Towerbrook carves out Bosal ACPS for €250m

ACPS generated EBITDA of €28m from sales of €250m for 2017; this is approximately 40% of the group's overall revenues, which came to €653m in 2016.

Bosal will use proceeds of the sale to pay off some of its debts, according to local press reports. The group made a loss of €29m in 2016 and had net debt of €177m.

The GP drew capital for the transaction from Towerbrook Capital Partners IV, a $3.5bn vehicle that was 36% deployed as of June 2017, according to unquote" data.

Towerbrook also introduced the company to incoming CEO Gerhard Boehm, the vice chair of Reydel Automotive and formerly of Peguform and Continental Engine Systems.

Company
Bosal ACPS is a manufacturer of tow bars for original equipment manufacturers and suppliers and for the aftermarket in Europe, generating sales of approximately €250m in 2017 with around 2,000 employees. The company has manufacturing facilities in Germany (where it is headquartered), Hungary, Mexico, Russia and France. It invented and introduced retractable tow bars in the early 2000s and the first fully electric retractable tow bar in 2010.

People
Towerbrook Capital Partners – Ramez Sousou (co-CEO).
Bosal ACPS – Gerhard Boehm (CEO).

Advisers
Vendor – Rothschild (M&A).
Acquirer – Houlihan Lokey (debt advisory); Sidley Austin (legal); EY (financial due diligence).

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• Topics
• Buyouts
• DACH
• Consumer
• Towerbrook Capital Partners
• Germany
• Rothschild
• EY (Ernst & Young)