DBAG buys majority stake in R+S Group

The transaction is subject to financial availability and competition authority approval, and is expected to close in April 2021.

The GP is investing €15m via its balance sheet, through which the GP is able to make long-term investments that are not restricted by fund lifecycles. The firm acquires minority stakes in fast-growing companies or majority stakes in companies that are facing operational challenges, it said in a statement.

R+S Group’s management will acquire a stake in the company. Previous shareholder Haspa Beteiligungsgesellschaft für den Mittelstand, which invested in the company in 2010, will retain a minority stake in the business.

The investment is intended to strengthen R+S’s equity position and to support its growth, DBAG said in a statement.

DBAG made its first acquisition in its long-term strategy in September 2020, acquiring a minority stake in smart meter business Hausheld.

In addition to its balance-sheet investments, DBAG is also currently deploying equity via DBAG Fund VIII which held a final close in May 2020 on more than €1.1bn.

Company
R+S Group is an electrical engineering company that serves both electrical installers and end consumers, focusing on electrical system construction, energy technology, and ventilation systems. R+S Group serves companies in the building services, marine and industrial technology sectors. The company’s client base also comprises personnel, IT services and trade businesses. R+S operates via two brands: Newa and R+S Solutions Group.

Founded in 1988 and headquartered in Fulda, R+S Group has 3,000 employees in 30 sites in Germany. It generated revenues of €360m in 2020.

People
Deutsche Beteiligungs AG – Jannick Hunecke (member of the board of management).
R+S Group – Ralph Burkhardt (CEO).

Advisers
Equity – Noerr, Georg Schneider, Robert Korndörfer (legal); Aurel Vest, Thomas Maetzel (operational due diligence); Deloitte, Ines Berger, Christina Bohl (financial due diligence); KPMG, Matthias Hogh (tax).
Vendor – BRL, Thilo Rhode (legal); Clearwater, Markus Otto, Maximilian Hammers (M&A); Albert Höyng Beratun, Albert Höyng (insurance and risk due diligence); Linklaters, Jann Jetter (legal); Gleiss Lutz, Eike Bicker (legal); ERM, Florian Dirner, Jens Wrabel (environmental due diligence); Roland Berger, Sven Kleindienst (commercial due diligence); Deloitte, Matthias Mennel Klingspor, Matthias Müller (commercial due diligence); Digatus (IT due diligence); KWM, Tilman Siebert (legal).

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• Deutsche Beteiligungs AG