Afinum acquires SanderStrothmannn

Managing directors Sabrina Berghaus and Stefan Vogels invested in the buyout alongside Afinum, the GP said in a statement. Founders Michael Sander and Rene Strothmann will take on roles as strategic advisers to the company.

Unquote sister publication Mergermarket reported in October 2020 that the sale of SanderStrothmann, led by CNX Transaction Partners, was entering its final stages. The business was marketed to potential buyers based on EBITDA of €12-13m.

Afinum intends to strengthen SanderStrothmann's position in its current markets, as well as expand into new geographies. The GP also aims to assist the business with the expansion of its product and customer portfolios.

The deal is the 11th platform investment from Afinum Achte Beteiligungsgesellschaft. The vehicle generally deploys equity tickets of €20-50m and intends to make 12-14 investments in total, according to Unquote Data. The fund generally focuses on industrial technology companies in the DACH region.

Debt to back the buyout was arranged by a banking consortium. BayernLB was the lead arranger, with Credit Suisse and Deutsche Bank also backing the deal.

Company
Founded in 2000, SanderStrothmann is a CDMO that assists companies with the development of products for the cosmetics and healthcare sectors. The company provides services including product and formulation development, design and packaging, regulatory compliance and quality management. The company acquired market peer Compres in 2019. SanderStrothmann is headquartered in Georgsmarienhütte and employs 160 people.

People
Afinum – Elias Tuerk (investment director).
SanderStrothmann – Sabrina Berghaus, Stefan Vogels (managing directors).

Advisers
Vendor – CNS Transaction Partners (M&A).
Equity – PwC (commercial due diligence); KPMG (financial due diligence, tax); CMS (legal); ERM (environmental due diligence); Goetzpartners (debt advisory).

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• Topics
• Buyouts
• DACH
• Industrials
• Germany
• Afinum