Lindsay Goldberg sells VDM to Acerinox for €532m

Acerinox will pay €310m in cash and take on €57m in debt, plus €165m in the form of pensions and other liabilities. It plans to use the company to expand into new markets and sectors.

The deal is expected to be approved in Q1 2020.

A source familiar with the situation said the company's EBITDA rose from €40m in 2014/15) to €100m in 2018/19 during the investment period.

Lindsay Goldberg acquired VDM from ThyssenKrupp in April 2015, with a reported deal value of €500m. VDM made losses as part of ThyssenKrupp and the GP aimed to support the company's restructuring strategy during the investment period.

Under the GP's ownership, VDM invested in a new atomisation line and a strip annealing line, closed its loss-making titanium division, built up a new sales organisation and grew its R&D activities.

The GP realised an undisclosed amount of equity during the investment period.

Lindsay Goldberg Vogel attempted to exit the group in April 2018, via a trade sale to Aperam, but the deal was terminated after it failed to gain approval from the European Commission in December 2018.

Company
VDM produces a range of alloy metals and products, including stainless steel products, which it supplies to industries ranging from the medical sector to the oil & gas market. It is headquartered in Werdohl and has manufacturing plants in Germany (Altena, Siegen, Unna, Werdohl) and the US (Florham Park, New Jersey, and Reno, Nevada).

The company has more than 1,900 employees. In 2018/19, the company recorded sales of €1.1bn.

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

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