DBAG buys Kraft & Bauer from Invision

It is the fifth buyout from DBAG Fund VII, a €1bn buyout fund that hit its hard-cap in July 2016 and is approximately 50% invested. DBAG will also co-invest alongside the fund for a 20% stake in the business.

Kraft & Bauer was the last investment made by Invision's fourth fund in May 2013. The GP has since raised and fully invested its €285m fifth fund and is currently in the market with its sixth, targeting €375m.  

The business has grown by more than 10% annually since Invision's investment, according to Invision managing partner Frank Becker. It was marketed based on €11m EBITDA from €25m in revenues by M&A adviser IMAP, according to Unquote sister publication Mergermarket.

This is the seventh transaction for DBAG in its financial year, which ends at the end of September. In total, the firm has co-invested €67m in the equity of these deals, alongside DBAG VII and DBAG ECF.

Kraft & Bauer aims to expand outside of the DACH region with DBAG's support, as well as consolidate its position within the region.

Previous funding
Invision acquired a majority stake in Kraft & Bauer in 2013 as part of a succession solution. Klaus Bauer retained a minority stake alongside the GP.

Company
Kraft & Bauer provides fire safety systems for tools and machinery, including installation and servicing. The company was founded by Karl Kraft in 1969 and was taken over by Klaus Bauer after 1990. The business employs 80 people at its 13 service locations in Germany, Switzerland and Italy.

People
Deutsche Beteiligungs AG – Rolf Scheffels (management board).
Invision Private Equity – Frank Becker (managing partner).
Kraft & Bauer – Klaus Bauer (founder).

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• Topics
• Exits
• Buyouts
• DACH
• Industrials
• Germany
• Deutsche Beteiligungs AG
• Invision Private Equity AG
• Secondary buyout