Bregal buys Novem from creditors

Previously owned by Barclays Private Equity, Novem fell into the hands of its creditors after a breach of its loan covenants in 2009. Since then, the firm has been administered by escrow holder Schultze & Braun.

The supplier to the automotive industry has been in private equity hands for well over a decade, starting with a management buyout backed by CVC Capital Partners and GS Capital Partners in 1995. Novem was sold to AlpInvest Partners in 2004, before it was sold to Barclays Private Equity in 2008.

The investment was made from the €1bn Bregal Fund III.

Company
Vorbach-based Novem was founded in 1947 and is a provider of high-quality real wood, aluminum and carbon trim parts, centre consoles, and door and roof linings for the automotive sector. Customers include BMW, Mercedes, Audi, Volkswagen, Volvo, Range Rover, Rolls Royce, Maserati, Lincoln and Cadillac.

Novem has 3,900 employees at production sites in Germany, Italy, Slovenia, the Czech Republic, China, the US and Honduras. In the 2010/11 fiscal year the company had a turnover of €270m.

Advisers
Equity - Jefferies (Corporate finance); DC Advisory Partners, Gerd Bieding, Norbert Schmitz, Andrew Cleland-Bogle, Björn Lauschke, Thorsten Weber (Debt); Clifford Chance, Alexandra Hagelüken, Heinz-Günter Gondert, Harald Amer, Dr Mattias von Buttlar, Gabriel Siebert (Legal)

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