Equistone acquires fire proofing business Roth

Katharina Semke
01 September 2016

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Equistone Partners Europe has acquired Swiss fire protection producer Roth from Ufenau Capital Partners.

According to Equistone, the regional Swiss market for isolation and fire protection is still consolidating, and the GP hopes to add further companies to the group during its ownership. It also hopes the business will benefit from a growing real estate and construction sector and an increasing number of regulatory requirements in fire protection and insulation.

Roth's management reinvested in the newco as part of Equistone's buyout, which was sourced proprietarily.

During Ufenau's ownership, Roth made four add-ons. With the acquisition of Aebisol, a fire protection and technical insulation company, the group entered eastern Switzerland. With ISSA, which operates in the same sector, Roth expanded to western Switzerland and added two sites. LD Brandschutz complemented the business in eastern Switzerland, while Wanzenried + Baur added a more industry-focused business to the group.

The GP stated that during its time at the helm revenues increased by 70% to CHF 65m, while the number of employees rose from 220 to 350.

Ufenau stated its exit after two years was due to the company's fast development, adding that additions to the management team helped professionalise the company.

Previous funding
Ufenau, then named Constellation Capital, acquired a majority stake in Roth in October 2014 via a management buyout, solving the company's succession planning issues.

Company
Founded in 1958 in Gerlarfingen, with nine Switzerland-based offices, Roth is a provider of fire protection, insulation and coatings. It employs 350 people.

The company specialises in building insulation on heating, ventilation and refrigeration, and plumbing insulation in residential, industrial and commercial buildings. It also provides bulkheads, linings, labels and coatings for fire protection.

People
Equistone Partners Europe – Philippe Stüdi (partner).
Roth Group – Stefan Blaser (CEO).

Advisers
Equity – PwC (commercial due diligence); EY (financial due diligence, tax), Lenz & Staehelin (legal); Willis (insurance due diligence).
Vendor – Sancovia (corporate finance).