Equistone acquires Fertighaus Gruppe from Adcuram

Oscar Geen
05 December 2017

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Equistone Partners Europe has acquired prefabricated house manufacturing group Fertighaus Gruppe from industrial holding company Adcuram.

Financial details were not disclosed but a source close to the situation put the enterprise value "close to a quarter of a billion euros".

The group was created by Adcuram in 2013 when it took Bien-Zenker private, before bolting on competitor Hanse Haus a year later.

Under Adcuram's ownership, the group's revenues increased from €200m in 2014 to €300m for 2017. The group is the second largest German company in the sector and generates double-digit profit margins, according to a statement.

Equistone drew equity from its €2bn buyout fund, Equistone Partners Europe Fund V, to complete the investment. The management reinvested alongside Equistone.

Company
Fertighaus was created by industrial holding company Adcuram and consists of three brands, Bien-Zenker, Living Haus and Hansa Haus. It designs, builds and delivers luxury prefabricated houses and claims to be the second largest player in the German market.

People
Equistone Partners Europe – Stefan Maser (partner); David Zahnd (investment manager); Tanja Berg (associate).
Adcuram – Armin Bire (chairman).

Advisers
Acquirer – EY (financial due diligence, tax); Munich Strategy Group (commercial due diligence); Norton Rose Fulbright (legal); GCA Altium (debt advisory); Latham Watkins (legal); Tauw (ESG due diligence); MRH Trowe (insurance due diligence).
Vendor – Alantra (corporate finance); P+P Pöllath + Partners (legal); PwC (financial due diligence).