Finatem acquires WST

Carmen Reichman
11 July 2012

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Finatem Beteiligungsgesellschaft has acquired a majority stake in WST Präzisionstechnik, a specialised manufacturer of precision parts, as part of an MBO from the company's private owners.

The deal – the third from Finatem's third fund – was initiated by WST's financial advisers, Warth & Klein Grant Thornton, who were looking for a successor to the company's owners. Finatem convinced vendors with its track-record in the sector, which includes last year's acquisition of Herzog.

The vendors, Sabine and Georg Willmann, remain minority shareholders and managing directors of the business. The funds will be used to finance organic growth.

Debt
Debt was provided by WST's existing lenders which include Volksbank Villingen, Commerzbank and BW Bank.

Company
The company is based in Löffingen, where it was founded in 1993. It manufactures high-end, ready-to-mount precision turned and milled parts. It serves customers in the automotive, drive technology, hydraulics and mechanical engineering sectors. WST generates around €40m in annual revenues and employs 230 staff.

People
Daniel Kartje, Christoph Jorns and Christophe Hemmerle led the transaction for Finatem.

Advisers
Equity – Otto Mittag Fontane, Thomas Hofacker (Legal); PricewaterhouseCoopers, Ralph Niederdrenk, Ralf Braunagel (Commercial due diligence, tax); AC Christes, Dirk Brandt (Financial due diligence); URS, Jan Lehmann (Environmental due diligence); Morgan Lewis, Nils Rahlf (Legal); AoN, Thomas Holle (Insurance due diligence);
Vendor – Warth & Klein Grant Thornton, Kai Bartels, Gerrit Lienau (M&A); Behrens Dostal, Martin Behrens (Legal).