Steadfast buys Reutter and ITIB

Steadfast plans to merge and further integrate the two companies with Fortas, which has retained a minority shareholding. Capital for the transaction comes from Steadfast Capital Fund III, which held a final close on €128m in March 2013.

The GP stated the two companies have worked together for several years but their further integration will allow Steadfast to build an international filling system service offering.

Debt
Debt financing for the deal was provided by Permira Debt Managers and Südwestbank. No further details of the transaction were released.

Previous funding
German investment company Fortas acquired Reutter in 2006. It then bought a stake in ITIB in 2015 to complement its product offering and the two companies have been operating autonomously but cooperating more closely since.

Company
Reutter was founded in 1912 in Waiblingen. It now has offices at six locations worldwide and is headquartered in Leutenbach. The company designs and manufactures filling systems for cars, commercial vehicles and trucks. It employs more than 500 people and generates a turnover of around €50m.

ITIB was founded in 1960 and is based in Palermo. It manufactures a variety of corrugating systems and thermoplastic pipes for a range of industrial uses. The company generated revenues of €15m in 2015, according to press reports.

People
Steadfast Capital – Martin Franke (partner).
Reutter – Johannes Wienands (CEO).

Advisers
Equity – Mayer Brown, Julian Lemor, Birgit Hübscher-Alt (legal); EY, Uwe Bühler, Birgit Normann (tax); Rödl & Partner, Jochen Reis (financial due diligence); Berylls, Jan Dannenberg (commercial due diligence); Willis, Stephanie Weitzel (insurance due diligence).

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• Topics
• Buyouts
• DACH
• Southern Europe
• Consumer
• Germany
• Italy
• Secondary buyout
• Steadfast Capital GmbH