Egeria sells Jet to trade

The sale ends a four-year holding period for Egeria, which acquired Jet via its fourth fund for an enterprise value in the region of €200m.

Velux steps up its expansion into non-residential building materials via the acquisition. It began its expansion into this segment in 2012 when it launched the Velux Modular Skylight System (VMS). Jet will be integrated with the VMS division to create a new commercial arm.

Velux said it already has a strong presence in the architectural glazing segment, while Jet is more focused on the industrial flat roof segment.

Under Egeria's ownership, Jet has doubled its headcount from 400 to 800 and increased revenues from €130m in 2013 to €160m in 2017.

Previous funding
Turnaround firm H2 Equity carved Jet out from construction conglomerate CRH in 2011. Egeria backed the secondary buyout in 2014 from Egeria Private Equity Fund IV, a €600m vehicle that held a final close in December 2012.

Company
Jet was founded in 1970 and is headquartered in Hüllhorst, Germany. The company designs, installs and maintains modular systems for flat roofs. This includes natural light sources, air ventilation, and smoke and heat exhaust outlets. The firm employs 800 people at six production sites in four countries.

People
Egeria Private Equity – Mark Wetzels (partner).
Velux – David Briggs (CEO).

Advisers
Equity – Houlihan Lokey (corporate finance); Allen & Overy (legal).
Acquirer – EY Corporate Finance (corporate finance); Dentons (legal).

• Tweet  
• Facebook  
• LinkedIn  
• Google plus  
• Send to  

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