Capcellence-backed Argo-Hytos to be sold to Voith

Voith, a machinery manufacturer for paper, hydropower, and drive and braking systems, is buying 79.5% of the company’s shares, according to a statement.

Previous owners Christian Kienzle and Capcellence will remain minority investors.

Argo-Hytos will continue as an independent brand following the transaction, according to the statement.

“By combining the competencies and resources of Argo-Hytos and Voith, we want to offer our customers significant added value,” Erich Hofer, CEO of Argo-Hytos, said in a statement. “Our primary focus is on the joint development of customer solutions in the megatrend areas of electrification, digitalisation, and sustainability.”

Previous majority shareholder Kienzle family and Capcellence appointed Lincoln International late last year to consider options for the Baar-based company, according to Mergermarket. The business was marketed off EUR 20m-EUR 30m EBITDA in the sale process.

The sale was expected to draw in strategic interest in the asset on the back of transactions including industrial pumps specialist Seepex, which was sold to US-based compressor and pumps manufacturer Ingersoll Rand for EUR 431.5m last year.

Capcellence acquired its minority stake in Argo-Hytos in 2016 for an undisclosed sum. The company had 1,275 employees at 17 facilities worldwide and reported revenues of EUR 130m at the time.

Company
Based in Baar, Switzerland, the company develops and produces components for hydraulics and system solutions with a focus on the off-highway sector (agricultural tractors, construction equipment, and material handling vehicles).

People
Argo-Hytos – Erich Hofer (CEO).
Capcellence – Spyros Chaveles (managing partner).

Advisor
Vendor – Lincoln (M&A).

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