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Unquote
  • Buyouts

DPE acquires Mehler Vario System

  • Harriet Matthews
  • Harriet Matthews
  • 09 September 2020
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Deutsche Private Equity (DPE) has acquired a majority stake in Germany-based bulletproof vest and protective systems manufacturer Mehler Vario System from Munich-based industrial holding firm Armira.

The company's CEO, Siegfried Will, as well as CFO and chief operating officer Mario Amschilnger, will remain in their management roles.

Unquote sister publication Debtwire reported in March 2020 that sell-side adviser Baird had circulated teasers to start the sale process for Mehler. Later, in March 2020, Debtwire reported that the sale was on hold amid coronavirus uncertainty, although the business was considered resilient to the pandemic, in part due to its revenues from long-term contracts. However, the report noted there were concerns about variations in revenues and potential ESG risks.

Mehler Vario System

  • DEAL:

    Buyout

  • LOCATION:

    Fulda

  • SECTOR:

    Defence

  • FOUNDED:

    1949

  • TURNOVER:

    €100m

  • EBITDA:

    €25-27m (est)

  • STAFF:

    600

  • VENDOR:

    Armira

The business was marketed to potential buyers based on EBITDA of €25-27m, according to Debtwire.

In August 2020, Unquote sister publication Mergermarket reported that Chequers Capital and DPE were in the final round for the sale process, which had previously seen interest from Deutsche Beteiligungs AG.

Previous owner Armira had acquired Mehler in 2014. Under Armira's ownership, the firm acquired Lindenhof-TakTik and Uni & Forma to expand its product portfolio.

DPE invested in Mehler via DPE Deutschland III, which held a final close in January 2017 on €575m and deploys equity tickets of €20-60m. Prior to Mehler, the vehicle made its latest investment in construction equipment producer B Plus L in July 2020.

The deal announcement comes one day after DPE announced the first and final close of its largest vehicle yet, DPE Deutschland IV on €1bn. The fund will continue to focus on DACH-based Mittelstand businesses.

Company
Mehler Vario System produces bulletproof vests and protection systems such as shields and helmets, supplying public bodies such as police forces and the military. Based in Fulda, the company operates five locations across Germany, Serbia and Slovenia. It generated revenues of €55.2m in 2018, compared with €91.6m in 2017, according to its annual filings. It currently reports revenues of €100m, according to a statement, and employs 600 people.

People
Deutsche Private Equity
– Nils Bennemann (director).
Mehler Vario System
– Siegfried Will (CEO); Mario Amschlinger (chief operating officer, CFO).

Advisers
Equity
– Clifford Chance (legal); P+P Pöllath + Partners (legal); Alvarez & Marsal (financial due diligence); FSG (tax); Codex (commercial due diligence); Tauw (ESG due diligence); DC Advisory (debt).
Vendor
 – Baird (corporate finance).

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