Perusa to exit Müpro in SBO to IK

Ero Partsakoulaki
24 May 2022

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German private equity firm Perusa has agreed to sell portfolio company Müpro, an industrial fixings supplier, to IK Partners; the company’s management will reinvest with a minority stake.

Under the new owner, Müpro will aim to grow its footprint in existing markets, continue its journey of digitisation, expand into adjacent geographies and drive market consolidation, according to a press release. The company will continue to be led by CEO Wolfgang Gödel and his team.

Unquote's sister publication Mergermarket reported in December that the William Blair-led sale of Müpro was prompted by inbound enquiries, while strategics and trade buyers showed an interest in the asset as well. The company, which designs, manufactures and distributes fixing technology, vibration control and fire protection products, was expected to generate around EUR 120m revenue and EUR 20m EBITDA this year, a slight upgrade from the previous forecast.

Müpro is active in a growing market driven by the need for investment and the upgrading of sanitary, heating, ventilation and air conditioning applications installations to increase energy efficiency and improve building-related decarbonisation, according to the press release.

IK is deploying capital from its IK IX Fund which held a final close on its EUR 2.85bn hard-cap in May 2020, according to Unquote Data. The vehicle invests in middle-market companies in Northern Continental Europe (Benelux, DACH, France and Nordic region) with an enterprise value of between EUR 100-EUR 500m, deploying equity of EUR 50m- EUR 150m in approximately 18 companies. Sector-wise, it focuses on engineered products, consumer/food, business services and healthcare. It has a five-year holding period per portfolio company.

Persua held Müpro in Perusa Partners Fund II, which held its first and final close in November 2011 on EUR 207m. The fund has a ten-year lifespan with the option to extend to 14 years and is focused on lower mid-market buyouts of companies with a turnover ranging from EUR 30-EUR 500m.

Company
Founded in 1964 and headquartered in Wiesbaden, Germany, Müpro produces high-quality fixing and sound insulation systems. It has a comprehensive and modular product portfolio complying with requirements including, noise reduction, fire protection and corrosion resistance. The MÜPRO corporate group is represented internationally with seven branches in Germany, 12 international subsidiaries and more than 20 international sales partners. The company has over 460 employees serving over 12,000 customers ranging from small local installers to large installers who manage complex construction projects. It has a strong presence in its key markets, namely Germany, Benelux and France while also growing its presence in other European markets as well as India and the Middle East.

People
IK Partners – Anders Petersson (managing Partner and adviser).
Müpro – Wolfgang Gödel (CEO).
Perusa Partners – Christian Hollenberg (managing director).

Advisers
Acquirer – S&B Strategy (CDD); 8Advisory (FDD); Renzenbrink (legal & tax); PwC (ESG); MCF (corporate finance).
Vendor – William Blair (corporate finance).