Clayton Dubilier & Rice to buy Mauser for €1.2bn

DIC acquired Mauser in a secondary buyout from One Equity Partners in 2007, in a transaction that valued the firm at €850m. 

In 2009, DIC injected an additional €25m into the company in an attempt to address the covenant breach that had taken place earlier that year, according to unquote" data.

Last year, Mauser extended the maturity of 96% of its €695m senior debt, revolver and acquisition facilities.

According to unquote" data, the company's debt was provided by Barclays and Citigroup as part of the 2007 buyout.

The firm's history of private equity ownership dates back to 2003, when One Equity bought the company in a deal supported by a €55m debt facility provided by Bank of Scotland.

The deal is subject to the approval of the relevant regulatory authorities.

Debt
Credit Suisse, Barclays, BNP Paribas, ING Capital, Natixis and Nomura Securities International provided debt financing to support the transaction.

Company
Founded in 1896 and based in Bruhl, Mauser is an industrial packaging manufacturer for the chemical, pharmaceutical, food and beverage sectors. Products include plastic packaging, steel drums and fibre drums.

Mauser employs 4,440 staff at 57 production facilities across 18 countries in North America, Latin America, Asia and Europe.

The company's turnover stands at around $1.6bn. Adjusted EBITDA margins have risen from 10.7% to 12.3% between 2007-13.

People
Vindi Banga, operating partner at CD&R and former member of the Unilever executive board, will take on the role of chairman at Mauser. CD&R partner Sonja Terraneo also worked on the deal. David Smoot is CEO of DIC.

Advisers
Equity – Debevoise & Plimpton (Legal); Clifford Chance (Legal); Credit Suisse (Corporate finance); EY (Financial due diligence).
Vendor – Bank of America Merrill Lynch (Corporate finance); Latham & Watkins (Legal).

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• Topics
• DACH
• Industrials
• Exits
• Buyouts
• Germany
• Clayton Dubilier & Rice
• Secondary buyout