ICG refinances capiton's nora systems

The management team of nora increased its stake in the company as part of the refinancing process.

Germany-based capiton originally acquired nora in 2007, taking over a majority stake in the construction systems division of corporation Freudenberg & Co in a management buyout. WestLB provided a senior finance debt package, while Dresdner Kleinwort provided a PIK note in the intitial transaction.

Company
Currently operating in 80 countries, nora manufactures rubber-based resilient floor coverings, which are predominantly used in the healthcare, industrial and education sectors. It produces tiles, sheets, special flooring, inlays, stair coverings and floor accessories as well as cleaning accessories.

The Weinheim-based company reports a turnover of €205.8m, 75% of which is generated outside Germany. Founded in 1983 as a shoe sole manufacturer, it now employs around 1,100 staff worldwide, with 880 staff working at the firm's German headquarters. Until 2007, nora operated under the name Freudenberg Bausysteme as a business unit of corporation Freudenberg & Co.

Advisers
Vendor – BMH Bräutigam & Partner (Legal); KPMG (Tax).

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• Topics
• DACH
• Industrials
• Exits
• capiton AG
• Intermediate Capital Group PLC
• Refinancing