Avedon buys saw manufacturer Wilhelm Altendorf

Managing directors Joerg Mayer and Wolfgang Ruhnau have retained a minority stake in the company. The transaction value came at slightly less than €50m, according to a source close to the situation.

The GP drew equity from Avedon Growth Capital III, a vehicle that held an interim close at the start of 2017 and is currently around 30% invested, according to the source.

The GP and management have agreed a growth strategy of expanding the product range to capture new customer segments as well as targeting acquisitions in Germany, northern Italy and Austria. One acquisition is already at the due diligence stage and more capital is earmarked for further bolt-ons this year, according to the source.

Avedon reported revenues of €40m for 2016 with a double-digit EBITDA margin. The source added that the aim of the buy-and-build strategy is to achieve group revenues of €100m.

Debt
BKB and LBBW arranged a debt package to support the acquisition. Leverage stands at less than 50%, according to the source.

Company
Wilhelm Altendorf founded his eponymous company in 1906. Headquartered in Minden, it makes machines for wood, metal and plastic crafting – Altendorf invented a sliding table saw that is still the group's lead product.

The company employs 250 people and generated revenues of €40m in 2016. In addition to Minden, it has subsidiaries in Australia, Brazil, India, Malaysia and China.

People
Avedon Capital Partners – Hannes Hinteregger (partner).
Wilhelm Altendorf – Joerg Mayer, Wolfgang Ruhnau (managing directors).

Advisers
Equity – Baker McKenzie, Ingo Strauss, Heiko Gotsche (legal); Reed Smith, Dirk-Peter Flor, Carmen Delpech (legal); Transaction Advisory Partner, Jörg Endras, Dirk Rodehorst, Sören Freitag (financial due diligence, tax); Maconda Corporate Development, Rainer Mayer, Maximilian Neumann (commercial due diligence); Concept, Harald Balzer (operational due diligence).

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• Topics
• Buyouts
• DACH
• Industrials
• Germany
• Buy-and-build
• Build-up