Capvis makes final exit from VAT Group

Capvis placed the shares predominantly with institutional investors through an accelerated bookbuilding, according to a statement.

The stake would be worth CHF 175.5m at the market price of CHF 122.9 per share.

The GP originally acquired a joint majority stake in the company alongside Partners Group in a buyout transaction in December 2013.
The firms listed the business on the Swiss stock exchange in April 2016 at a price of CHF 52, giving a market cap of CHF 1.56bn.

Previous funding
Swiss private equity firm Capvis and asset manager Partners Group jointly acquired the vacuum valves manufacturer in December 2013.

Company
Founded in 1964 and based in Haag, VAT is a developer, manufacturer and supplier of vacuum valves, multivalve modules, edge-welded bellows and related services for advanced vacuum-based manufacturing processes in the semiconductor, display, solar and associated technology industries, as well as in scientific research.

The company has 1,746 employees and main manufacturing sites in Haag (Switzerland), Penang (Malaysia) and Arad (Romania). In the first half of 2017, the company generated CHF 95.3m in EBITDA from CHF 326.4m in sales, up from CHF 67.8m and CHF 235.5m for the same period in 2016 respectively.

People
Capvis – Ulrich Eckhardt (partner).
VAT Group – Heinz Kundert (CEO).

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