Blackstone acquires Leica

The company's enterprise value is around €290m, representing a purchase price of €127m, but according to media reports Blackstone has made an additional investment.

Following the transaction, Austrian owner ACM Projektentwicklung will hold a 53% stake in Leica while 2.9% of shares are in free float. According to media reports, ACM is not looking to sell further shares.

The capital will be used to expand the company into new markets such as Asia, South America and the Middle East and develop its brand and products.

The camera manufacturer was in danger of going into administration in 2005 when it failed to capitalise on the changeover from analogue to digital technology.

This transaction marks the third investment in a Germany-based company since Axel Herberg joined the firm's Dusseldorf office. Recently, Blackstone acquired outdoor equipment provider Jack Wolfskin.

Debt
The transaction is financed solely from equity.

Company
Solms-based Leica is a producer of camera equipment and was founded in 1927. The firm employs about 1,150 people and operates 63 shops, which it is looking to increase to 200.

Last year Leica increased its sales by 57% to €248.8m in the fiscal year of 2010/11 and has boosted its EBITDA from €16.8m to €54.7m in the fiscal year of 2010/11.

People
Axel Herberg is senior managing director at Blackstone.

Advisers
Equity - Gleiss Lutz, Jan Bauer, Cornelia Topf, Christian Cascante, Ingo Brinker, Stefan Mayer, Kai Birke, Henrik Holzapfel, Herwig Lux, Thorsten Gayk, Marco Niehaus, Jan Mohr, Carsten Walter, Svenja Müller, Dennis Amschewitz, Moritz Holm-Hadulla (Legal)
Vendor - Baker & McKenzie, Andreas Lohner, Gerald Schumann, Benjamin Koch, Tino Duttiné, Nicolas Kredel, Catherina Strey, Franz Clemens Leisch, Deny-Jean Silny, Sophie Bings, Stefanie Tuma, Adrian Lohmann, Jana Henrich (Legal)

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