Tag Archives: Industrie

Bain Capital Private Equity and The Carlyle Group announce intention to launch voluntary public takeover offer for OSRAM

Carlyle

  • Highly attractive offer price of EUR 35.00 per share
  • Offer presents premium of 27.7 percent over the volume-weighted average stock exchange price in the last month prior to 3 July 2019, i.e. the day on which OSRAM published its ad-hoc announcement
  • Management and Supervisory Board of OSRAM fully support the Offer
  • Offer is result of an extensive due diligence process and intense negotiations
  • Offer subject to a minimum acceptance threshold of 70 percent of all OSRAM shares

Munich – Luz (C-BC) Bidco GmbH, a holding company jointly controlled by investment funds advised and/or affiliated with Bain Capital Private Equity (“Bain Capital”) and The Carlyle Group (“Carlyle”) (together the “Investors”), today announced its decision to launch a voluntary public takeover offer to all shareholders of OSRAM Licht AG (“OSRAM” or the “Company”) for the acquisition of all outstanding OSRAM shares (the “Offer”).

OSRAM is a global lighting technology group, offering a wide portfolio of lighting and photonics products deployed in automotive, industry, mobile and infrastructure end market applications. Until early 2018, the Company benefited from strong demand and enjoyed a particularly favourable environment due to supply constraints in the LED market. However, since then OSRAM has faced continued increasing strategic and operational challenges, in particular because the demand across lighting, automotive and consumer markets in general has deteriorated significantly. In addition, parts of OSRAM’s business activities are exposed to declining end markets. Against this background, OSRAM’s Management Board has initiated a far-fetching longer-term transformation plan in November 2018.

The Investors have the clear intent to work with the Management Board of OSRAM to continue and accelerate that complex and extensive transformation plan, including ongoing reorganization measures. Furthermore, they intend to significantly invest in technologies with growth potential, which will lay the foundation for future organic growth of OSRAM. Accomplishing these goals will require considerable time, effort and investments. In order to sustainably achieve this, and also in light of the complex and cyclic businesses of OSRAM, the Investors believe that only private ownership without pressure and control from the market will provide the Management Board of OSRAM with an environment to execute necessary changes in the best interest of the Company and all its stakeholders.

The Investors offer OSRAM shareholders a consideration of EUR 35.00 in cash per OSRAM share, which represents a highly attractive premium of 27.7 percent over the volume-weighted average stock exchange price in the last month prior to 3 July 2019, i.e. the day on which OSRAM published its ad-hoc announcement. The value of the proposed Offer represents a total equity value of approximately EUR 3.4 billion and a total enterprise value of approximately EUR 4.0 billion of OSRAM. This equates to a multiple of 12.5-13x based on current adjusted EBITDA consensus forecasts of EUR 314 million for OSRAM for 2019 whereas historically, the Company has been valued with an average NTM multiple of 6-7x. In addition, the Investors are of the view that the current share price does not fully reflect the continued deterioration in OSRAM’s financial performance and the uncertainty about the Company’s overall future since 2018. Quite to the contrary, the Investors believe that the current share price was backed due to market speculation about a possible takeover and its significant media coverage since 2018. Based on their intense work and due diligence, the Investors are therefore convinced that the offer price of EUR 35.00 is a unique opportunity for OSRAM shareholders to realise a maximum immediate and certain value uplift for their OSRAM shares independent of the challenging outlook for the Company.

Completion of the Offer will be subject to a minimum acceptance threshold of 70 percent of all OSRAM shares and further customary conditions, including merger control and foreign investment control approvals.

Management and Supervisory Board of OSRAM fully support the Offer

The terms and conditions of the Offer are the results of an extensive due diligence process and intense negotiations and have become contractual in an investment agreement between Bain Capital, Carlyle and OSRAM. The investment agreement also details certain commitments by Bain Capital and Carlyle with regard to operations, material assets and employees of the Company, including existing works and collective bargaining agreements. The Investors intend to continue the constructive dialogue with OSRAM’s employees which forms an integral part of the Company’s culture. At the same time, the investment agreement also takes into account that the Company is operating in a highly challenging, volatile market environment which requires continued flexibility.

The Management and Supervisory Board of OSRAM fully support the Offer and believe that the transaction is in the best interest of the Company, its shareholders, employees, and other stakeholders. Subject to a careful review of the Offer document and their fiduciary duties, they intend to recommend OSRAM shareholders to accept the Offer in their reasoned statement.

Dr. Michael Siefke, a Managing Director at Bain Capital Private Equity, said: “During the past 100 years OSRAM has firmly established itself as a leading lighting company, but it currently faces enormous operational and strategic challenges. It is in the midst of a complex and profound transformation and has to deal with significant economic headwinds. We believe Bain Capital and Carlyle are ideally positioned to support OSRAM in overcoming these challenges and to achieve sustainable business success, thus creating value for all stakeholders. The Company will benefit from our combined global network, deep industry knowledge and the comprehensive support we will bring to bear.”

Gregor Boehm, a Managing Director at The Carlyle Group, added: “Bain Capital and Carlyle believe in the long-term potential of OSRAM. We are prepared to support the Company over the long period of time it will take to master the comprehensive challenges it is facing. At this critical juncture in OSRAM’s strategic development, we are uniquely positioned as the right partners to assure a sustainably successful future for the Company and its stakeholders. Private ownership by Bain Capital and Carlyle will give OSRAM and its management the opportunity to focus on its transformation and strategy execution without distraction and ongoing pressures from the equity capital markets.”

For more than 30 years, each of Bain Capital and Carlyle have built strong track records of consistent value creation at their portfolio companies by focusing on growth and partnering with management. Both investment firms can also leverage and combine their extensive individual experiences across the industrial technology, semi-conductor and automotive sectors, having supported companies such as Sensata, NXP, Toshiba Memory, AZ Electronic Materials, Freescale Semiconductor, Axalta and Allison Transmission in accelerating growth and strengthening their market positions.

Further information about the Offer

Credit Suisse, Goldman Sachs, J.P. Morgan and Macquarie Group are lead financial advisors, and Kirkland & Ellis is legal advisor to Bain Capital and Carlyle.

The Offer itself as well as its terms and conditions and further provisions concerning the Offer will be set out in the offer document in detail after the German Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht) has approved its publication. The offer document and all other information about the Offer will be published on the following website:

www.luz-angebot.de

www.luz-offer.com

 

Media contacts:

FTI Consulting

Hans G. Nagl

T     +49 (0) 89 20 300 6465

M   +49 (0) 170 639 539 1

E     hans.nagl@fticonsulting.com

 

Oliver Müller

T     +49 (0) 30 288 744 225

M   +49 (0) 170 360 53 60

E     oliver.mueller@fticonsulting.com

 

Louisa Feltes

T     +44 (0) 20 3727 1166

M   +44 (0) 7795 396 835

E    louisa.feltes@fticonsulting.com

 

For Bain Capital

Hazel Stevenson

T     +44 (0) 20 375 74 989

M   +44 (0) 798 600 97 20

E     hazel.stevenson@camarco.co.uk

 

Ed Gascoigne-Pees

T     +44 (0) 20 375 74 984

M   +44 (0) 788 400 19 49

E     ed.gascoigne-pees@camarco.co.uk

 

For The Carlyle Group

Catherine Armstrong

T     +44 (0) 20 7894 1632

M   +44 (0) 788 000 6200

E     catherine.armstrong@carlyle.com

 

Rory Macmillan

T     +44 (0) 20 7894 1630

M   +44 (0) 7557 743679

E     roderick.macmillan@carlyle.com

 

Katharina Gebsattel

M   +49 (0) 172 718 6857

E    katharina.gebsattel@vub.de

 

About Bain Capital Private Equity

Since 1984, Bain Capital has a long-standing track record of supporting its portfolio companies in growing organically and through buy-and-build strategies. Bain Capital has made primary and add-on investments in approximately 875 companies to date. In addition to private equity and its key vertical industries, Bain Capital invests across asset classes including credit, public equity, venture capital and real estate. Bain Capital’s global team currently consists of more than 240 private equity investment professionals in 18 offices all over the world, managing approximately USD 105 billion in total and leveraging the firm’s shared platform to capture opportunities in strategic areas of focus.

For more information, visit www.baincapitalprivateequity.com

 

About The Carlyle Group

The Carlyle Group (NASDAQ: CG) is a global investment firm with deep industry expertise that deploys private capital across four business segments: Corporate Private Equity, Real Assets, Global Credit and Investment Solutions. With USD 222 billion of assets under management as of 31 March 2019, Carlyle’s purpose is to invest wisely and create value on behalf of our investors, portfolio companies and the communities in which we live and invest. The Carlyle Group employs more than 1,725 people in 33 offices across six continents.

Web: www.carlyle.com

Videos: https://www.youtube.com/user/OneCarlyle

Tweets: http://www.twitter.com/onecarlyle

Podcasts: http://www.carlyle.com/about-carlyle/market-commentary

 

Important Notice

This announcement is neither an offer to purchase nor a solicitation of an offer to sell shares in OSRAM. The Offer itself as well as its terms and conditions and further provisions concerning the Offer will be set out in the offer document. Investors and shareholders of OSRAM are strongly advised to thoroughly read the offer document and all other relevant documents regarding the Offer. The Offer will exclusively be subject to the laws of the Federal Republic of Germany and certain applicable provisions of securities law of the United States of America. Any contract that is concluded based on the Offer will be exclusively governed by the laws of the Federal Republic of Germany and is to be interpreted in accordance with such laws.

Categories: News

Tags:

Bain Capital Private Equity and The Carlyle Group announce intention to launch voluntary public takeover offer for OSRAM

BainCapital

MUNICH, July 4, 2019 – Luz (C-BC) Bidco GmbH, a holding company jointly controlled by investment funds advised and/or affiliated with Bain Capital Private Equity (“Bain Capital”) and The Carlyle Group (“Carlyle”) (together the “Investors”), today announced its decision to launch a voluntary public takeover offer to all shareholders of OSRAM Licht AG (“OSRAM” or the “Company”) for the acquisition of all outstanding OSRAM shares (the “Offer”).

OSRAM is a global lighting technology group, offering a wide portfolio of lighting and photonics products deployed in automotive, industry, mobile and infrastructure end market applications. Until early 2018, the Company benefited from strong demand and enjoyed a particularly favourable environment due to supply constraints in the LED market. However, since then OSRAM has faced continued increasing strategic and operational challenges, in particular because the demand across lighting, automotive and consumer markets in general has deteriorated significantly. In addition, parts of OSRAM’s business activities are exposed to declining end markets. Against this background, OSRAM’s Management Board has initiated a far-fetching longer-term transformation plan in November 2018.

The Investors have the clear intent to work with the Management Board of OSRAM to continue and accelerate that complex and extensive transformation plan, including ongoing reorganization measures. Furthermore, they intend to significantly invest in technologies with growth potential, which will lay the foundation for future organic growth of OSRAM. Accomplishing these goals will require considerable time, effort and investments. In order to sustainably achieve this, and also in light of the complex and cyclic businesses of OSRAM, the Investors believe that only private ownership without pressure and control from the market will provide the Management Board of OSRAM with an environment to execute necessary changes in the best interest of the Company and all its stakeholders.

The Investors offer OSRAM shareholders a consideration of EUR 35.00 in cash per OSRAM share, which represents a highly attractive premium of 27.7 percent over the volume-weighted average stock exchange price in the last month prior to 3 July 2019, i.e. the day on which OSRAM published its ad-hoc announcement. The value of the proposed Offer represents a total equity value of approximately EUR 3.4 billion and a total enterprise value of approximately EUR 4.0 billion of OSRAM. This equates to a multiple of 12.5-13x based on current adjusted EBITDA consensus forecasts of EUR 314 million for OSRAM for 2019 whereas historically, the Company has been valued with an average NTM multiple of 6-7x. In addition, the Investors are of the view that the current share price does not fully reflect the continued deterioration in OSRAM’s financial performance and the uncertainty about the Company’s overall future since 2018. Quite to the contrary, the Investors believe that the current share price was backed due to market speculation about a possible takeover and its significant media coverage since 2018. Based on their intense work and due diligence, the Investors are therefore convinced that the offer price of EUR 35.00 is a unique opportunity for OSRAM shareholders to realise a maximum immediate and certain value uplift for their OSRAM shares independent of the challenging outlook for the Company.

Completion of the Offer will be subject to a minimum acceptance threshold of 70 percent of all OSRAM shares and further customary conditions, including merger control and foreign investment control approvals.

Management and Supervisory Board of OSRAM fully support the Offer

The terms and conditions of the Offer are the results of an extensive due diligence process and intense negotiations and have become contractual in an investment agreement between Bain Capital, Carlyle and OSRAM. The investment agreement also details certain commitments by Bain Capital and Carlyle with regard to operations, material assets and employees of the Company, including existing works and collective bargaining agreements. The Investors intend to continue the constructive dialogue with OSRAM’s employees which forms an integral part of the Company’s culture. At the same time, the investment agreement also takes into account that the Company is operating in a highly challenging, volatile market environment which requires continued flexibility.

The Management and Supervisory Board of OSRAM fully support the Offer and believe that the transaction is in the best interest of the Company, its shareholders, employees, and other stakeholders. Subject to a careful review of the Offer document and their fiduciary duties, they intend to recommend OSRAM shareholders to accept the Offer in their reasoned statement.

Dr. Michael Siefke, a Managing Director at Bain Capital Private Equity, said: “During the past 100 years OSRAM has firmly established itself as a leading lighting company, but it currently faces enormous operational and strategic challenges. It is in the midst of a complex and profound transformation and has to deal with significant economic headwinds. We believe Bain Capital and Carlyle are ideally positioned to support OSRAM in overcoming these challenges and to achieve sustainable business success, thus creating value for all stakeholders. The Company will benefit from our combined global network, deep industry knowledge and the comprehensive support we will bring to bear.”

Gregor Boehm, a Managing Director at The Carlyle Group, added: “Bain Capital and Carlyle believe in the long-term potential of OSRAM. We are prepared to support the Company over the long period of time it will take to master the comprehensive challenges it is facing. At this critical juncture in OSRAM’s strategic development, we are uniquely positioned as the right partners to assure a sustainably successful future for the Company and its stakeholders. Private ownership by Bain Capital and Carlyle will give OSRAM and its management the opportunity to focus on its transformation and strategy execution without distraction and ongoing pressures from the equity capital markets.”

For more than 30 years, each of Bain Capital and Carlyle have built strong track records of consistent value creation at their portfolio companies by focusing on growth and partnering with management. Both investment firms can also leverage and combine their extensive individual experiences across the industrial technology, semi-conductor and automotive sectors, having supported companies such as Sensata, NXP, Toshiba Memory, AZ Electronic Materials, Freescale Semiconductor, Axalta and Allison Transmission in accelerating growth and strengthening their market positions.

Further information about the Offer

Credit Suisse, Goldman Sachs, J.P. Morgan and Macquarie Group are lead financial advisors, and Kirkland & Ellis is legal advisor to Bain Capital and Carlyle.

The Offer itself as well as its terms and conditions and further provisions concerning the Offer will be set out in the offer document in detail after the German Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht) has approved its publication. The offer document and all other information about the Offer will be published on the following website:

www.luz-angebot.de
www.luz-offer.com

 

About Bain Capital Private Equity
Since 1984, Bain Capital has a long-standing track record of supporting its portfolio companies in growing organically and through buy-and-build strategies. Bain Capital has made primary and add-on investments in approximately 875 companies to date. In addition to private equity and its key vertical industries, Bain Capital invests across asset classes including credit, public equity, venture capital and real estate. Bain Capital’s global team currently consists of more than 240 private equity investment professionals in 18 offices all over the world, managing approximately USD 105 billion in total and leveraging the firm’s shared platform to capture opportunities in strategic areas of focus.
For more information, visit www.baincapitalprivateequity.com

About The Carlyle Group
The Carlyle Group (NASDAQ: CG) is a global investment firm with deep industry expertise that deploys private capital across four business segments: Corporate Private Equity, Real Assets, Global Credit and Investment Solutions. With USD 222 billion of assets under management as of 31 March 2019, Carlyle’s purpose is to invest wisely and create value on behalf of our investors, portfolio companies and the communities in which we live and invest. The Carlyle Group employs more than 1,725 people in 33 offices across six continents.
Web: www.carlyle.com 
Videos: https://www.youtube.com/user/OneCarlyle 
Tweets: http://www.twitter.com/onecarlyle
Podcasts: http://www.carlyle.com/about-carlyle/market-commentary

Important Notice
This announcement is neither an offer to purchase nor a solicitation of an offer to sell shares in OSRAM. The Offer itself as well as its terms and conditions and further provisions concerning the Offer will be set out in the offer document. Investors and shareholders of OSRAM are strongly advised to thoroughly read the offer document and all other relevant documents regarding the Offer. The Offer will exclusively be subject to the laws of the Federal Republic of Germany and certain applicable provisions of securities law of the United States of America. Any contract that is concluded based on the Offer will be exclusively governed by the laws of the Federal Republic of Germany and is to be interpreted in accordance with such laws.

Categories: News

Tags:

AURELIUS sells Solidus Solutions for EUR 330 million

Aurelius Capital

  • Largest exit in AURELIUS’ history
  • Purchase price EUR 330 million (enterprise value), multiple on money invested of approx. 16x
  • Approx. EUR 102 million positive effect on AURELIUS 2019 Group Earnings
  • Successful transformation of Solidus Solutions into a global market leader in sustainable fibre-based packaging solutions
  • Substantial growth under AURELIUS ownership through organic growth and strategic add-on acquisitions
  • Underlying EBITDA growth from EUR 12.5 million on acquisition more than quadrupled in AURELIUS’ 4 years ownership
  • Buyer, Centerbridge Partners L.P. sees significant opportunity for further growth
  • Further exits expected for the upcoming months

Munich, June 28, 2019 – AURELIUS Equity Opportunities SE & Co. KGaA (ISIN: DE000A0JK2A8) has agreed to sell its subsidiary Solidus Solutions (“Solidus” or “the company”) to funds advised by Centerbridge Partners L.P. for an enterprise value of approx. EUR 330 million. Solidus is the leading European producer of sustainable fibre-based packaging solutions for food, beverage & horticulture, consumer goods and industrial applications. The deal represents AURELIUS’ largest exit to date achieving a money multiple of approx. 16x over the 4 years of AURELIUS ownership. The transaction is subject to the approval of the competent antitrust authorities and consultation with the central works council of Solidus Solutions in the Netherlands which is expected to happen in Q3 2019. Its exit from Solidus will increase AURELIUS’ 2019 earnings by approx. EUR 102 million.

The investor of choice for non-core assets

AURELIUS acquired Solidus in 2015 as a carve out from listed Smurfit Kappa Group, which was looking to divest of its solidboard and graphicboard production mills, converters and sales offices across the Netherlands, Belgium and the UK. Whilst modestly profitable, the company was no longer core to  Smurfit Kappa Group’s strategy. Solidus required immediate focus and investment to put the business onto a standalone basis and improve its performance.

With significant experience in the complex process of carving-out non-core divisions from multinational organisations, AURELIUS was the investor of choice. We were able to conduct the transaction quickly, taking over the business from its previous owner, rebranding it as Solidus Solutions and establishing the company as a standalone platform.

Successful transformation positioning Solidus for growth

After the acquisition, AURELIUS undertook immediate action to reposition Solidus business for growth. This included implanting operational experts into the business to implement the installation of new IT infrastructure and to establish new financial and legal internal structures. After this initial phase, AURELIUS commenced a comprehensive investment programme of EUR 60 million in total, which involved a restructuring to integrate the production mills and converting sites and establish shared services, a redesign of Solidus’ organisational structures and processes, and a reduction of costs across the business to improve its price competitiveness. AURELIUS also supplemented the existing management team with new professionals with considerable leadership experience. This hands-on transformation programme created a solid foundation for Solidus ahead of the next stage of its development.

Transformation through strategic acquisitions

The next phase in AURELIUS’ transformation of Solidus involved the significant expansion of its geographic footprint and operational efficiency through three strategic and highly synergistic acquisitions. In a 2-year period and with AURELIUS’ task force support, Solidus acquired and integrated Fibor Packaging in 2016, Abelan South in 2017 and Northern Paper Board in 2018, extending the company’s operations into France, Germany, Spain and UK, enhancing its sales by EUR 135 million and enabling it to become a truly Pan-European operator. These acquisitions facilitated significant operational synergies across the business, including supply chain optimisation, capacity utilisation and customer cross-selling.

Operational efficiencies and profit improvements

These synergies were further bolstered by a world class maintenance programme, which involved significant organic investment by AURELIUS into over 60 projects. These included upgrades and improvements to existing machinery and processes, targeted maintenance work to ensure efficiency of all machinery, the implementation of enhanced energy efficiency measures, a reduction in the costs of materials procurement, investment in automation and state-of-the-art machinery, new product innovation, and a review of the company’s operational and commercial activities.

Strong market potential

There is a strong and growing market opportunity for Solidus, as its recycled, fibre-based products have become a compelling alternative to plastic packaging and polystyrene products and the market for its luxury packaging continues to grow strongly. AURELIUS has supported Solidus in leveraging this opportunity to drive organic top-line growth through the development and implementation of a carefully targeted sales strategy, enabling Solidus to penetrate new markets including fruit and vegetables in France, Fish in the Nordic region and Horticulture in Germany.

This has resulted in the company achieving market-leading profit margins and growing adjusted EBITDA performance, which more than quadrupled from EUR 12.5 million on acquisition.

Market-leading Solidus well-positioned for continued growth

Today, Solidus is the leading fibre-based sustainable packaging producer in Europe. It operates from 15 locations across seven countries: the Netherlands, Belgium, France, Germany, Spain, Portugal and the UK, using state-of-the-art manufacturing capabilities to produce and convert a diverse range of solidboard, graphicboard and coreboard products, which it sells to customers across 70 countries, worldwide.

Solidus’ experienced management team, highly stable and long-standing customer base and new backing from Centerbridge Partners, provide the company with a strong foundation for future growth. In addition, the company has a strong pipeline of further strategic acquisition opportunities.

Dr. Dirk Markus, Group-CEO and Chairman of the Executive Board of AURELIUS, said: “This sale is the largest and most successful exit for AURELIUS to date, reflecting the significant effort placed into the business over the last four years. I would like to congratulate Solidus’ management under the superb leadership of Richard Houben and the members of the AURELIUS task force that we placed into the business, all of whom did an outstanding job.”

“Since our acquisition of Solidus, the AURELIUS task force team has provided hands on operational and M&A support to the company, transforming it from an unloved orphan business into an independent, pan-European operation and true market leader in its field, with significant growth potential. The success of this investment demonstrates the strength of AURELIUS’ niche expertise and capabilities in carving out peripheral, non-core assets from corporations and transforming them into successful and sustainable standalone businesses. With our portfolio maturing, we do expect further exits for the upcoming months.”

On this transaction, AURELIUS was advised by Rothschild & Co (M&A), Deloitte (Transaction Services), Jones Day (Legal), Ernst & Young (Tax) and Ramboll (Environmental).

Categories: News

Tags:

Bure acquires 24.4% of ScandiNova Systems AB

Bure

Bure has entered into agreements with the intention of acquiring 24.4% of the shares in ScandiNova Systems AB (“ScandiNova”) by way of rights issue and acquisition of shares from Industrifonden and SEB Venture Capital. Bure will also offer to acquire shares from other existing shareholders which could increase Bure’s ownership. The transaction is conditional upon approval of the rights issue at ScandiNova’s EGM.

ScandiNova is a world leader in the development and production of Pulsed Power Systems with high power levels (also known as modulators). The company’s products are among others used for linear accelerators in radiotherapy (cancer treatment), science applications and in industrial applications such as cargo scanning. ScandiNovas headquarter and production is in Uppsala and the company has circa 70 employees. The company exports to over 40 countries mainly in Europe, North America and Asia.

”We have followed ScandiNova for a long time and see opportunity in being part of taking the company to the next level. ScandiNova has developed a world leading technology for pulsed modulators which they have successfully commercialized for medical and industrial applications. ScandiNova has a unique position towards customers in radiotherapy for cancer treatment which is a very exciting market” says Henrik Blomquist, CEO of Bure.

“We welcome Bure as an owner in ScandiNova and are looking forward to a long-term cooperation in our continued growth journey. Bure has shown that they are good owners of technologically intensive companies and their experience will contribute to a good development of the company” says Fredrik Mella, CEO of ScandiNova.

The holding in ScandiNova will be reported in Bure Growth, which is a wholly-owned subsidiary of Bure that invests in growth companies.

In connection with the transaction Bure will be represented on the board of ScandiNova.

Bure Equity AB (publ)

Contact at Bure:

Henrik Blomquist, CEO
Tel. +46 (0)8 614 00 20

This information is information that Bure Equity AB (Publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above, at 14.30 CET on 11th June 2019.

Categories: News

Tags:

Nordstjernan divests its holding in Salcomp

Nordstjernan

Nordstjernan has entered an agreement to divest its holding in Salcomp, a world-leading manufacturer of chargers for mobile phones and other electronic products for the smart and connected world, to Lingyi iTech. Lingyi is a listed Chinese component manufacturer with sales of more than USD 3 billion in 2018.

Salcomp, founded in 1975, reported sales of EUR 531 million in 2018. Its customers comprise all major manufacturers of mobile phones and the company has production facilities in China, India and Brazil. Nordstjernan has been owner of Salcomp since 2007 and currently owns 55 percent of the capital and votes. The transaction is being conducted jointly with the Sixth Swedish National Pension Fund (AP6), which has owned 45 percent of the capital and votes in Salcomp.

The transaction is subject to the approval of the regulatory authorities in China and Taiwan.

“Nordstjernan has been a long-term owner of Salcomp, a world-leading company in a highly competitive global market. We have now found what we consider to be the right industrial home for Salcomp. The merger will provide the company with greater possibilities to offer its customers a broader product portfolio. I would also like to take this opportunity to extend my sincere thanks to the management and all the employees at Salcomp for our time together,” says Peter Hofvenstam, President and CEO of Nordstjernan.

Peter Hofvenstam
President and CEO
Nordstjernan AB

Questions will be answered by:

Peter Hofvenstam, CEO Nordstjernan
E-mail: peter.hofvenstam@nordstjernan.se

Stefan Stern, Head of Communications Nordstjernan
Telephone: +46 70 636 74 17
E-mail: stefan.stern@nordstjernan.se

Nordstjernan is a family-controlled investment company whose business concept is to be an active owner that creates long-term and positive value growth. More information about Nordstjernan can be found on www.nordstjernan.se.

Categories: News

Tags:

TowerBrook announces the sale of Metallo Group

No Comments

TowerBrook Capital Partners today announces that it has signed an agreement with Aurubis AG, Hamburg, for the disposal of Metallo Holdings 3 B.V., (“Metallo”), the Belgian-Spanish non-ferrous metals recycling Group.

Metallo is a recycling and refining company with around 530 employees at its main sites in Belgium and Spain. In the fiscal year 2018, Metallo generated revenues of approximately EUR 985 million. With the transaction, Aurubis continues to actively pursue its multi-metal and recycling strategy.

The closing of the transaction is subject to clearance by the responsible merger control authorities and is expected to take place towards the end of the year. The Supervisory Board of Aurubis AG has already approved the transaction.

Categories: News

Tags:

Platinum Equity to Sell Artesyn’s Embedded Power Business to Advanced Energy

No Comments

Platinum

Partial Divestiture Separates Artesyn’s Embedded Power, Embedded Computing and Consumer Products Businesses

LOS ANGELES (May 15, 2019) – Platinum Equity announced today the signing of a definitive agreement to sell the Embedded Power business of portfolio company Artesyn Embedded Technologies, Inc., to Advanced Energy Industries, Inc. (Nasdaq: AEIS), in a transaction valued at approximately $400 million. The transaction is expected to close during the second half of 2019, subject to regulatory approval and other customary closing conditions.

Artesyn Embedded Technologies has been a portfolio company of Platinum Equity since 2013.

Artesyn’s Embedded Power business is a leading global supplier and manufacturer of highly engineered power conversion products, including AC-DC power supplies, DC input devices and board mounted DC-DC modules.

“The Embedded Power business and Advanced Energy are a great strategic fit with complementary strengths,” said Platinum Equity Partner Jacob Kotzubei. “We are pleased to have found a combination that makes great sense for both companies and their customers.”

“The Embedded Power business and Advanced Energy are a great strategic fit with complementary strengths,” said Platinum Equity Partner Jacob Kotzubei. “We are pleased to have found a combination that makes great sense for both companies and their customers.”The transaction announced today only involves Artesyn’s Embedded Power business, which includes the Artesyn and Astec brands. Artesyn’s Embedded Computing and Consumer products businesses are not part of the sale and remain part of Platinum Equity’s portfolio.

Mr. Kotzubei said separating the three businesses makes the most long-term sense.

“Artesyn serves three very different markets, each with its own customer base and unique dynamics,” explained Mr. Kotzubei. “Separating them into standalone operations opens up more opportunities with greater potential.”

Artesyn’s Embedded Power business is one of the world’s largest providers of highly engineered, application-specific power supplies for demanding applications. As a trusted technology partner to original equipment manufacturers, it serves multiple attractive growth markets, including hyperscale data centers, telecom infrastructure in next generation 5G networks, embedded industrial power applications and medical power for diagnostic and treatment applications.

JP Morgan is serving as primary financial advisor to Artesyn on the sale of the Embedded Power business. Morgan Stanley is also providing financial advisory services to the company. Morgan, Lewis & Bockius LLP and Baker & McKenzie LLP are serving as Artesyn’s legal counsel on the transaction.

About Platinum Equity
Founded in 1995 by Tom Gores, Platinum Equity is a global investment firm with approximately $13 billion of assets under management and a portfolio of approximately 40 operating companies that serve customers around the world. The firm is currently investing from Platinum Equity Capital Partners IV, a $6.5 billion global buyout fund, and Platinum Equity Small Cap Fund, a $1.5 billion buyout fund focused on investment opportunities in the lower middle market. Platinum Equity specializes in mergers, acquisitions and operations – a trademarked strategy it calls M&A&O® – acquiring and operating companies in a broad range of business markets, including manufacturing, distribution, transportation and logistics, equipment rental, metals services, media and entertainment, technology, telecommunications and other industries. Over the past 23 years Platinum Equity has completed more than 250 acquisitions.

Investor Relations
and Media Contacts:

Mark Barnhill
Partner
+1 310.228.9514 E-mail Mark

Dan Whelan
Principal
+1 310.282.9202

Categories: News

Tags:

SPHEREA continues its growth trajectory with a consortium comprising Andera Partners and Omnes

Omnes Capital

Paris and Toulouse, 15 May 2019 – A consortium, comprising Andera Partners, via its fund WINCH Capital 4, and Omnes, via its fund Omnes Croissance 4, is taking a majority shareholding in the group SPHEREA, alongside management and its existing financial shareholders (ACE Management via Aerofund III and IRDI-SORIDEC Gestion, via SCR fund IRDI).

Since its exit and its capitalistic independence from the Airbus group, SPHEREA, created in 1965, continues its growth trajectory with the ambition of becoming first European, and then world leader in technological test solutions that enable the availability and security of critical systems for civil or military clients.

SPHEREA offers modular technology solutions for the entire lifecycle of electronic systems. A recognized market integrator, which has developed a wide range of products dedicated to electronic tests, such as the ATEC Series automatic test benches used in maintaining most Airbus and Boeing aircraft, the group relies on the synergy of its professional expertise in the fields of electronics, microwave, optronics, and power electronics. Since its exit in 2014 from the Airbus group, SPHEREA has diversified into energy and rail sectors.

The Group’s development dynamic is supported by an excess of 600 loyal customers worldwide, major players in aerospace and defence (Airbus, Dassault, Honeywell, Lufthansa Technik, DGA, Nahema, Thales, Comac), energy (EDF, Schneider Electric, RTE), or railways (SNCF, Alstom).

SPHEREA generated around €130 million in turnover in 2018, half of which came from exports (50 countries), and employs over 600 staff in France, Germany, the UK., the US and in Asia.

The aim of this deal is to allow SPHEREA to take a new step in its development based in particular on the following strategic areas:

Broadening its technological offer: in particular, developing predictive maintenance solutions, anticipating diagnostics, decision support, portable soil testing, on-board maintenance, and simulation;
Strengthening its positioning in new markets (energy and rail), drawing on its previous expertise in aeronautics;
Accelerating its international development (particularly in Asia and the US) and intensifying its policy of strategic acquisitions in France and Europe.

 

Christian Dabasse, CEO and Chairman of SPHEREA: “Our raison d’être is to ensure the reliability and security of our customers’ critical systems, we intervene where human life is at stake. Research and innovation are essential axes in a changing world in paradigm shift. Our new financial partners will enable us to expand our offering through increased R&D that responds to these challenges, as well as an ambitious external growth policy, both in France and abroad, on related trades or on new technologies in line with our mission. I especially thank Thierry Letailleur who, in 2014, as CEO of ACE Management and CEO of IRDI, was kind enough to support me in the creation of SPHEREA, and today allows us to enter a new phase of development.”

Antoine Le Bourgeois and Pierre-Yves Poirier, Partners at Andera Partners: “Management convinced us of the solidity of the Group’s historic businesses and the potential for new technological developments in the years to come. In addition, SPHEREA Group is fully committed to the investment strategy of our WINCH Capital 4 fund, which aims to support the change in scale of leading players in their market.”

Stéphane Roussilhe, Partner at Omnes: “We are delighted to support the management team in developing SPHEREA’s core business but also by helping external growth in France and internationally. This investment thesis perfectly reflects the strategy of our Omnes Croissance 4 fund.”

Thierry Letailleur, CEO, and Delphine Dinard, Partner, at ACE Management: “We are delighted to participate in this deal led by Andera and Omnes which allows us to continue supporting the group SPHEREA, which began 5 years ago. We are very proud of the journey made by Christian Dabasse and all his teams. This transaction also illustrates the ability of ACE Management to support strategic industrial companies across all phases of their development, such as the reinvestments recently made within the groups Duqueine, Nexteam, Rafaut and Socomore.”

Marc Bres-Pintat, Investment Director at IRDI-SORIDEC Gestion: “After backing Christian Dabasse and his teams during the successful spin-off from the Airbus group, IRDI-SORIDEC Gestion wanted to join this new capital-intensive operation aimed at providing SPHEREA with the means to pursue its growth strategy.”

Categories: News

Tags:

Anders Invest acquires VIOS Houttechniek

Anders Invest

On May 15th, Anders Invest acquired VIOS Houttechniek with branches in Driebruggen, Hoorn and Doetinchem. VIOS, founded in 1914 and now number 1 in the Netherlands in the production and sale of wooden staircases, has a turnover of € 25-30 million and employs more than 150 people. For Anders Invest, it is the 15th company in its industry portfolio.

VIOS is the market leader in the Netherlands in the field of engineering, production and assembly of serial custom-made staircases for residential construction. The company has most large, medium and small Dutch construction companies as customers. VIOS is increasingly involved in the construction process so that the right staircase is installed at the right time and the completion of the home can proceed in a timely manner. On the sales side, VIOS is also integrated with contractors and developers with online tools with which home owners can configure their stairs. In addition to serial-produced staircases, VIOS makes exclusive, tailor-made staircases including carpentry, stair gates and stair railings.

Stairrailing factory Fremeyer in Hoorn is also part of the transaction. VIOS has a third location in Doetinchem with a showroom where various luxury staircases can be seen. VIOS increasingly inspires its customers and end users in the application of higher quality staircases, finishes and various options. VIOS has a modern and automated machine park at its factory in Driebruggen, which means that a staircase is processed very efficiently from drawing to end product.

The shares were taken over from directors Hans Diekema and Jaap Mullié, both of whom had owned VIOS since 2003. Anders Invest is doing the acquisition together with incoming director Dirk Bergman, who is acquiring a minority interest. Dirk has extensive experience in management positions at wood and building materials companies. In his most recent role, Dirk was active as CEO of Deli Home.

In the past 10 years, VIOS has acquired a leading position in the market through organic growth and through various takeovers of smaller staircase factories. Due to the increasing demands on building processes, solid prospects for the number of new homes to be delivered and the consumer who expects more customization, the company sees sufficient opportunities for further growth. VIOS is characterized by a pleasant organizational culture with loyal employees with attention to quality and craftsmanship. Anders Invest and Dirk Bergman look forward to adding a successful new period to the company’s history with them.

Categories: News

Tags:

The Stephens Group Acquires Sound Seal Holdings, Inc.

Stephens Group

The Stephens Group, LLC announced today that it finalized its acquisition of Sound Seal Holdings, Inc. (“Sound Seal” or the “Company”). Terms of the transaction were not disclosed.

Based in Agawam, Massachusetts, Sound Seal is a leading manufacturer of acoustical noise control solutions, offering the widest product selection in the industry with innovative solutions and outstanding customer service. Sound Seal’s highly engineered products include soundproof doors and windows, noise curtains and barriers, fabric wrapped wall panels, enclosures, specialized floor underlayments and the award winning line of WoodTrends wall and ceiling panels. IAC Acoustics, a division of Sound Seal, is the leading developer and manufacturer of metal HVAC silencers, acoustic louvers, metal soundproof enclosures and highly engineered sound control doors and windows. Sound Seal works in a highly collaborative manner with acoustical consultants, architects, designers, industrial contractors, and building owners to address a wide range of noise control applications across industrial, architectural, medical, retail, entertainment and other end markets.

“We are very excited to add Sound Seal to our portfolio of world class companies,” said Clay Hunter, managing director at The Stephens Group. “Sound Seal is a leader in their industry with a strong and experienced management team in place. There are a number of long-term, systemic forces driving adoption of noise control products in almost every industry, and Sound Seal’s highly engineered products, scale, solutions-oriented reputation and its customer-centric culture uniquely position the company for success in this rapidly growing industry. We are excited to be partnering with Joe and his team to accelerate their growth strategy and look forward to building an enduring relationship with the Sound Seal employees and their customers.”

“The team at Sound Seal could not be more excited to move forward with The Stephens Group,” said Joe Lupone, Sound Seal’s chief executive officer. “The Stephens Group provides Sound Seal with much more than just capital. Their value-added approach to enabling organic and acquisitive growth will help us achieve our strategic vision and build long-term value without the timeline constraints of a traditional private equity investor.”

ABOUT THE STEPHENS GROUP, LLC

The Stephens Group is a private investment firm that partners with talented management teams to help build valuable businesses. Our team has a long history of providing sophisticated, strategic expertise and taking a partnership approach to help companies successfully achieve their strategic visions and build long-term value. With over $1 billion invested since 2006, The Stephens Group targets investments in industries across the U.S., including industrial and commercial products and services, specialty distribution, B2B food and consumer products, and technology infrastructure and tech-enabled services, as well as select opportunistic situations.

For more information, visit www.stephensgroup.com

CONTACT:
Ronald M. Clark
General Counsel
The Stephens Group, LLC
info@stephensgroup.com
501.377.2356

Categories: News

Tags: