Equistone acquires Sihl

The GP acquired the business from Italian company Diatec, which had owned it since 2003. Equistone hopes to increase Sihl's value via expansion in the US and Asia.

Equistone's latest fund, EPEF V, held its final close on its hard-cap of €2bn in April 2015. Sihl is the vehicle's 12th buyout and its first in Switzerland.

Company
Sihl specialises in the coating of paper, films and fabrics for digital printing. Its customers include companies from sectors such as architecture, printing and publishing, industrials, advertising and design, photography, and transport and logistics, as well as private individuals. It has factories in Bern, Switzerland, and Düren, Germany, and a logistics and converting centre in Fiskeville, US.

Sihl was founded in 1935. In 1990, it merged with Renkers, a production plant located in Düren. Multitec, the production plant in Bern, was integrated into the Sihl Group in 1991.

In 2015, the company employed 500 staff, generated €140m in revenue, and distributed its products in 90 countries.

People
Equistone – Philippe Stüdi (partner).
Sihl Group – Peter Studer (CEO).
Diatec Holding – Diego Mosna (owner).

Advisers
Equity – LEK (commercial due diligence); PwC (financial due diligence, tax); Lenz & Staehelin (legal); Chaote, Hall & Stewart (legal); Gide Loyrette Nouel (legal); De Angelis Rechtsanwälte (legal); ERM (environmental due diligence); Willis (insurance due diligence).

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• Topics
• Buyouts
• DACH
• Industrials
• Switzerland
• Equistone Partners Europe