
Afinum sells shutters maker Schlotterer
Afinum has sold Austrian shutters producer Schlotterer to German business Hörmann Group in a trade sale.
Afinum sold the firm in an exclusive process, after speaking to potential buyers sporadically over the course of the investment.
During its time at the helm, Afinum sold a minority stake to the management via a capital increase. Both parties sold all their shares to Hörmann.
Afinum's strategy included a regional expansion and the development of new products. While the GP hoped to grow the business via add-on acquisitions, there were no bolt-on opportunities during the investment period, according to Afinum.
Previous funding
Afinum acquired a majority stake in Schlotterer Rollcom from its founders for an undisclosed amount in December 2011. Afinum invested less than €50m via its Afinum V fund.
The transaction was funded with a balanced equity and debt structure. Debt was provided by Suedwestbank and IBB.
Company
Founded in 1976 and based in Adnet, Schlotterer designs and manufactures manual and automatic shutter systems made from extruded plastic or aluminum profiles. Customers are window makers and producers of prefabricated houses. In addition, the company produces sun protection systems and mosquito mesh for windows. It serves both the residential and commercial building sectors and has 370 employees.
People
Afinum – Berthold Schmidt-Förger (partner).
Schlotterer – Peter Gubisch (CEO).
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