Avedon's SLF acquires STI Bearings

Founder and CEO Ralf Teufert will remain in his role during a transition period, Avedon said in a statement, and will gradually reduce his operational responsibilities over time.

The acquisition aims to expand the group's product portfolio, sourcing network and international presence. The acquisition is expected in particular to allow SLF to gain automotive original equipment manufacturer customers.

SLF is already a customer of STI Bearings and the deal came about via a proprietary introduction through SLF's founder.

The add-on was financed via both equity and debt.

Avedon acquired a majority stake in SLF in January 2019, in a buyout backed by a €53m senior debt package from Muzinich & Co. The GP deployed equity via Avedon Growth Capital III, which held a final close in October 2017 on €300m.

Avedon is currently on the road for its fourth fund, which held a first close in August 2020 on €500m. The fund has a hard-cap of €575m.

Company
Founded in 1995, STI Bearings produces ball bearings and rollers used in industrial machinery and processes. Its clients include businesses in the medical equipment, aviation and automotive sectors. The company is based in Wackersdorf and has 21 employees.

People
Avedon Capital Partners – Alexis Weege (partner).
Spindel- und Lagerungstechnik Fraureuth – Michael Ludwig (CEO).
STI Bearings – Ralf Teufert (CEO).

Advisers
Acquirer – Mayer Brown (legal); Deloitte (financial due diligence, tax).

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• Topics
• Expansion
• DACH
• Industrials
• Build-up
• Acquisition finance
• Germany
• Avedon Capital Partners