Equistone takes majority stake in Vivonio

Carmen Reichman
30 July 2012

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Equistone Partners Europe has taken a 67% stake in German furniture maker Vivonio Furniture Group, a newco formed by combining Orlando Management-backed MAJA, Staud and SCIAE.

Orlando will keep a 33% stake in the combined group following the sale of its majority stakes in each company. Equistone plans to support the group's growth by creating synergies between the three companies and driving international expansion. Vivonio plans to grow organically and through acquisitions.

Debt
A debt package was provided by Bayerische Landesbank, Commerzbank, KBC Bank Deutschland, KfW IPEX-Bank, Raiffeisenlandesbank Oberösterreich and SÜDWESTBANK.

Previous funding
Orlando acquired MAJA in 2008. It then bought Martin Staud and SCIAE through its Special Situations Venture Partners II fund in 2010.

Company
Munich-based Vivonio has an annual revenue of around €200m and employs more than 800 staff.

MAJA was founded by Manfred Jarosch in 1964 in Kasendorf. It has an additional site in Wittichenau, Saxony, where it produces lightweight building panels and employs more than 450 people. Customers include Swedish furniture chain IKEA.

Martin Staud specialises in making bedroom furniture. The company was founded in Bad Saulgau in 1653. It has around 140 employees and operates throughout Europe. Its exports make up around 35% of sales.

French company SCIAE is based in Dienville, where it employs 250 staff. The business manufactures self-assembling furniture for living rooms and bedrooms. Its exports account for more than 20% of production.

People
Michael Bork is managing director of Equistone Partners Europe. CEO Tobias Fuhrmann and CFO Niels Ackermann will head up the newly created Vivonio Group.

Advisers
Equity – Ashurst, Benedikt von Schorlemer, Bernd Egbers, Jan Krekeler, Richard Schulze-Muth, Andreas Mauroschat, Juditha von der Heydt, Klaus Herkenroth, Hendrik Theismann (Legal); Leslie Batazzi, Amanda Bevan, Nataline Fleury (Legal).
Debt – Clifford Chance, Alexandra Hagelüken, Philipp Kropatscheck, Matthias Töke (Legal).