Cinven collects bids for CeramTec

The company is being marketed with a projected €190-200m 2017 EBITDA and is expected to sell for more than €2bn, a source told Mergermarket.

The publication cited another source stating that Cinven has mandated Bank of America Merrill Lynch(BAML) and Morgan Stanley to run a dual-track process for CeramTec but would prefer a sale over a public listing.

Cinven previously explored a public listing in 2015 with mandates secured by BAML and Morgan Stanley but this process did not advance, as Mergermarket reported at the time.

The GP purchased the company from Rockwood Holdings for €1.5bn in June 2013. It drew equity from its Fifth Cinven Fund, which closed on €5.3bn in 2013 and was 94% invested as of September 2016, according to unquote" data. Debt for the transaction was arranged by Deutsche Bank, RBC and UBS.

CeramTec announced the £47m bolt-on acquisition of UK Electro-Ceramics from Morgan Advanced Materials in February 2017.

At the time of Cinven's original acquisition, CeramTec reported €131m EBITDA from a turnover of €425m. In the first quarter of 2017 it generated €44m in EBITDA, up from €36.5m in Q1 2016, according to public filings. Adjusted EBITDA grew 17.4% to €48.5m and revenues increased by 7.7% to €132.5m in the same period.

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