Capvis acquires Rena

Several plans were reviewed to rescue the company, including an insolvency plan put forward by a group of bond creditors, before the Capvis acquisition was finalised.

Capvis's investment covers all operating assets, existing orders and staff. It marks the third transaction made through Capvis's current vehicle, Capvis Equity IV. The fund closed on its hard cap of €720m in January last year, more than its €600m target.

Rena began insolvency proceedings under self-administration in March 2014 after failing to win a financing package to cover debts at subsidiary SH+E, which had filed shortly beforehand. According to reports, Rena's foreign operations were unaffected. Restructuring firm Wellensiek was appointed to support the company's efforts.

Company
Headquartered in Gütenbach, Rena supplies production equipment for wet chemical surface treatment. Its products are used in the renewable energy, medical and electronics sectors, focusing on the treatment of surfaces such as solar cells, semiconductor wafers and dental and optical implants.

Rena generated revenues of €305m in 2012, with an EBITDA of €45.8m. It has a further two locations in Germany, as well as operations in China, Korea, the US, Poland, Singapore and India. The company was founded in 1993 and has 2,166 employees.

People
Jürgen Gutekunst, Thomas Oberle and Jan von Schuckmann are managing directors at Rena.

Advisers
Company - Roland Berger, Gerd Sievers, Oliver Räuscher, Thoms Jepsen, Christoph Burckhart, Martin Moritz (Corporate finance).

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• Capvis AG