Equistone sells Otto Luft- und Klimatechnik to trade

It is Equistone's 11th exit this year and the sixth from Equistone Partners Europe Fund IV, which held a final close on €1.5bn in 2013 and was 95% invested by September 2017.

The company experienced significant organic growth under Equistone's ownership, increasing its revenues by 50% to €120m and doubling its staff count to 700 people.

Engie said the acquisition strengthens its position in building services, and reinforces its design, planning and execution capabilities. The firm employs 4,000 people and generated €2.66bn in sales in 2017.

Previous funding
Equistone acquired its majority shareholding in the family-owned business (then called Munich Building Technologies Group) in 2014, with the founder's son Hartmut Otto Jr remaining invested in the business.

Company
Otto was founded in 1967 and is headquartered in Bad Berleburg, Germany. The company furnishes shopping centres, hospitals, office buildings, industrial production lines and pharmaceutical laboratories with ventilation and air-conditioning systems.

People
Equistone Partners Europe – Oskar Schilcher (senior partner); Maximilian Göppert (investment director).
Otto Luft- und Klimatechnik – Hartmut Otto (managing director).

Advisers
Equity – DC Advisory (M&A); P+P Pöllath + Partners (legal); KPMG (tax); PwC (commercial due diligence); Deloitte (financial due diligence).
Vendor – Baker Tilly (corporate finance); Göhmann (legal).

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• Topics
• Exits
• DACH
• Industrials
• Germany
• Equistone Partners Europe
• Trade sale