Partners Group sells 9.33% stake in VAT Group

This corresponds to a sale price of CHF 355m and leaves Partners Group with a stake of 3.75%.

The GP placed the shares with institutional investors via an accelerated bookbuilding offering overnight. It has resulted in an increase in free float of VAT shares of 13%, from 77% to 90%.

Partners Group originally acquired a joint majority stake in the company alongside Capvis Equity Partners in a buyout transaction in December 2013. The firms listed the business on the Swiss stock exchange in April 2016 at CHF 52 per share, giving it a market cap of CHF 1.56bn.

Capvis made a final exit from the business in August, selling a 4.78% holding to institutional investors.

Company
Founded in 1964 and based in Haag, VAT is a developer, manufacturer and supplier of vacuum valves, multivalve modules, edge-welded bellows and related services for advanced vacuum-based manufacturing processes in the semiconductor, display, solar and associated technology industries, as well as in scientific research.

The company has 1,746 employees and main manufacturing sites in Haag (Switzerland), Penang (Malaysia) and Arad (Romania). In the first half of 2017, the company generated CHF 95.3m in EBITDA from CHF 326.4m in sales, up from CHF 67.8m and CHF 235.5m for the same period in 2016, respectively.

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