Buyouts

Leveraged buyouts and buy-ins involving equity investments by formalised private equity investors through the formation of a newco based in Germany, Switzerland and Austria.

Cinven - EUR500-550m

Investor

Cinven has acquired truck component maker Jost World GmbH from Silverfleet Capital (formerly known as PPM Capital). While the asking price was reported to be around EUR600m, the transaction value has not been disclosed. Nevertheless the media reported on a transaction value between EUR500 -550m. The deal is financed with equity from Cinven's fourth fund and the deal is expected to close in July 2008.

The investors plan to back the company's growth plans. The company was cited as having a leading position, quality products with a strong reputation, a broad basis of clients with strong loyalty, internationally expanding markets as well as numerous acquisition targets both in the core business as well as related areas.

Jost AG was originally acquired by Alpha Beteiligungsberatung GmbH from family shareholders in 1998 (November 1998, page 14-15), which at the time was the largest buyout that Alpha had completed either in Germany or France. In 2005, Alpha sold the company to Silverfleet, then PPM Capital, for EUR320m (July/August, page 25 and 33).

Debt

The debt was provided by ING, Societe Generale and BNP Paribas.

Company

Jost Group is headquartered in Neu Isenburg, near Frankfurt. It was founded in 1952 and is a global manufacturer of components for connecting truck and trailer units. The group employs 2,000 personnel in 20 countries worldwide. Jost has production facilities in Western Europe, including the UK, CEE, Asia, Brazil, Africa and the US. Jost has grown faster than the total industry and, for the past five years, has reported double-digit growth on average. In 2007, the company reported a turnover of EUR445m.

In May 2008, Jost completed the acquisition of TRIDEC BV, a Dutch manufacturer of mechanical and hydraulic steering systems. The acquisition offered both companies positive growth synergies complementing the product portfolio and expanding distribution capabilities.

Exit Deal

At closing, Silverfleet Capital will receive a total consideration representing a 3.1x money multiple and an IRR of 47% on their original equity investment made when they bought the business in August 2005. Under the investor's ownership, the company has seen strong growth both organically and through Silverfleet's buy-and-build strategy.

People

Guido May, who was on the company board, handled the transaction for Silverfleet Capital, while Bruno Schick represented Cinven.

Bankside, Michael Lucas represented ING, Rolf Holtmann represented Societe Generale and Jens Wittrin represented BNP Paribas.

Advisers

Management - SJ Berwin, Michael Roos (Legal).

Acquirer - Sal Oppenheim, Wolfram Schmerl (M&A); Hengeler Mueller, Christof Jaeckle (Legal); Freshfields Bruckhaus Deringer, Christopher Davies (Legal); KPMG, Robert Ohrenstein, Johannes Weiler, Naveen Sharma, Markus Heidelberger, Rustom Kharegat, Andreas von Keitz, Michael Vanderboom, Anwar Zaoui, Jens Ziegler, Ed Gunn (Financial & operational due diligence); Ernst & Young, Michael Vogel (Tax due diligence); Willis, Juergen Reinschmidt (Risk & insurance due diligence); ERM, Douglas Anderson (Environmental due diligence); Booz & Co, Joerg Krings (Commercial due diligence); Mercer, Konrad Deiters (Pensions & actuarian due diligence).

Vendor - DB Consult, Michael Seippel (Corporate finance); PricewaterhouseCoopers, Simon Kenyon, Christian Knechtel, Mark Milham, Clive Adendorff, Michael Hartmann, Stefan Kaufmann (Financial, tax & operational due diligence); Skadden Arps Slate Meagher & Flom, Lutz Zimmer (Legal); LEK, Friedrich Demmer (Commercial due diligence).

Debt - Linklaters, Gideon Moore (Legal).

Barclays Private Equity - EUR104m

Investor

Barclays Private Equity is attempting a friendly takeover and take private for IT services company Computerlinks AG, offering EUR15.50 per share, which represents a premium of 38.9% to the closing price of the share on 16 June 2008. This offer values the company at around EUR104m. Barclays Private Equity set the minimum acceptance threshold for the bid at 75%. The offer is conducted through Platin 274.GmbH, which will be renamed into CSS Computer Security Solutions Erwerbs GmbH.

Barclays Private Equity intends to back the existing management and to fund the company's future growth through add-on acquisitions and organic growth. ComputerLinks said its management and supervisory board in principle back the offer.

Debt

The transaction is financed with 40% equity and 60% debt provided by Sal Oppenheim.

Company

Listed IT services company ComputerLinks AG is based in Munich and was founded in 1984. The company offers technical support, consulting services, managed services, hardware services and training and certification. ComputerLinks has offices in 11 European countries and expanded in 2007 into Canada, Australia and Dubai. In 2007 the company posted sales of EUR469.1m and an EBITDA of EUR19.2m. The company has been listed since 1999.

People

Michael H Bork handled the transaction for Barclays Private Equity.

Advisers

Equity - Dewey & LeBoeuf, Benedikt von Schorlemer (Legal); KPMG, Marcus Aberl, Dr Urs Schildknecht, Tobias Ackert, Thomas Blatnik, Christoph Kaiser, Joanne Steyn (Financial & tax due diligence, tax structuring); AMR, Oliver Runkel (Commercial due diligence).

Company - Hengeler Mueller, Dr Klaus-Dieter Stephan, Dr Christian Zentner (Legal); Lazard, Dr Rainer Langel (Financial due diligence).

GMT Communications, Peacock - EUR70m

Investors

GMT Communications Partners and Peacock Equity Fund, the investment vehicle of NBC Universal, have acquired the majority of online multi-player games firm Bigpoint GmbH from Aurelia Private Equity GmbH, European Founders Fund GmbH and United Internet Beteiligungen GmbH for EUR70m. The all-equity investment was drawn from the GMT Communications Partners III fund. Founding CEO Heiko Hubertz has exited part of his stake, but will continue to lead the company.

GMT and Peacock Equity plan to help Bigpoint expand in Europe, the US and Asia, through the development of new games, distribution platforms and marketing initiatives. Bigpoint will partner with NBC Universal to power a series of browser-based game titles to be featured within NBC Universal's online networks including SCI FI Channel and USA Network Web sites.

Debt

No debt was involved in the transaction.

Company

With 150 employees, Hamburg-based Bigpoint develops and hosts browser-based games with over 23 million registered users with up to 130,000 users playing concurrently with no need to download a client application. Its product portfolio includes about 20 multi-player games. The company generates revenues through in-game virtual item purchases and advertising sales. The company has more than 150 employees and achieved a turnover of EUR20m.

Exit deal

Aurelia Private Equity invested as the first institutional investor in Bigpoint and had held a stake since June 2005. The reason for the investment was cited as Bigpoint offering a major opportunity in a fast-growing market where a large market share could be won with moderate capital expenditure, as product development and global distribution was both fast and cost-efficient.

During the investment, Bigpoint has seen rapid growth, and a strategic partnership with GMT and Peacock is seen as the next step for the long-term development of the company. The exit was cited as 'very good' for Aurelia.

People

Tim Green handled the investment for GMT, while Tom Byrne represented Peacock Equity. Stefan Lemper handled the exit for Aurelia Private Equity.

Advisers

Acquirer - P+P Pollath + Partners, Philipp von Braunschweig (Legal); Hengeler Mueller, Daniel Wiegand (Legal); Weil Gotshal & Manges, Mark Soundy (Legal); PricewaterhouseCoopers, Chris Glazier (Financial & systems due diligence); Marsh, Daniel Max (Risk & insurance due diligence); Russel Reynolds, Jane Dowding (Management due diligence); AT Kearney, Martin Fabel (Commercial due diligence).

Vendor - CMS Hasche Sigle, Dr Ulrich Springer, Sebastian Wihelm (Legal); CF Partners, Giovanni Soletti (Corporate finance); KPMG, James Sams (Financial & tax due diligence); Deloitte, Jorg Ohlsen, Stephan Brunke (SPA review).

Management - Matthias Kuehnel (Legal); CF Partners, Giovanni Soletti (Corporate finance).

VTC - EUR52m

Investors

Industrial holding VTC Industrieholding GmbH has acquired a majority stake of listed CEAG AG from strategic management holding DELTON AG through its subsidiary Cardea Holding GmbH in an all-cash transaction. VCT acquired a total of 5,914,980 shares of CEAG AG, which amounts to 76.8% of CEAG's share capital for a purchase price of EUR52,051,824.00, or EUR8.80 per share. In accordance with the requirements of German takeover law, the remaining shareholders of CEAG AG will receive an offer for the purchase of their shares in due course. VTC approached the vendor directly and the deal was completed in a proprietary transaction.

Debt

No debt was involved.

Company

Through its subsidiary FRIWO Geratebau GmbH, which encompasses FRIWO Power Solutions, CEAG AG is a global player in the manufacture and distribution of power supply and charging equipment serving a wide range of applications. Listed since 1977, CEAG's main market segments are IT and communication, household appliances and tools, industrial applications and medical equipment. In recent years, CEAG has achieved substantial growth in these areas and, with a workforce of around 300 employees, generated sales in excess of EUR84m in 2007.

People

Richard G Ramsauer handled the transaction for VTC.

Advisers

Vendor - Linklaters, Dr Fabian Ehlers (Legal).

Acquirer - Skadden Arps Slate Meagher & Flom, Dr Walter Henle, Dr Peter Veranneman (Legal).

Star Capital Partners - EUR<25m

Investors

Star Capital Partners and the management (comprising two former board members of Fresenius and Fresenius ProServe) have acquired all shares of Alloheim Senioren-Residenzen AG in a leveraged buyout from the family owners in a management buy-in. The investor approached the company directly and won the deal based on their growth strategy for the business.

The German care home market it highly fragmented, with even market leaders claiming only about 2% of the market, according to the investor. The investor is seeking to acquire further market shares through a buy-and-build strategy.

Debt

No financial details were disclosed.

Company

Alloheim Senioren-Residenzen AG was founded in 1976 and owns and operates care homes for the elderly and also provided mobile health care services. The company encompasses 14 locations as well as six mobile services. It is based in Dusseldorf. The company employs a staff of more than 1,300.

Advisers

Vendor - CMS Hasche Sigle, Dr Dirk Jannott, Dr Michael Bruck, Dr Rainer Kienast, Dr Dirk Schwenn, Dr Marcel Hagemann, Dr Stephanie Lenze, Sebastian Mohr (Legal).

CornerstoneCapital - EUR<25m

Investors

CornerstoneCapital II AG & Co. KG has backed the management buyout of metal foils producer Stanniolfabrik Eppstein from JL Goslar Group for an undisclosed amount. Other investors include CEO Dirk Malzer and Columbus Investment AG. The company will be transferred to newco Eppstein Foils Holding GmbH. The equity comes from CornerstoneCapital Fonds II, which closes its first investment with this transaction.

The investor won the deal thanks to its goal-oriented approach and due diligence as well as the relationship established with the CEO. The investor's industry board also comprises one sector specialist. Attractive factors for the investor included the company's global market position with long-standing, sustainable customer relationships and a balanced customer portfolio. A large portion of the company's growth is coming from clients in the solar and medtech industry.

The investors plan to back the company's growth path by vertical diversification and further penetrating existing market segments such as medical technology and the solar industry.

Debt

Nassauische Sparkasse provided a classical senior debt facility as well as an overdraft facility. In the framework of the transaction, existing debt was partially restructured.

Company

Stanniolfabrik Eppstein is a manufacturer of technically advanced and specialised technical metal foils used for material testing, electronics, and medtech applications. The company achieves an annual turnover of EUR23m and employs a staff of 80.

People

Pieter van Halem worked on the transaction for CornerstoneCapital.

Advisers

Vendor - Transforce Mergers & Acquisitions GmbH, Joseph Rentmeister (M&A).

Equity - PFK Pannell Kerr Forster, Markus Jungling (Financial due diligence); Kanzlei Rittershaus, Dr Markus Bauer (Legal); Hammonds, Dr Michael Hoffmann (Legal).

BayBG - EUR<25m

Investor

BayBG has backed the combined management buyout/management buyin of the foundries Esterer Giesserei GmbH and Esterer Giesserei Werk Wurzen GmbH from Esterer AG and has acquired a minority stake in the transaction. Both BayBG and AUBG Altottinger Unternehmens Beteiligungs Gesellschaft also invested in the framework of a silent partnership (stille Beteiligung). The new management will lead both companies together.

Debt

Debt was provided by Raiffeisen-Volksbank Altotting-Muhldorf and Kreissparkasse Altotting-Burghausen.

Company

Altottingen-based Esterer Giesserei GmbH comprises two foundries and achieves a turnover of more than EUR20m in 2007 with a staff of 150. The foundry in Altottinger processes complex materials and alloys, while the foundry in Wurzen, Giesserei Werk Wurzen GmbH, focuses on complex geometries. The majority of customers are from the industrial machinery industry.

People

Gabriela Epp and Joachim Schroeder handled the transaction for BayBG.

Advisers

Equity - WEITNAUER (Legal & tax due diligence).

HANNOVER Finanz - EUR<25m

Investors

HANNOVER Finanz has acquired 70% of Giesserei Industrie Holding GmbH from the management as a succession solution and to optimize the shareholder structure. Financial details were not disclosed. The managers Berend Juul Mastenbroek, Werner J K Caldenhoven and Ralf Kaiser retain a combined stake of 30% and will continue to lead the company.

The company and its subsidiaries will be held by new company Giesserei Management und Verwaltung GmbH, which will be merged and renamed as Industrie Holding Isselburg GmbH.

Debt

No financial details were disclosed.

Company

Industrie Holding Isselburg was founded in 1996 to continue the tradition of the foundry Isselburger Hutte. The company manufactures and processes steel parts for heavy diesel engines or other logistical uses. Industrie Holding Isselburg generates a turnover EUR60m with 225 employees.

People

Jorg Friedrich Batjer represented HANNOVER Finanz.

HANNOVER Finanz - EUR<25m

Investors

HANNOVER Finanz has backed the owner buyout of furnishings company Spectral Audio Mobel GmbH and acquired 40% of the company for an undisclosed amount.

According to the investor, the company is growing dynamically, and the three founders and engineers Frank, Heiko and Markus Kramer were looking for a long-term investor to back the growth plans of the company.

Debt

No financial details were disclosed.

Company

Founded in 1994, Spectral Audio Mobel GmbH provides customised solutions for TV and music installations, by combining flatscreen TVs and sound systems into multimedia centres which are integrated into the surrounding design. The Bietigheim-Bissingen-based company employs more than 100 staff and achieves a turnover of EUR20m.

Equita - EUR25-50m

Investors

Equita GmbH & Co. Fonds 3 KGaA has purchased a majority stake in Karl Eugen Fischer Holding GmbH, through a secondary buy-out from Halder. The transaction is already approved by the German anti-trust authorities.

Equita convinced the vendor and the company's management with its concept for the company's further expansion, and also offered experience from previous investments into companies from the engineering sector (such as Leobersdorfer Maschinenfabrik). The market situation is heavily influenced by an increase in the need for mobility of both people and goods and increased wealth in the emerging economies, which drives tyre production and the need for tyre producing equipment. The company benefits from product developments such as energy saving tyres and light-weight tyres that require enhanced manufacturing technologies.

Debt

Investkredit Bank AG provided the debt, which consisted of all senior and junior debt tranches and was represented by Thiemo Bischoff, Samy Zouad and Markus Kipp.

Company

Karl Eugen Fischer Holding GmbH is a manufacturer of cutting machines for the tire industry. The company specialises in cord-cutting machines which are used in the production of tires worldwide. The company, which was founded in 1940, also provides tailor-made steel-processing machines.

The company's worldwide business is managed from the manufacturing base in Burgkunstadt and has a distribution company active in the US. In 2007, Karl Eugen Fischer generated revenues of EUR51m with a workforce of 324 employees.

Exit deal

Halder and the management team acquired Karl Eugen Fischer GmbH in May 2006 from the family owners (June 2006, page 31-32). At the time of investment, the company had budgeted a turnover of EUR44m and employed 287 staff.

People

Paul De Ridder, Susanne Quint and Mathias Fackelmeyer represented Halder during the transaction, while Dr Michael Honig, Bernd Stahlbock and Christine Weiss represented Equita.

Advisers

Vendor - Thummel Schutze & Partner, Marcus Rauschenberger, Robert Bastian, Ivo Dreckmann (Legal).

Acquirer - Ernst & Young, Michael Scholz, Peter Spiess, Claudia Dedio, Melanie Michaelis (Financial & tax due diligence); Oldenbourg Rechtsanwaltsgesellschaft, Dr Simon Preisenberger, Dr Michael Ruoff (Legal); Paul Hastings Janofsky & Walker, Hergen Haas (Legal); Simon Kucher & Partners, Dr Bernhard Ebel, Sebastian Hosenfeld (Commercial due diligence).

EQUITA - EUR25-50m

Investor

EQUITA has acquired Kolbe-Coloco Spezialdruck GmbH & Co. KG from GEF (Greater Europe Fund) Beteiligungs-AG, which is managed by INVEST EQUITY, for an undisclosed amount. The all-equity transaction was financed via Equita GmbH & Co. Fonds 3 KGaA. The management will hold a combined 12.5% stake in the company. The sale was run as a structured process by Corporate Finance Partners MidCap GmbH.

The investor was attracted by the combination of production and marketing services and the company being a specialised niche player. The company has reported growth of more than 20% in turnover and profits, and the investors intend to back its further organic growth.

Debt

No debt was involved in the transaction.

Company

Kolbe-Coloco Spezialdruck GmbH & Co. KG offers marketing services and printing of printed labels and marketing and advertising products. Based in Versmold, the company achieved a turnover of EUR23m with around 170 employees in 2007. The company was founded in 1828.

Exit deal

INVEST EQUITY acquired 100% of the Kolbe-Coloco-Group in 2004 for an undisclosed sum, and represented the second deal for Greater Europe Fund (November/December 2004, page 27). At that point, the company achieved sales of approximately EUR20m with 170 employees. INVEST EQUITY's strategy involved building on the company's strategic position and further strengthen and grow the operation by ongoing process improvements, co-operations and selective acquisitions. During the last years, the company has invested in new IT systems, restructured its distribution by investing in training towards an active sales strategy, improved workflow and now grows significantly above the industry average.

People

EQUITA was represented by Dr Michael Honig, Hans J Moock, Bernd Stahlbock and Marc von Krosigk, while Helmut Bousek and Karl Vieider handled the exit for INVEST EQUITY.

Advisers

Buyer - PricewaterhouseCoopers, Richard Siedek, Achim Bader, Jurgen Scheidsteger, Dr Utho Grieser (Financial & tax due diligence); Watson Farley & Williams, Dr Simon Preisenberger, Dr Michael Ruoff (Legal); LEK Consulting, Christoph Huth, Friedrich Demmer, Barbel Ellinger (Commercial due diligence).

Vendor - Corporate Finance Partners MidCap, Daniel Schenk, Johannes Lindinger (M&A); DORDA BRUGGER JORDIS Rechtsanwalte, Andreas Zahradnik, Benjamin Twardosz (Legal); MAZARS Hemmelrath, Rudolf Hagen, Katrin Kassmann (Tax due diligence); Warth & Klein Wirtschaftsprufungsgesellschaft, Klaus Schaldt (Vendor due diligence).

BIP Investment Partners - EUR5-50m

Investor

BIP Investment Partners and the management have acquired NordSud Speditionsgesellschaft mbH in a leveraged secondary management buyout from Argantis for an undisclosed amount. BIP won the bid in a structured sales process and committed over EUR5m in mezzanine and equity to this transaction.

The investor plans to support the management's strategy to strengthen the company's international business and passing the EUR100m revenue threshold.

Debt

Landesbank Saarland acted as underwriter and arranger for the debt and was represented by Daniel Koebnick, Marc Weber and Robert Lammermeier.

Company

Based in Rheda-Wiedenbruck, NordSud Speditionsgesellschaft mbH is a road transportation and logistics service provider with more than 400 trucks. Key customers are automotive OEMs and Tier 1 suppliers, metal processing companies and white goods manufacturers. The company employs approximately 800 employees and expects annual revenues close to EUR80m.

Exit deal

In 2005, Argantis backed the management buyout of NordSud Speditionsgesellschaft mbH from Hella KGaA Hueck & Co, following the decision of the Hella Group to concentrate on its core automotive component activities (January 2005, page 19). At that point, the company employed over 500 people and had a fleet of more than 300 trucks. In fiscal 2003/2004 (year-end 31 May), NordSud posted sales revenues in excess of EUR47m. The growth was supported by a number of acquisitions.

People

Marc Faber and Michael Riedl represented BIP, while Robert Stein and Christoph Borges handled the exit for Argantis.

Advisers

Vendor - CMS, Dr Ralph Drouven, Dr Petra Schaffner, Dr Alexander De Diego (Legal, structural deu diligence); Warth & Klein, Michael Hager, Paul Forst (Financial & tax due diligence); Close Brothers, Sascha Pfeiffer, Norbert Schmitz, Moritz Freiherr von Bodman, Zr Johannes E Schmittat (M&A and debt adviser).

Acquirer - BDO Deutsche Warentreuhand AG, Kai Schumacher; Claus Remmele (Financial & tax due diligence); Lovells, Dr Michael Leistikow, Dr Barbara Kausch; Dr Alexander Franz (Legal); LEK Consulting Friedrich Demmer, Martin Bundschu (Market due diligence).

Debt - Milbank Tweed Hadley McCloy, Stephan Dulitz, Dr Nikolaus Lahusen (Legal).

Management - Commerzbank ECM/M&A, Dr Carsten Lehmann (Structural due diligence).

Equity Partners - n/d

Investors

Equity Partners has, together with manager Razvan Olosu, acquired the line fit automotive business from Nokia via novero GmbH, a newly-formed company established for this transaction. The enterprise value was not disclosed. The transaction was closed on 16 June 2008. The deal was sourced on a proprietary basis.

It is planned to expand the company's activities in the area of line fit automotive in Germany and the US and to stronger focus on existing clients in the automotive industry. The company plans to play a major role in the area of automotive communication and multimedia solutions, which is a market that experiences solid growth rates.

Debt

Senior debt and banking facilities were provided by BHF Bank, represented by Dirk Teichelmann and Ugur Asan.

Company

Dusseldorf-based novero GmbH develops and manufactures telecommunication solutions for the automotive and consumer industry. Currently, the company employs around 230 people in Bochum and Dusseldorf, as well as Detroit, US. Novero's CEO is Razvan Olosu, the former head of Nokia's automotive business and enhancements unit.

People

Oliver Kolbe led the deal for Equity Partners, other team members include Mathias Radeck, Shahram Rezasade and Florian Kuhn.

Advisers

Equity - Linklaters, Ulrich Wolff, Sebastian Daub (Legal); Marc Trinkaus, Britta Kugler (Legal); Ernst & Young, Stefan Ostheim, Jasmina Brlobus (Financial due diligence); SJ Berwin, Gerald Thomas, Carsten Ludwig (Tax & structural due diligence); Booz Allen Hamilton, Dr Roman Friedrich, Julius Kirscheneder (Commercial due diligence); Willis, Tony Burns (Insurance due diligence); Gleis Lutz, Ann-Marie Welker, Herwig Lux (Operational and IPR due diligence).

Buy_Out Central Europe II - EUR50-100m

Investors

Buy_Out Central Europe II Beteiligungs-Invest AG has acquired Chemson Polymer-Additive AG from INVEST EQUITY and Leman Capital for an undisclosed amount. The auction was run by Close Brothers. In a first step, the investor acquires 100% of the company, in a second step the management will acquire a stake in the company. Buy_Out also invites other investors to acquire a minority stake in the company and aims to hold around 51% of the company. A closing for the sale of the minority stake is expected end of August. The investor sees an IPO for the company in the near future as a possibility.

The investor plans to back the company's growth especially in Eastern Europe and Asia, especially in China and India, and also assist with their know-how in terms of financing and company development. Chemson plans to grow through acquisitions and through R&D in the areas of sustainable alternatives in its field.

Debt

No financial details were disclosed.

Company

Chemson was founded in 1986 as a joint venture between Chemetall and Cookson. Between 1989 and 1991, Metallgesellschaft AG (now GEA Group AG), acquired both the JV unit of Cookson and the units of BBU Chemie GmbH, Arnoldstein. The new company was incorporated as Chemson Polymer-Additive GmbH.

Chemson is a manufacturer of polymer additives, mainly for PVCs, which enable materials to gain characteristics such as resistance to light, ageing or fading, and are delivered as granules, tablets or powders. The company is based in Arnoldstein, has 665 staff globally and produces in Austria, Germany, England, Brazil, Australia, the US and China. In the financial year 2006/07, the company achieved a turnover of EUR261m, a third of which is generated in Germany.

Exit deal

In 2000, Leman Capital, together with INVEST EQUITY and the management, acquired Chemson from Chemetall for DM 124m (July/August 2000, page 34). Under their ownership, the company was restructured and repositioned towards the market demands. Furthermore, the company's US subsidiary expanded, and a joint venture based in China was established. Chemson acquired the entire Allstab Group, one of their main competitors in 2004 (February 2004, page 22), with the new entity boosting turnover to more than EUR200m.

People

Kurt Stiassny handled the transaction for Buy_Out Central Europe II, while Helmut Bousek and Karl Vieider represented INVEST EQUITY. Leman Capital was represented by Nicholas Zens, Auguste Betschart and Christian Vasiliu.

Advisers

Acquirer - KPMG, Johann Mlcoch (Financial & tax due diligence); Frieders Tassul & Partner, Christian Tassul (Legal); Technical University Vienna, Professor Gornik (Technical & market due diligence).

Vendor - Close Brothers, Moritz von Bodman, Wolfgang Kazmierowski, Sascha Pfeiffer (Corporate finance); Dorda Brugger Jordis Rechtsanwalte, Andreas Zahradnik, Benjamin Twardosz (Legal).

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