Partners Group makes 6x return, 74% IRR on VAT Group final exit

The GP 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. 

It offloaded blocks of shares in the second half of 2017, selling a 10% stake for CHF 398.7m to medical entrepreneur Rufolf Maag in September and placing 9.3% with institutional investors for CHF 355m in October. After the October sell-down, Partners Group was left with a 3.75% stake in the business.

Capvis also made a final exit last year, offloading its 4.78% stake for CHF 175.5m in August. 

Previous funding
Partners Group and Capvis jointly acquired VAT Group in December 2013. Capvis drew equity from both Capvis Equity II and Capvis Equity IV to support the acquisition, and San Bernardino County Employees' Retirement Association committed $5.5m of equity from a master custodial account managed by Partners Group.

Company
Founded in 1964 and based in Haag, VAT Group 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.

People
Partners Group – Fredrik Henzler (partner).
VAT Group – Heinz Kundert (CEO).

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• Topics
• Exits
• DACH
• Industrials
• Switzerland
• Partners Group
• Sell-down