Freudenberg Bausysteme (Germany) - Oct 2007

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01 October 2007

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In a management buyout, capiton AG has acquired a majority stake in Freudenberg Bausysteme (FBS), a German construction systems business unit of Freudenberg & Co. KG. The value of the transaction has not been disclosed. Dresdner Kleinwort ran the auction process. L-Eigenkapitalagentur (L-EA) and management also invested and take a significant shareholding in the business. capiton is looking to implement the business plan drafted by the FBS management team. Additionally, the financial investors see further growth opportunities for the company in Eastern Europe and Asia and will pursue an international buy and build strategy.

Debt

WestLB provided senior finance. Dresdner Kleinwort provided a PIK Note.

Company

FBS is a global supplier of rubber-based resilient floor coverings distributed under its nora® brand. nora® floor coverings are used in areas requiring specific product characteristics in terms of durability, hygiene and environmental aspects. Specific areas of application include airports, schools and hospitals. In 2006 the company generated revenues of €158m with more than 900 employees.

People

Manuel Hertweck and Christoph Karbenk handled the transaction for capiton. Stefan Hübner worked on the debt package at WestLB.

Advisers

Equity - BMH Bräutigam & Partner, (Legal)Equity - Deloitte, Karsten Hollasch , Susanne Liciejewski (Financial Due Diligence)Equity - Deloitte, Claudia Sendlbeck-Schickor, Marcus Roth (Tax)Equity - Egon Zehnder International, (Other Due Diligence)Equity - OC&C Strategy Consultants, (Commercial Due Diligence)Equity - Willis , (Insurance Due Diligence)Vendor - Dresdner Kleinwort Wasserstein, (Corporate Finance)