
Accursia, Navigator buy Body Panel Göppingen
Accursia Capital and Navigator Capital have bought Schuler Pressen's die construction unit Body Panel Göppingen via a corporate carve-out.
The carve-out will result in the creation of a new legal entity under the GPs' ownership, which will be named Cartec Tooling. The deal is expected to close on 28 February 2020.
Schuler aims to focus on its core business following the carve-out. Due to a lack of synergy between the client bases of Body Panel Göppingen and the Schuler group, the company began looking for a buyer. The sale process began in June 2019. Strategic buyers and sponsor-backed buyers were considered.
Both GPs specialise in special situations investments. Accursia and Navigator previously teamed up to acquire Rath Werkzeugbau in December 2018. The firms aim to pursue a buy-and-build strategy within the automotive tools manufacturing space under the umbrella company Deutsche Werkzeugbau. The GPs aim to make further acquisitions in future.
Company
Body Panel Göppingen manufactures tools for the production of car body panels and employs 200 staff. The business has operations in Göppingen and Weingarten and was formerly part of Schuler Pressen, which was founded in 1839. Schuler reported a 2018 EBITDA of €71.5m, compared with €141.4m in 2017.
People
Deutsche Werkzeugbau – Jochen Brinkmann (managing director).
Schuler Pressen – Domenico Iacovelli (CEO).
Accursia Capital – Martin Scheiblegger (partner, managing director).
Advisers
Vendor – Imap, Burkhard Weber, Christoph Gluschke, Ulrich Keesen, Luis Frey (M&A); Grant Thornton (financial due diligence); CMS, Maximilian Grub, Barbara Wössner (legal).
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