Cinven-led consortium sells €142m stake in Jost Werke

The shares were placed via an accelerated offering run by Deutsche Bank, JP Morgan and Commerzbank at a total value of approximately €142m.

Selling shareholders included Avedon Capital Partners, Bain Capital Credit, Black Diamond and Cinven.

The company was listed on the Frankfurt Stock Exchange on 20 July 2017 at €27 per share, equating to a market capitalisation of approximately €402m.

Shares were trading at €41 when the market opened on Thursday but had fallen to €40.85 by mid-morning. The company has been trading above €39 per share since early December.

Previous funding
Jost was first acquired from its family owners by private equity in October 1998. A consortium of Alpha Group, AlpInvest Partners and MML Capital Partners structured a buyout with an enterprise value of more than €250m.

The group sold Jost to Silverfleet Capital in July 2005 in a secondary buyout worth €320m, with debt provided by ING.

Cinven became the company's third generation of private equity owners three years later, acquiring the business in a deal valued at approximately €525m in June 2008. The GP then restructured the company in February 2011 by calling on three unnamed mezzanine lenders, each of which committed €10m to the company.

Company
Jost is headquartered in Neu Isenburg, near Frankfurt. It was founded in 1952 and is a global manufacturer of components for connecting truck and trailer units. The group employs 2,700 staff in 20 countries worldwide. Jost has production facilities in western Europe, including the UK, CEE, Asia, Brazil, Africa and the US. The company reported adjusted EBITDA of €63.8m from sales of €533m for the nine months leading to September 2017.

People
Jost Werke – Lars Brorsen (CEO).

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• Topics
• Exits
• DACH
• Industrials
• Germany
• Sell-down
• Cinven
• Bain Capital