Halder exits VAG Armaturen

Halder did not disclose details of its investment return on this transaction.

Previous funding
In 2008, Halder took over VAG-Armaturen from Equita in a secondary buyout. A consortium led by LBBW provided the debt facility for the deal and the management acquired a 13.5% stake. Since then, the share of international revenues has risen from 56% to 65%.

During the holding, €38m was invested to modernise facilities in Germany and the Czech Republic. As part of the expansion process, two new production sites in China and India were established, in order to meet increasing demand for water supply solutions in Asia.

Company
VAG-Armaturen emerged from Bopp & Reuter, which was founded in 1872. In 1990, the company became part of the IWKA group. The business designs, produces and distributes industrial valves and fittings for the water supply and waste water industry. The products are used in the sourcing, distribution, storage and supply of fresh and waste water. Currently VAG employs about 1,200 people operating on its four production sites in Germany, the Czech Republic, India and China as well as 17 distribution facilities. In the last 12 months, VAG had a turnover of about €140m.

People
Paul De Ridder and Mathias Fackelmeyer worked on the exit for Halder.

Advisers
Vendor – White & Case, Andreas Stilchen, Dr Philipp Graf von Durckheim, Dr Tim Arndt, Ingrid Knollmeyer, Dr Bernd Nelißen, Daniel Levin, Ole Mückenberger, Dr Börries Ahrens, Dr Jochen Baier, Lien De Brouckere, Thorsten Winkler (Legal).
Buyer – Baker & McKenzie, Dr Florian Kästle, Andrea Ziegler, Dr Christian Reichel, Dr Dorothée Stracke, Hagen Köckeritz, Dr Oliver Socher, Christian Horstkotte (Legal); Dr Michael Fammler, Wojciech Kreft (IP due diligence).
Company – Willkie Farr & Gallagher, Mario Schmidt, Rolf Huenermann (Corporate finance); P+P Pöllath + Partners, Dr Benedikt Hohaus (Legal).
Debt – Latham & Watkins, Christian Jahn, Stephanie Aschenbrenner (Legal).

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• Topics
• DACH
• Exits
• Industrials
• Germany
• Latham & Watkins
• P+P Pöllath + Partners