Ufenau reaps 6x on NRW sale to Bregal Unternehmerkapital

As part of the deal, investment holding Bregal will acquire a majority stake in the business, while the founding Rehms family will retain a minority holding. Financial details surrounding the transaction have not been disclosed.

According to a statement, Ufenau reaped 6x money and 100% IRR with this exit. Following the sale, Ufenau IV German Asset Light fund, which hit its €120m hard-cap in late 2014, has fully paid back its LPs' committments and has four portfolio companies under management.

Previous funding
In November 2014, Ufenau – formerly knows as Constellation Capital – acquired a majority stake in the business via its fourht fund.

During its private equity ownership period, the company pursued five bolt-on acquisitions: HSV Kälte-Klima-Lüftungstechnik, Wölpper, Issler, DL-Technik and Eberl.

According to a statement, the company increased its revenues from €55m at the time of the original acquisition to €115m in 2016 and expects to generate a turnover of €155m in 2017, equating to a 180% CAGR. Moreover, NRW saw its headcount increase from 350 to 600.

Company
Headquartered in Borken, Germany, NRW has seven production plants across the DACH region. The business focuses on buildings refurbishment and provides installation services for heating, ventilation, cooling, sanitation, measurement, and control systems for commercial clients, including hotels, offices and residential buildings.

Founded in 1939, the company generated a turnover of €115m in 2016 and employs 600 people.

People
Ufenau Capital Partners – Dieter Scheiff (managing partner).
NRW Building Technology Holding – Heinz-Josef Rehms (CEO).

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