Odewald divests Oystar to IMA Group

The business is valued at more than 8x the 2014 EBITDA, while the enterprise value of the company is €110m.

IMA acquired an 80% stake in the five operational units which currently form the Oystar Group – Benhil, Erca, Hassia, Hamba and Gasti. IMA formed the IMA Dairy&Food Holding to complete the transaction. Lin, a holding company owned by Odewald, will keep the remaining 20% stake in Oystar.

Previous funding
In May 2007, Odewald acquired the packaging division of the IWKA Group for €255m, via its €610m Odewald & Compagnie III fund. The company's enterprise value was estimated to stand at €238m, while the remainder was for the purchase of property belonging to the division.

Dresdner Kleinwort provided a full-range debt package amounting to €235m, according to unquote" data. Around 68% of the transaction value, or €160m, was in the form of acquisition debt. Leverage was around 5.3x the company's 2006 EBITDA, of which 4.2x was senior debt.

Company
Karlsruhe-headquartered Oystar designs, manufactures and markets machines, lines and systems for packaging products for the dairy and food industry. It has production facilities in Germany, France, Spain and India and employs 850 people.

The new group is targeting revenues of €185m and EBITDA of €15m in 2015.

Founded in 1961, IMA designs and manufactures processing and packaging machines for the pharmaceutical, cosmetic, beverage and food industries.

People
Alberto Vacchi is chairman and CEO of IMA. Torsten Krumm is a partner at Odewald.

Advisers
Equity – Poggi & Associati (Legal); EY (Corporate finance); White & Case (Legal); N+1 (Corporate finance).
Vendor – Commerzbank (M&A); Skadden Arps (Legal).

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