STAR buys ThyssenKrupp's marine systems business

Blohm & Voss's management will stay in place, led by CEO Herbert Aly. The all-equity deal was STAR's initiative, as it fits with the firm's strategic objectives and its activity in Germany. The value is estimated to be around $150m.

The transaction is subject to approval by the relevant regulatory authorities and is expected to be completed in Q1 2012.

Company
The acquired business consists of the non-military parts of ThyssenKrupp Marine Systems, including Blohm & Voss Industries, Blohm & Voss Repair, Blohm & Voss Oil Tools and Blohm & Voss Shipyards. The product and service range includes marine components, repair and conversion, oil and gas pipe handling equipment, and luxury yacht building.

The company's annual revenue amounts to €400m. It employs more than 1,500 people, most of which are based in its Hamburg headquarters. Blohm & Voss was founded in 1877.

People
Ernst von Freyberg, who worked on the deal on behalf of STAR, will join the board of Blohm & Voss as non-executive chairman.

Advisers
Equity – SJ Berwin (Legal); DC Advisory Partners (Corporate finance).
Company – Freshfields (Legal); Perella Weinberg Partners (Corporate finance).

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• Topics
• Industrials
• DACH
• Buyouts
• Germany
• STAR Capital Partners
• SJ Berwin
• Freshfields Bruckhaus Deringer