Cross Equity-backed WDM buys Midrahtec Drahtwaren

The acquisition was finanched with cash from WDM's balance sheet, debt from Oddo BHF Bank and fresh equity from the GP's second fund.

Michael Petersen, managing partner at Cross Equity Partners, told Unquote that the GP was seeking to broaden WDM's product offering via the Midrahtec deal, to incorporate Midrahtec's technology to make 3D wire mesh cases, such as those used in shopping carts.

Cross Equity acquired a majority stake in WDM in January 2018, deploying from Cross II LLP, which held its final close in August 2017 on CHF 100m. The fund is 80% deployed and will make one more investment.

WDM was founded in 1994 and has 125 employees. Michael Petersen, managing partner at Cross Equity, took a seat on the company's board following the investment.

Petersen told Unquote that the GP plans to pursue a buy-and-build strategy with WDM.

Company
Midrahtec Drahtwaren was founded in 1993 by Franz-Josef Körling and is headquartered in Leisnig, Saxony. It manufactures wire, pipes and steel goods, as well as specialised custom products, for a client base that ranges from furniture manufacturers to industrial companies.

The company has a headcount of 19 and reported revenues of $3.8m in 2018, according to Zoominfo.

People
WDM Wolfshagener Draht- und Metallverarbeitung – Ernst Hüffmeier (CEO).
Cross Equity Partners – Michael Petersen (managing partner).

Advisers
Equity - Dentons, Volker Junghanns (legal).

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

• Topics
• Expansion
• DACH
• Industrials
• Build-up
• Germany
• Cross Equity Partners AG
• Acquisition finance