Capiton exits Nora to ICG

ICG, which had held 26% in the business since 2013, is now the majority shareholder. Nora's management invested alongside ICG.

During Capiton's ownership, Nora bought three new sites. The company's growth strategy focuses on its core markets – the US and Germany – as well as growth opportunities in regions such as Asia and the Middle East.

Previous funding
Capiton acquired a majority stake in the construction systems division of corporation Freudenberg in a management buyout in 2007. WestLB provided a senior finance debt package, while Dresdner Kleinwort provided a PIK note in the intitial transaction.

In 2014, Capiton refinanced the business. As part of that transaction, ICG acquired a minority stake in the business and the management increased its shareholding.

Company
Founded in 2007 in a spinout from Freudenberg, Nora is based in Weinheim. It is a supplier of rubber-based resilient flooring. The company's products are predominantly used in the healthcare, education and industrial sectors. Nora employs around 1,000 staff worldwide.

For 2015, the business reported a turnover of €218.7m and EBITDA of €38.5m. It generates 75% of its turnover outside Germany.

People
Capiton – Manuel Hertweck (senior partner).
Nora Systems – Andreas Mueller (CEO).

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• Topics
• Buyouts
• Industrials
• DACH
• Exits
• Germany
• capiton AG
• Secondary buyout