Capvis buys engine insulation business Thermamax

Brockhaus has held a minority stake in the company since 2015 through Brockhaus Private Equity III Fund, a vehicle that targeted €175m and held a first close on €80m in January 2014, according to unquote" data.

Capvis will draw equity from Capvis Equity IV, which held a final close on €720m in January 2014.

The company was marketed with a projected EBITDA of €18.2m for 2018, up from €14m in 2016, according to a source speaking to unquote" sister publication Debtwire. The source added that net leverage could be as high as 4.5x.

Assuming a conservative 40% leverage ratio, this would indicate an overall enterprise value in excess of €200m (11x the projected EBITDA).

The company plans to broaden its product portfolio and expand into new markets with the financial support of Capvis.

Previous funding
Brockhaus purchased a minority stake in Thermamax (then Tmax) in March 2015 in a replacement capital deal of undisclosed value. The vendors remained the majority shareholders after the transaction.

Company
Thermamax was founded in 1976 and is based in Mannheim. It manufactures high-temperature insulation, which is used in petrol and diesel engines as well as electric drive systems. The automotive sector makes up around 20% of its revenue; it also provides components to power generation, marine and on- and off-shore platform applications. The company employs 300 people and has additional offices and production sites in China, Italy, Serbia and the US.

People
Capvis Private Equity – Eric Trüeb (partner).
Thermamax – Ralf Großhauser (CEO).

Advisers – Alantra, Wolfram Schmerl (M&A).

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• Topics
• Buyouts
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• DACH
• Industrials
• Germany
• Capvis AG
• Secondary buyout