DBAG acquires Heytex Bramsche from NORD Holding

Carmen Reichman
28 November 2012

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Deutsche Beteiligungs AG (DBAG) has acquired Heytex Bramsche, a German manufacturer of print media and technical textiles, in an SBO from NORD Holding.

DBAG bought a 19% stake in the business for €6.6m, alongside investment from its DBAG Fund V and the management. DBAG usually co-invests alongside its fund from a €100m vehicle on a fixed 1:4 ratio. NORD Holding also reinvested for a 10% stake in the company.

Heytex plans on expanding its sales activities and on internationalising. The company has so far catered to customers primarily in western Europe and now plans to develop its activity in the American market. The business also intends to expand its product development efforts.

Previous investment
NORD Holding bought Heytex, formerly known as Julius Heywinkel, in an MBO in 2007 from car chassis manufacturer Karmann, when Karmann was financially distressed. Debt was provided by West LB.

After the spinout, the company primarily focused on building its own structures and improving internal processes. Heytex had a turnover of €110m at the time of the buyout.

Company
Heytex was founded in 1913 as a canvas weaving mill under the name of Julius Heywinkel in Osnabrück, Germany. In 1957, it was taken over by Karmann.

Now, Heytex's core business is print media and technical textiles, particularly for the advertising industry, with banners or translucent advertising media.

The business expects to generate revenues of €80m in 2012. It employs 300 staff at three production locations in Bramsche (Lower Saxony), Neugersdorf (Saxony) and Zhangjiagang (China). The company also has sales offices in the US (Los Angeles and Charlotte), Brazil (Sao Paulo) and China (Hong Kong).

People
Rolf Scheffels represented DBAG on the deal as a member of the board of management.

Advisers
Equity - Gherzi (Commercial due diligence); PricewaterhouseCoopers (Financial due diligence, tax); Linklaters (Legal); ERM (Environmental due diligence); Willis (Insurance due diligence); Altium (Corporate finance); DC Advisory Partners (Corporate finance).