Steadfast Capital acquires AVS Group

Kim Richters
15 November 2013

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Steadfast Capital has bought a majority stake in traffic safety provider AVS Group from the firm's owner.

The deal was done through newco AVS Verkehrsicherung. Steadfast aims to grow the company organically as well as through add-on acquisitions. AVS, which has an entreprise value of between €20-50m, is already eyeing possible bolt-ons, the GP stated.

The German buyout house acquired AVS via its Steadfast Capital Fund III vehicle, while debt financing was provided by Kreissparkasse Köln and Landesbank Hessen-Thüringen.

The fund held its final close on €128m in March this year, after failing to hit its initial target of €250m. Steadfast Capital Fund III's first close was announced in 2011 on €104m.

This marks the firm's first investment this year since a management team reshuffle that saw Steadfast hire three while promoting Kay Buschmann and Markus Geiger to partner.

Company
AVS provides traffic safety equipment and services, including planning, liaising with public authorities, rental and sale of traffic safety products. It also executes and controls safety assurance measures. Products include portable traffic light systems and mobile crash barriers.

The firm was founded by the Berghaus family in 1961 and is based in Kürten-Herweg, North Rhine-Westphalia.

People
Dieter Berghaus is AVS's manager and former majority owner. Marco Bernecker, Clemens Busch and Friedrich Ysenburg led the transaction for Steadfast.

Advisers
Equity – EY (Financial due diligence, tax); SJ Berwin (Legal); Oliver Wyman (Commercial due diligence); TAUW (Environmental due diligence); Willis (Insurance due diligence).
Vendor – lndustrie Consult (M&A); Beiten Burkhardt (Legal).