Dehler Deutschland GmbH (Germany) - Dec 2007

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01 December 2007

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Through its Buchanan Unternehmer-Fonds I, Buchanan Capital Partners has acquired a minority stake via capital increase in yacht builder Dehler Deutschland GmbH for an undisclosed amount. The deal was sourced through a network of personal contacts. The investor was attracted to the deal by the management and the growth potential of the company. The sector is highly fragmented, which invites further buy-and-build acquisitions in the mid-term. The current funding allows Dehler to meet the demand for its products, increase working capital and fund its acquisition of Belgian company ETAP Yachting from the owner family.

This is the first in a series of add-on acquisitions in the highly fragmented sailing boat sector, with the investor stating that others are being prepared. The sailing boat sector is currently undergoing a consolidation that was previously seen in the motor boat sector and offers further opportunities to capitalise on portfolio synergies and economy of scale measures. The merger offers substantial synergies particularly in purchasing, marketing, sales and finance.

Company

Dehler Deutschland GmbH is a sailing yacht builder based in Meschede-Freienohl, building around 155 boats in 2007. The company was founded in 1962 by Willy and Heinz Dehler. In 2004, Wilan van den Berg acquired Dehler, restructured it and re-positioned the brand. Sales increased from €10m to €30m, and the company employs more than 150 people.

People

Herbert Seggewiss and Peter Blumenwitz handled the transaction for Buchanan Capital Partners. Wilan van den Berg is CEO and major shareholder of Dehler.

Advisers

Company - Profacc, Maik van Liempt (Other Due Diligence)Company - Sozietät Wilms Müller Frohwein, Manfred Frohwein (Financial Due Diligence)Company - Van Diepen van der Kroef, Axel Hagedorn (Legal)Equity - AC Christes & Partner GmbH, Arne C Christes, Judith Kurth (Financial Due Diligence)Equity - AFR Aigner Fischer Radlmayr, Daniela Rinke, Dr Gabor Mues, Florian Aigner (Legal)Equity - ERM, Christopher Kiermayr (Environmental Due Diligence)Equity - The Smart Cube, Gautam Singh (Commercial Due Diligence)Equity - Van Doorne, Daan ter Braak, Jaap Kloppers (Legal)