Capvis, Partners Group buy Amann Girrbach from TA

Partners Group teamed up with Capvis on the bid, taking a significant minority stake in the business, Unquote understands.

The firms were up against Nordic Capital, Gilde and AGIC in the final round, according to Unquote sister publication Mergermarket.

Capvis drew equity from its new buyout fund, Capvis Equity V, a DACH-focused investment vehicle that launched in November 2017 and is targeting €1bn.

TA made the divestment from TA XI, a $4bn global buyout fund that held a final close in July 2009 and was fully deployed by June 2017.

The deal has been backed by a first-lien facility from a club of banks and second-lien debt from a fund, according to Unquote sister publication Debtwire. The report added that financiers were working off €25m EBITDA for 2017 and offering leverage up to 7x.

Previous funding
Alpine Equity (then Hypo Equity) created Amann Girrbach through the merger of Amann Dental (acquired in 2003) with Girrbach Dental, which it bought in 2004.

TA bought a majority stake in Amann Girrbach's secondary buyout in October 2010. At the time of the acquisition, the business employed 220 people and generated a €46m turnover.

Company
Founded in 2004, Amann Girrbach is a developer, manufacturer and distributor of equipment and consumables for dental reconstruction. The company targets dental laboratories and exports its products to 90 countries. Based in Koblach with a workforce of 400 staff, Amann Girrbach generated a €25m EBITDA for 2017 and projected revenues of €120m for 2018.

People
Capvis Equity Partners – Eric Trüeb (partner).
TA Associates – Birker Bahnsen (managing director).
Amann Girrbach – Peter Nicklin (chairman).

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• Topics
• Buyouts
• Exits
• DACH
• Healthcare
• Germany
• Capvis AG
• TA Associates
• Secondary buyout