Equistone sells Oikos to Goldman Sachs

Goldman Sachs is investing via West Street Capital Partners VIII, which was launched in February 2020 and held an interim close in November 2020 on $1.85bn. The fund has a target of $8bn. Its predecessor vehicle closed in August 2018 on $7.24m. Goldman Sachs' private equity strategy is to make minimum investments of $50m, but can invest more than $800m.

The GP intends to support Oikos's growth plans, Goldman Sachs said in a statement.

Equistone acquired a majority stake in Oikos (then known as Fertighaus Gruppe) from Adcuram in January 2018. The deal valued the company at around €250m, according to Unquote Data. RBI and Unicredit provided a senior debt package of around €140m to back the acquisition.

The GP invested in Oikos via Equistone Partners Europe Fund V, which held a final close in April 2015 on €2bn. The fund made equity investment of €50-300m.

Unquote sister publication Mergermarket reported in December 2020 that Equistone had begun the sale process for Oikos. The company reports EBITDA of €50m, three sources told Mergermarket.

Previous funding
Adcuram formed Fertighaus Gruppe in 2013 via the take-private of Bien-Zenker. The company acquired market peer Hanse Haus in 2014. The company's revenues increased from €200m in 2014 to €300m in 2017 under Adcuram's ownership. It was marketed by Adcuram during its sale process based on projected 2017 EBITDA of €30m.

The business was subsequently rebranded as Oikos Group under Equistone's ownership, during which it acquired Living House.

Company
The Oikos group comprises three home-building brands: Bien-Zenker, Hanse Haus and Living House. Bien-Zenker was founded in 1906 and is based in Schlüchtern, while Hanse Haus was founded in 1929 and is headquartered in Oberleichtersbach. Oikos operates in the DACH region and the UK. The company employs around 1,300 staff and generated revenues of more than €400m in 2020.

People
Oikos Group – Marco Hammer (CEO).
Equistone Partners Europe – Stefan Maser (partner); David Zahnd (director); Tanja Berg (investment director).
Goldman Sachs – Mike Ebeling (managing director).

Advisers
Vendor – Alantra (M&A, debt); Boston Consulting Group (commercial due diligence); EY (financial due diligence, tax); Latham & Watkins (legal); ERM (environmental due diligence).
Equity – Goldman Sachs Investment Banking Division (M&A); Roland Berger (commercial due diligence); Deloitte (financial due diligence); EY (tax); Freshfields Bruckhaus Deringer (legal); Allen & Overy (legal); Herter & Co (debt advisory); ERM (environmental due diligence); Aon (insurance due diligence); Arup (technology due diligence); CBRE (technology due diligence).

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• Topics
• Buyouts
• Exits
• DACH
• Consumer
• Germany
• Secondary buyout
• Goldman Sachs
• Equistone Partners Europe