Steadfast in Guntermann & Drunck MBO

The deal, which is leveraged at 3.5x EBITDA, was sourced via a limited auction process conducted by InterFinanz and took around six months to come to fruition. According to Steadfast, this is the owner's second sale attempt, after an unsuccessful one a few years ago.

Steadfast invested via its third fund, which closed on €104m in June 2011. Nord LB is so far the sole debt provider for the transaction, with an option to syndicate some of that debt down.

The new owner sees potential for the business to grow in the US and Asia. A competitor in the US market pulled out of the country recently, so Guntermann & Drunck, which already has a small subsidiary in the US, hopes to gain some of that customer base, the GP told unquote". The business has also signed a distribution agreement in Asia, where a key growth area will be China.

Steadfast hopes to expand the customer base and areas of application, and will implement a board of industry advisers for the company.

Company
Guntermann & Drunck was founded in 1985 and is a manufacturer of digital and analogue KVM (keyboard, video, mouse) products. It offers extension, switching and distribution of standardised computer signals. The products are used in industries such as broadcasting, air traffic and shipping.

The business is headquartered in Wilnsdorf, has 100 employees and a turnover of €24m.

People
Steadfast Capital – Martin Franke (partner).
Guntermann & Drunck – Roland Ollek (CEO).

Advisers
Equity – Taylor Wessing (legal); FTI Consulting (financial due diligence); Skilnet (commercial due diligence); EY (tax); Willis (insurance due diligence).

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