Steadfast acquires Kempf

Steadfast has taken a majority stake and will work with the current management team to support international expansion and strategic development.

The next generation of the Kempf family will manage the company, and have retained a stake in it. The family hired Interfinanz to sell the asset in a limited auction process, Unquote understands.

Steadfast used funds from its Steadfast Capital Fund IV fund, which held a final close on €297m in January 2019. The fund invests in companies with enterprise values of between €20-150m that it can expand using buy-and-build strategies. It uses modest leverage of 3-4x EBITDA.

Debt financing was provided by DZ Bank, Nationalbank Essen and NordLB.

Company
Founded in 1950 by Walter Kempf, the company manufactures customised lorry semitrailers with tilt mechanisms. Kempf vehicles are used in construction, agriculture and special logistics. The company offers products such as dump trucks and trailers, tipping semi-trailers, beverage semi-trailers, sliding floor systems and other types of special vehicles.

Kempf is headquartered in Bad Marienberg. It operates a production plant in Poland, with subsidiary Kempf Reparatur in Nisterau. The company generates revenues of €80m and has an EBITDA margin in the mid-teens, Unquote understands.

People
Steadfast Capital – Nick Money-Kyrle (managing partner); Marco Bernecker (managing partner).

Advisers
Vendor – Interfinanz (corporate finance).

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