and acquisition-driven growth strategy and created a leading pan-European testing, inspection and certification services provider.” Johannes Grefe, Principal at Summit Partners, added: “The Normec management team has delivered strong growth over the last several years. We look forward to seeing the Group build upon this strength in the future.” Mr. Strain and Mr. Grefe led Summit Partners’ 2017 investment in Normec and have served on the Group’s board of directors since that time.

The transaction is expected to close in the third quarter of 2020 and is subject to customary closing conditions and regulatory approvals. Financial terms of the transaction were not disclosed. Normec was advised by Jefferies and the management team of Normec was advised by ING.

Press contacts:

Astorg

Stéphanie Tabouis
Publicis Consultants
Tel: +33 6 03 84 05 03
e-mail: stephanie.tabouis@publicisconsultants.com

Summit Partners

Meg Devine
Tel: +1 617 824 1047
e-mail: mdevine@summitpartners.com

About Normec:

Normec is the holding company of the Normec Group. Normec is active in the field of testing, inspecting, certification and compliance mainly in the Netherlands, Belgium and Germany. Normec assesses and supports the quality and safety of materials, systems and products by conducting independent audits, tests and inspections based on accredited methods. As an independent organisation, the work of Normec includes taking care of the quality and safety of their clients’ materials, systems and products. With intelligent, thorough and independent research and reporting, Normec combines professional expertise with excellent IT-driven services to provide value added services to their clients. In doing so, Normec ensures the sustainable improvement of companies or institutions. Normec operates in the Life Safety & Environment and Food & Agriculture segments. For further information about Normec: www.normecgroup.com.

About Astorg:

Astorg is a leading independent private equity firm with over €8 billion of assets under management. Astorg seeks to partner with entrepreneurial management teams to acquire market leading global companies headquartered in Western Europe and North America, working together to create value through the provision of strategic guidance, experienced governance, and adequate capital. Astorg enjoys a distinct entrepreneurial culture, a long-term shareholder perspective, and a lean decision-making body enhancing its reactivity. Though not specialised, Astorg has gathered valuable industry expertise in software, healthcare, business-to-business professional services, and technology-based industrial companies. Astorg has offices in London, Paris, Luxembourg, Frankfurt and Milan. For further information about Astorg: www.astorg.com.

About Summit Partners:

Founded in 1984, Summit Partners is a global alternative investment firm that is currently managing more than $21 billion in capital dedicated to growth equity, fixed income and public equity opportunities. Summit invests across growth sectors and has invested in more than 500 companies in technology, healthcare and other growth industries. These companies have completed more than 140 public equity offerings, and more than 200 have been acquired through strategic mergers and sales. Summit maintains offices in North America and Europe and invests in companies around the world. For more information, please see www.summitpartners.com or follow on LinkedIn.

In the United States of America, Summit Partners operates as an SEC-registered investment advisor. In the United Kingdom, this document is issued by Summit Partners LLP, a firm authorized and regulated by the Financial Conduct Authority. Summit Partners LLP is a limited liability partnership registered in England and Wales with registered number OC388179 and its registered office is at 11-12 Hanover Square, London, W1S 1JJ, UK. This document is intended solely to provide information regarding Summit Partners’ potential financing capabilities for prospective portfolio companies.

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MULTICAM shifts production to join the fight against COVID-19

RosewoodPrivate Investments

DALLAS, TX (April 2020) – MultiCam Inc., a world-renowned builder of high-quality CNC machinery 100% made in America, is shifting production to meet the global demand of personal protective equipment (PPE) for front line healthcare workers in their daily fight against COVID-19.

There has been a shortage of PPE as the pandemic progresses, MultiCam stepped up to meet the challenge by shifting several of their knife cutting machines in their solutions center to manufacture Multi-ShieldsTM, a patent pending version of the medical-grade clear plastic face shields and hospital gowns that protect healthcare workers from contaminants.

“What started as another sleepless night of me thinking about how we can help fight this pandemic and to protect our workforce has turned into a full-fledged design and production of PPE due to the quick innovation from our great MultiCam Solutions team. We have contracts to produce 60K+ Multi-ShieldsTM, growing to over 100K and 10K+ hospital gowns with requests that are rapidly increasing by the day. This effort has allowed us to bring our employees back to work and allowed many of our customers to survive this crisis by producing our designed solutions of PPE as well.” David Morse, CEO.

MultiCam’s Solutions team worked to simplify the design to one that can be made more efficiently. Ramped up production doesn’t mean the standards are lowered. MultiCam’s PPE has been designed to meet the desired standards of the medical teams with rigorous quality control and production supervision by local hospitals. Celero 5153c High Speed finishing system with cutting speeds of up to 6,000 inches per minute can produce a Multi-ShieldTM in 28 seconds. The Celero 7153c with cutting speeds of up to 7,800 inches per minute can cut two yards of fabric into patterns required per gown in 30 seconds. MultiCam’s aggressive ongoing effort is to get these lifesaving PPE into the hands of thousands of healthcare workers.

ABOUT MULTICAM INC.

Founded in 1989, MultiCam is proud to have served the global manufacturing industry for over 30 years, delivering high-quality Made-in-America products using American made steel, components, and people. MultiCam has delivered over 13,000 machines, each made to order and built to last. MultiCam supplies innovative CNC cutting solutions for a multitude of industries and applications ranging from sign making to digital finishing, and aerospace to automotive, sheet-metal to plate-steel processing, hardwoods to cabinet making, thermoform trimming to plastics fabrication. MultiCam provides support to their global customers using a network of sales, service and process application experts, including 60 locations worldwide with 20 Technology Centers across North America. MultiCam’s product portfolio includes CNC Router, Digital Cutter, Laser, Plasma, and Waterjet cutting machines.

Source: https://www.multicam.com/multicam-fights-covid/

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CVC Credit Partners completes financing to support buyout of WesCom Signal & Rescue

Deal marks the third occasion CVC Credit Partners have partnered with Sun European Partners

CVC Credit Partners is pleased to announce that its European Private Debt business has supported the buyout of WesCom Signal & Rescue (“WesCom”) by an affiliate of Sun European Partners. CVC Credit will provide a senior term loan as well as facilities to support WesCom’s expansion plans.

Founded in 1885, WesCom is the global leader in the design, manufacture and distribution of pyrotechnic rescue signalling devices. WesCom produces mission critical products which it sells through an extensive global network of over 1,000 ports across 70 countries.

Alex Wyndham at Sun European Partners, commented: “We are very pleased to have partnered with CVC Credit Partners again, we have worked with Neale and his team on multiple occasions before and their experience and knowledge have always added significant value, both prior to and throughout our periods of ownership.”

Neale Broadhead, Head of European Private Debt in CVC Credit Partners’ European Private Debt business, added: “WesCom is the clear leader in a stable market with embedded regulatory growth drivers and limited cyclicality. It provides high-quality and mission critical products to a loyal customer base and is run by an experienced management team. We have supported Sun European Partners in the past and look forward to working with them again as they look to accelerate growth at WesCom.”

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Gimv invests in AME, specialised producer of smart electronics for tomorrow’s products, located in Eindhoven Brainport

GIMV

02/03/2020 – 07:30 | Portfolio

Gimv acquires a majority share in Applied Micro Electronics (“AME”), a developer and manufacturer of innovative, high-quality and smart electronic modules for international OEM customers. With Gimv’s support, the current management team will continue to pursue its growth ambitions.

Since its foundation in 1996, AME (Eindhoven Brainport – NL, www.ame.nu) has continuously invested in R&D, and developed in-depth knowledge and expertise in three technology areas: power conversion, sensing & actuating and internet of things. Example applications include power conversion systems, motion controllers, safety systems and human machine interfaces for a variety of end-markets, including electric vehicles, home appliances and industrial automation. AME currently employs a staff of about 250 – including 80 engineers – and realizes a turnover of ca. EUR 40 million.

Both Gimv’s Smart Industries team and the current management team strongly believe in further growth potential of the business based on clear underlying market trends, such as further electrification of society, increasing automation and connectivity of devices. AME is well positioned to benefit from the market growth due to its vertically integrated business model, its in-depth expertise in specific technology areas and its strong track record of serving blue chip customers. Gimv will support management to realize their ambition to grow the business and further professionalize the organization.

Gerrit van der Beek, CEO of AME, says: “Gimv is the right partner for AME to make our growth ambitions come true. They fully underline and support our business strategy and philosophy. With Gimv we will be able to invest further in our technical capabilities and our industrial facilities. Expanding our activities globally to support our customers locally can now be put on our management agenda. I fully believe that the partnership with Gimv is a major step forward for AME and will enable us to enhance the support and service to our valued customers.”

Boris Wirtz, principal in the Gimv Smart Industries team, adds: “AME is right at the heart of our Smart Industries investment focus, as it combines knowledge intensive engineering and software competences with highly automated manufacturing facilities to develop and produce innovative products. We are highly impressed by the outstanding capabilities of the company, as confirmed by longstanding partnerships with international OEMs who trust AME to supply crucial parts of their products. We look forward to partner with management and build on AME’s strong existing position to further grow the business.”

This new investment will become part of Gimv’s Smart Industries platform, focusing on companies supplying B2B products and services, based on value creation through innovation and intelligent technology.

The transaction is subject to customary closing conditions, including the approval of the competition authorities. No further financial details on the transaction are being published.

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Advent International, Cinven and RAG-Stiftung to acquire thyssenkrupp’s Elevator Technology business

Cinven

International private equity firms Advent International (“Advent”) and Cinven together with the RAG-Stiftung (“the foundation”) (“the consortium”), today announced that they have signed definitive agreements with thyssenkrupp AG to acquire thyssenkrupp’s Elevator Technology business (“thyssenkrupp Elevator” or “the Group”).

As part of the transaction, thyssenkrupp AG will reinvest in thyssenkrupp Elevator and will acquire a substantial minority stake, underlining the attractive value creation potential of the business as well as a commitment to Germany and the Group’s employees.

thyssenkrupp Elevator is a leading international provider of elevator technology with operations in more than 1,000 locations worldwide. Headquartered in Germany, the Group generated revenues of €8.0bn in the financial year 2018/2019. thyssenkrupp Elevator provides innovative solutions to customers in more than 100 countries. Its product portfolio includes passenger and freight elevators, escalators and moving walkways, passenger boarding bridges, stair and platform lifts as well as a customised service business including maintenance of its entire product portfolio. The business operates a global sales and service network to ensure optimum proximity to its customers.

The consortium identified thyssenkrupp Elevator as an attractive investment opportunity given:

  • Its strong market position in the US, Europe and Asia;
  • The market growth opportunity supported by structural trends such as urbanisation and increased urban mobility with greater demands for access and convenience;
  • Significant buy and build and consolidation opportunities given the fragmented industry;
  • Planned investment in R&D, product and geography market expansion to drive both organic and inorganic growth; particularly in high growth markets such as Asia and for new energy-efficient product development;
  • Its plans to further expand the Group’s service business for its own and third-party elevators.

“Cinven is delighted to invest in and accelerate the growth of thyssenkrupp Elevator both organically and through further acquisitions. Further investment in product development, R&D and international expansion will enable us to grow the business sustainably over the long-term,” said Bruno Schick, Partner and Head of DACH and Emerging Europe at Cinven. “Alongside Advent and RAG-Stiftung, we look forward to partnering with management to shape the next phase of this outstanding business.”

“thyssenkrupp Elevator has established itself as an international market leader, with a strong and innovative product portfolio. We look forward to working alongside Cinven and RAG-Stiftung to leverage our collective expertise and capital resources and to build on this excellent platform for further growth, thereby creating a strong, independent industrial company”, said Ranjan Sen, Managing Partner and Head of Germany at Advent International.

“We value thyssenkrupp Elevator’s long heritage. The consortium is committed to maintaining its headquarters and its strong roots in Germany. This asset fits into the foundation´s portfolio extremely well because we expect it to provide stable returns,” said Bernd Tönjes, Chairman of the Executive Board at RAG-Stiftung. “For an innovative company with high quality standards like thyssenkrupp Elevator, its employees are the most important asset. We will operate at all times as responsible investors.”

Germany is a key market for Advent and Cinven, who have both had a presence in Frankfurt for more than 20 years and successfully invested in more than 39 companies in Germany. Having invested in 130 companies in the industrial and business services sectors, Advent and Cinven have considerable experience in these markets. In addition, the RAG-Stiftung has strong ties to the Rhine-Ruhr region and is committed to contributing to the sustainable transformation of the area. The foundation is a long-term focused investor responsible for financing the obligations of the German coal mining industry in the Ruhr and Saar regions and in Ibbenbüren.

The consortium has a shared investment philosophy of responsibly growing leading businesses and is committed to a long-term value creation plan for thyssenkrupp Elevator. The consortium is strongly committed to being a fair and responsible owner. The investors have extensive experience of working with German industrial companies that are co-determined, and attach great importance to collaborating with employee representative bodies. In addition, the consortium will continue to invest in the training and the ongoing education of employees, as well as the sustainable maintenance of the Group’s operations across all geographies.

The transaction is expected to close by the end of the third quarter of 2020, subject to customary closing conditions and regulatory approvals.

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Latour completes acquisition of S+S Regeltechnik

Latour logo

On October 22nd 2019, Investment AB Latour, through its wholly-owned subsidiary Bemsiq AB, signed an agreement to acquire S+S Regeltechnik GmbH, a company based in Nürnberg in Northern Bavaria, Germany. All closing conditions have now been fulfilled and the transaction has been completed as of January 22nd, 2020.

Göteborg, January 22, 2020

INVESTMENT AB LATOUR (PUBL)
Johan Hjertonsson, CEO

For further information, please contact:
Johan Hjertonsson, President and CEO Investment AB Latour +46 702 29 77 93
Björn Lenander, CEO Latour Industries AB, +46 708 19 47 36
Mikael J Albrektsson, CEO Bemsiq AB, +46 733 23 36 06

Investment AB Latour is a mixed investment company consisting primarily of a wholly-owned industrial operations and an investment portfolio of listing holdings in which Latour is the principal owner or one of the principal owners. The investment portfolio consists of nine substantial holdings with a market value of about SEK 68 billion. The wholly-owned industrial operations has an annual turnover of SEK 13 billion.

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