Aurelius exits German blown film maker Hammerl to trade

Financial details of the transaction were not disclosed, although the sale price is at a premium to the most recently reported NAV, according to a press release.

During the sponsor’s holding period, Hammerl’s corporate strategy was revised, with a focus placed on the core products and with substantial capital expenditure on acquiring machinery, according to the statement. The goal was to strengthen existing customer groups, open new business fields in the future, and expand the business abroad.

Previously known as Reuss-Seifert & Hammerl, the company was acquired by Aurelius in 2015. The entity also manufactured spaces made of plastic, steel, and concrete for the construction industry, according to a statement then. It generated around EUR 60m in revenue in 2014, according to the statement.

The order backlog for the Baden-Württemberg-based manufacturer more than quadrupled in the first half of 2021, compared to the comparable year-ago period, due in part to hoarding effects as availability of plastic products became limited and production capabilities slowdown, and continuing supply chain disruptions, according to Aurelius’ 2021 annual report.

However, the company’s profits were squeezed by extreme commodity price increases in the shortest time. The implementation of higher selling prices offset the cost increases in the second half of the year, which clearly had a positive effect on the company’s earnings. The high order backlog was worked off and delivery times were shorted to normal levels by the end of the year, the report added.

Aurelius is currently investing in its European Opportunities IV vehicle, which raised EUR 360m last April. The fund investments are made in the UK and European mid-market companies, focusing on corporate carve-outs.

Company
Founded in 1956, Hammerl supplies products to civil engineering, building construction/construction, renovation, gardening, and landscaping markets. Hammerl manufactures products that consist of construction films, special films, dimpled mats, and vapour barrier films.

Advisors
Vendor – Clearwater International (M&A); Gütt Olk Feldhaus und Wagensonner (Legal M&A)

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• Topics
• Exits
• DACH
• Industrials
• Aurelius Equity Opportunities
• Trade sale
• Germany