DBAG partially realises investment in Pfaudler

GMM Pfaudler announced its intention to acquire a majority stake in Pfaudler in August 2020, alongside the Patel family, its second-largest shareholder after DBAG.

DBAG previously owned a stake of around 50% in GMM Pfaudler, which is listed in India. On 23 and 24 September 2020, 16% of the GMM Pfaudler shares held by DBAG and its sixth fund were placed.

DBAG will continue to own a stake of 33% in GMM Pfaudler, with around 6% held directly.

DBAG acquired a majority stake in Pfaudler in December 2014 in an MBO via its sixth fund, which held a final close in August 2012 on €700m. The GP invested €13.3m in equity from its balance sheet and made a total equity investment of €70.2m, according to its website.

The share placement generated cash proceeds of around €8m to DBAG, the GP said in a statement.

During the investment period, DBAG assisted the company with the modernisation of its production sites and announced the reorganisation of the group's structure in August 2020, which aimed to improve its international operations. The group has also made five add-on acquisitions since DBAG's investment. DBAG provided €42m in equity for Pfaudler and former portfolio company Proxes in July 2015 to finance add-on acquisitions.

Company
Pfaudler manufactures glass-lined vessels and glass-lined components for use in the chemicals and pharmaceuticals industries. The business is headquartered in Schwetzingen and also has subsidiaries in South America, Europe, China and Asia. Founded in 1884, Pfaudler reported revenues of €281m in 2019 and employs 1,539 staff. It generated revenues of €160m at the time of DBAG's investment in 2014.

People
Deutsche Beteiligungs AG – Tom Alzin (managing director).
Pfaudler – Thomas Kehl (CEO).

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