KKR makes offer for remaining WMF shares

KKR's offer runs until 11 August 2014 and represents a premium of approximately 11% on the last three months' average share price, as well as a 67% premium on the price paid by Finedining as part of KKR's initial acquisition of the company in 2012.

The GP already owns 72% of the German cutlery and coffee-machine maker, but aims to own at least 90% of WMF in order to be able to delist the company.

Previous funding
In 2006, Capvis Equity Partners bought a 52% stake in WMF for €19.05 per share from Deutsche Bank and two insurance companies. The GP focused on building the company's coffee machine offering and reorganised the business into five divisions: retail, consumer goods, consumer electric, professional hotel equipment and coffee machines. It also expanded WMF into the Czech Republic and Asia.

KKR then bought a 37% stake for €238m at €31.70 per share in July 2012 from Capvis. It also acquired 52% of voting shares for €47 per share, as well as a further 5% of preferential shares.

KKR invested via its European fund and held the company in newco Finedining Capital.

Company
WMF was founded in Geislingen an der Steige in 1853. The company specialises in making metal cutlery, kitchen utensils and automatic coffee machines, and operates more than 200 speciality stores in German-speaking countries.

WMF achieved a turnover of €156.5m in 2013, with an EBIT figure of -€11.1m. The company has 1,202 employees.

People
Peter Feld is chairman of the executive board.

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• Topics
• DACH
• Buyouts
• Consumer
• Germany
• KKR