Axa PE exits Phönix/Strack Group to Curtiss-Wright

The deal was sourced through Axa PE's network via one of the advisers. It was run as a very limited process targeting trade buyers – there were only a couple of other suitors involved besides Curtiss-Wright.

Negotiations started in August and went on for approximately six months. Final closure of the transaction is subject to approval by the antitrust authorities. The initial acquisition in 2010 took around 18 months to complete.

Previous funding
Axa PE took a majority holding in the business in 2010. Since then, Phönix/Strack has achieved a double-digit growth and last year made revenues of approximately €50m. Working with the company's management, Axa PE implemented an internationalisation strategy for the group, with a particular focus on emerging markets.

In August 2011, Axa PE helped Phönix/Strack acquire Daume Regelarmaturen, a developer and producer of regulating valve products.

Trade buyers expressed a strong interest for Phönix/Strack in the last two and a half years of the holding period, Axa PE told unquote". The GP deemed this a perfect situation to sell, and focused on selecting a buyer with knowledge of the company and an ability to develop it further.

Company
Founded in 1910, Phönix/Strack develops and produces custom-built high-performance valves for the energy, chemicals and refinery industries. Phönix/Strack is based in Volkmarsen, near Kassel in central Germany, and has 282 employees.

People
Dirk Wittneben is a managing director at Axa PE. Lothar Fichtner is the CEO of Phönix/Strack.

Advisers
Vendor – DC Advisory, Jeffery Perkins, Wolfgang Kazmierowski, David Stromiedel, Florian Ripperger (M&A); Salans, Holger Scheer, Volker Junghanns, Carolin Gäthke (Legal); Deloitte, Egon Sachsalber, Tanja Fehr (Financial due diligence); Taxess, Gerald Thomas (Tax).

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