Bridgepoint sells AHT Cooling Systems to trade

Bridgepoint acquired the business for an enterprise value of €585m in 2013, drawing equity from its €4.8bn buyout fund Bridgepoint Europe IV. The vehicle was fully deployed by the end of December 2017 and has 11 assets remaining after the realisation of AHT, Unquote understands.

The GP said it invested €70m in the business over the past three years in order to develop new products, expand the manufacturing facility in Austria and set up new sites in Brazil and the US.

AHT reported a 12% compound annual growth rate over the past 10 years and generated sales of €481m in 2017.

Previous funding
Quadriga took AHT (then Austria Haustechnik AG) private for €60m in October 2003, drawing equity from its second fund.

The GP sold the firm to HQ Equita in December 2004 and then bought it back in January 2007, using its third fund. Partners Group co-invested in the transaction for a minority stake.

Bridgepoint acquired AHT from Quadriga and Partners Group in September 2013, resulting in a 25% IRR for Partners Group.

Company
Founded in 1983 and based in Rottenmann, Austria AHT manufactures plug-in refrigeration equipment for food retailers worldwide. The company has an installed base of over one million units.

People
Bridgepoint – Marc Zugel (partner).
AHT Cooling Systems – Frank Elsen (CEO).
Daikin Europe – Masatsugu Minaka (president).

Advisers
Equity – JP Morgan (M&A); PwC (financial due diligence; tax); Freshfields (legal).

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