Brockhaus sells J&S Automotive to Seafort Advisors

The GP made the divestment from its third fund, a vehicle with a €175m target that held a first close in 2014.

The company's manufacturing capacity has doubled since Brockhaus's initial investment in 2014, according to a statement. A source close to the situation told unquote" revenues have grown 30% from €45m in 2014 to a projected €60m for 2017. The source added that the company had generated €6m in EBITDA for the first six months of 2017.

Rothschild ran the process for Brockhaus, which included "several" bidders, according to the statement.

Seafort will be the company's third private equity owner following buyouts by Finatem Beteiligungsgesellschaft in 2005 and Brockhaus in 2014.

Founder and CEO Norbert Janz will retain a minority stake in the new structure.

Debt
Idinvest arranged a unitranche facility for the original buyout; however, the debt provider made a full exit prior to the sale to Seafort.

Previous funding
Finatem acquired J&S in a buyout in 2005, drawing equity from its second fund, which held a final close on €122m in January 2007.

Brockhaus then purchased the company from Finatem in 2014, using a unitranche debt facility arranged by Idinvest. It was the first investment from Brockhaus's third fund.

Company
Founded in 1990 and headquartered in Wustermark near Berlin, J&S provides stamped products for the automotive industry. It is a full-service supplier to automotive manufacturers and suppliers for restraint safety parts, as well as thermal and acoustic shields. J&S counts companies including Volkswagen, BMW, Porsche and Daimler among its customers. It has an assembly plant in Neuruppin and a further office in Alabama, in the US. It projects sales of €60m for 2017 and has approximately 400 employees.

People
J&S Automotive Technology – Norbert Janz (CEO).

Advisers
Vendor – P+P Pöllath + Partners (legal).
Acquirer – CMS (legal).
Company – Rothschild (M&A).

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• Topics
• Exits
• Buyouts
• DACH
• Industrials
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• Secondary buyout
• IDInvest Partners (AGF Private Equity)