Ardian completes tertiary buyout of d&b Audiotechnik

Mikkel Stern-Peltz
29 February 2016

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Ardian has acquired German audio equipment manufacturer d&b Audiotechnik in a secondary buyout from Odewald & Compagnie and Cobepa.

The GP drew equity from its €2.8bn Ardian LBO Fund V for the deal, which saw d&b's management team take a minority stake in the company.

Following the buyout, the Backnang-based business plans to boost its market share in the Asia-Pacific, South America and North America regions.

The deal, which is the 13th made through Ardian LBO Fund V, is still subject to regulatory approval.

Previous funding
Ardian will become the fourth private equity owner of d&b. The company first took on private capital in November 2007, when Afinum Management acquired the company from its founders and other shareholders.

In March 2011, German mid-market outfit Odewald completed the secondary buyout of d&b from Afinum. Cobepa joined as co-investor in October 2011, acquiring a 32.7% stake in d&b.

Company
Founded in 1981, d&b is a manufacturer of audio equipment such as speakers and amplifiers for professional and high-end use.

Its products include sound systems for mobile and permanent installations, across stadiums, concert halls and theatres.

Headquartered in Backnang, d&b had revenues of €94m in 2015 and employs a staff of 350.

People
Ardian – Wolfgang Pietzsch (managing director); Fabian Wagener (director); Stefan Kappis (investment manager).
d&b Audiotechnik – Amnon Harman (CEO).

Advisers
Equity – PwC (financial due diligence); Goetzpartners Management Consultants (commercial due diligence); Milbank (legal); Tweed Hadley & McCloy (legal); Taxess (tax); Willis Towers Watson (insurance due diligence); Golder Associates (environmental due diligence); Altium (M&A); Herter & Co (debt advisory).
Vendor – EY (financial due diligence, tax); AT Kearney (commercial due diligence); Hogan Lovells (legal); Macquarie (M&A).