Afinum invests in Schlote

The deal marks the last investment for Afinum's AF Eigenkapitalfonds für deutschen Mittelstand vehicle, which aimed to support the growth and expansion strategies of German small and mid-cap companies.

The vehicle reached final close on €210m in April 2011. Afinum has no immediate plans for a new growth fund. The GP stated it will focus on investing its latest buyout fund, Afinum Siebte Beteiligungsgesellschaft, which closed on €280m in April 2013, surpassing its €250m target.

Afinum provided unleveraged capital for Schlote in exchange for a minority stake, aiming to remain invested for four to six years. Schlote mandated Commerzbank to find a partner to increase its capital base following its recent expansion strategy, which resulted in opening a new site in China and a plan to increase capacities throughout existing production sites, leading to Afinum's investment.

Company
Founded in 1969 and based in Harsum, Schlote focuses on the mechanical processing of engine, transmission and chassis components. Its 1,200 employees work on its sites in Germany, the Czech Republic and China, with the latter opening in 2015. The company generates revenues of €200m.

People
Afinum – Burkhard von Wangenheim (partner).
Schlote – Jürgen Schlote (managing director).

Advisers
Equity – Taylor Wessing, Albrecht von Beauvais (Legal); EY, Oliver Runkel (Commercial due diligence); PwC, Johannes Weiler (Financial due diligence); Commerzbank, Andreas Laudien (M&A)

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• Topics
• Expansion
• Industrials
• DACH
• Germany