DBAG exits Spheros

DBAG stated that sale proceeds equate to more than double the original investment, with a capital gain of between €15-18m. During its holding period, Spheros's revenues rose from €185m in 2011 to €245m in 2015, of which €30m is attributable to the acquisition of US-competitor ACC earlier this year.

Alongside DBAG's Fund V, other co-investors and Spheros's management also sold their interests to listed Valeo.

Previous funding
In December 2011, DBAG committed €13.9m to Spheros's MBO, acquiring 19% of the company. DBAG Fund V and Spheros's vendors – financial investors Baird Capital Partners Europe and Capcellence – as well as the company's management provided the remaining finance for the MBO. According to unquote" data, a €75m finance package was provided by an undisclosed bank.

Company
Established in 2005, Spheros develops and manufactures engine-independent heating systems, water pumps, air conditioners and bus roof hatches. The company offers premium, standard and basic products to mature Western markets and those in emerging countries. Spheros's key markets are in Europe, Latin America and North America.

The company is headquartered in Gilching, near Munich. Its six production sites are in Germany, Finland, Turkey, Brazil, China and India. Spheros has 1,045 staff.

People
Torsten Grede is a member of the DBAG board of management. Helmut Zanker is CEO of Spheros.

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