Capiton buys majority stake in Kutterer Mauer

Klaus Mauer and members of the management team are investing alongside Capiton.

The GP is deploying equity via Capiton VI, which has a EUR 550m target and is expected to reach a final close shortly, as reported.

In addition to its equity investment, Capiton said in a statement that additional funds have been reserved for organic and inorganic growth initiatives. The GP intends to support the company in its development of its product portfolio and geographical presence.

Kutterer Mauer will be the sixth platform deal from the fund, which made its first deal in July 2020, acquiring generic pharmaceuticals producer MIP Pharma (formerly CNP Group).

The deal announcement comes one month after Capiton raised a top-up single asset fund for KD Pharma in July 2021, as reported.

Company
Kutterer Mauer AG was formed in July 2008 via the merger of Kutterer Kunststofftechnik and Mauer. The company produces cap and closure fastenings for the cosmetics, food and pharmaceutical industries. Its products include flip tops, caps for aluminium, plastic or laminate tubes, as well as nozzles and closures for jars.

The company generated revenues of EUR 81.6m and EBITDA of EUR 10.4m in the 2019/20 financial year, versus turnover of EUR 74.7m and EBITDA of EUR 6.3m in the previous year, according to its latest publicly available accounts. Kutterer Mauer is headquartered in Karlsruhe and has six manufacturing sites in Germany, Austria, Poland and the US and employs more than 450 staff.

People
Kutterer Mauer – Susanne Kutterer-Schacht, Klaus Mauer (board chairmen).
Capiton – Roumyana Schnettler (partner); Frank-Markus Winkler (managing partner); Alexander Graat (investment director); Martin Gwashavanhu (analyst).

Advisers
Equity – RSM (financial due diligence); EY (tax); Clifford Chance (legal); Lupp & Partner (legal); Allen & Overy (legal); Roland Berger (commercial due diligence); KPMG (debt advisory); Willis Towers Watson (insurance); ERM (environmental due diligence); Tauw (ESG due diligence).

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