Avedon sells Seebach to trade for €60m

The sale ended a five-and-a-half year holding period for Avedon, which acquired the business in November 2012, drawing equity from the €190m NIBC Growth Capital Fund II.

Avedon teamed up with co-investors for the original deal, which have also sold their stakes to John Crane.

Under the GP's ownership, the company has grown its staff from 90 to 110 and attempted to professionalise the business.

The acquisition of Seebach will complement John Crane's existing filtration business, further enhancing its technology in energy applications, and providing new capabilities in the chemical and process industries.

Company
Seebach is a supplier of filtration systems, headquartered in Vellmar, Germany. The company provides replacement filter elements for underground coal mining and chemical and industrial applications. Its products are distributed internationally, with partnerships in the US, China, Russia and India. The company generates £20m in revenues, according to a John Smith investor presentation.

People
Avedon Capital Partners – Hannes Hinteregger (partner); Benjamin von Schluz (investment manager).

Advisers
Vendor – Meyer Brown (legal); Reed Smith (legal); Deloitte (tax); William Blair (corporate finance).

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• Topics
• Exits
• DACH
• Industrials
• Germany
• Trade sale