Perusa eyes Müpro exit

William Blair has been appointed for the sale of the company, which designs, manufactures and distributes fixing technology, vibration control and fire protection products, the sources said.

The sale was prompted by inbound enquiries, one source said, adding that a formal sale process is expected next year with information memoranda to be distributed in the first half of 2022.

The company is expected to generate around EUR 20m EBITDA and EUR 120m revenue next year, two sources said. It generated revenue of EUR 100m during its financial year 2020, according to Germany’s company registrar.

In 2020, optimisation projects in production and purchasing were implemented, and a digital growth strategy was initiated. Despite Covid-19, EBITDA improved by more than 40% since Perusa’s buyout in 2018, according to the sponsor’s website.

Trade players and private equity firms could both show interest in the asset, one source said. Strategics have previously approached the business, he added.

Christian Hollenberg, Perusa’s managing director, previously said that strategics that could find interest in the business include multinational building material companies.

While the business has a strong presence internationally, with more than 60% of revenue generated outside its domestic market, there are questions over what the next phase of growth will be, one source said.

However, the second source suggested that the business could provide a strong platform for another private equity owner who can consolidate the market via bolt-on acquisitions. Its current sponsor has favoured restructuring over growth, this source added. 

William Blair and Perusa declined to comment. Müpro did not respond to requests for comments.

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