Ardian buys Saal Digital

Nordwind and the Saal family have both re-invested to retain a substantial stake in the business.

Florian Stellwag and Robin Saal will continue to head business development alongside Reinhard Saal and Tim Saal.

Operating cash flow for 2017 was €15.7m up from €13.1m in the previous year while revenues grew from €27.1m to €29m in the same period, according to the company's most recent accounts.

The company plans to expand its business activities within the DACH region as well as across Europe with Ardian's support.

Debt
Quarton International acted as debt advisor to Ardian, which obtained acquisition financing from Capza and Investec.

Company
Saal Digital was founded in 2012 and is headquartered in Siegen. It makes high-end photo products such as photo books and wall prints and ships them across Europe. It employs 160 people.

People
Ardian – Marx Abadir, Dirk Wittneben (directors); Yannic Metzger (senior investment managers); Nicolas Münzer (investment manager); Marlon Sandvoss (analyst).
Saal Digital – Florian Stellwag (member of the managing board).

Advisers
Equity – White & Case, Stefan Koch, Tomislav Vrabex (legal); Wilkie, Farr & Gallagher, Jan Wilms (legal); Taxess, Gerald Thomas, Richard Schäfer (tax due diligence); Quarton International, Marco Schunder (debt advisory); EY Parthenon, Henrik Walter (commercial due diligence); EY, Ulrich Gold (financial due diligence).

Company – GCA Altium (corporate finance).

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• Topics
• Buyouts
• Exits
• DACH
• Consumer
• Germany
• Secondary buyout
• Ardian (formerly Axa PE)
• Nordwind Capital