PAIDI Group (Germany) - Dec 2007

unquote
01 December 2007

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As part of a leveraged buyout, DZ Equity Partner has agreed to acquire a minority stake in the PAIDI Group from Welle Holding for an undisclosed amount. The major shareholder Welle Holding, as well as the management, remains financially linked to the company as partner. The deal was sourced through M&A International GmbH. This strategic partnership is seen to strengthen PAIDI’s position in the German market without relinquishing the company’s independence. The additional funding will be used to boost distribution and to devise new development prospects.

Debt

A senior-only debt structure was provided by LRP Landesbank Rheinland Pfalz.

Company

PAIDI Group, based in Hafenlohr in Lower Franconia, is described as the leading brand manufacturer in Germany of furniture for babies, children and adolescents in the medium and upper price segments. The company employs a staff of approximately 500 and manufactures and distributes from bases in Hafenlohr, Germany and Kolbuszowa, Poland. In 2006, the company posted sales of €42m.

People

Jens Schöffel and Katrin Diewald arranged the financing for LRP Landesbank Rheinland Pfalz. Dr Axel Gollnick worked on the deal for M&A International GmbH. Peter Beyer and Udo Groene are managing directors of PAIDI.

Advisers

Equity - GKT, Reinhard Borck (Financial Due Diligence)Equity - Simon Kucher & Partner Bonn, Sebastian Hosenfeld , Stefanie Differenz (Commercial Due Diligence)Equity - SJ Berwin LLP, Andreas Kirchner, Carsten Ludwig , Dr Gunter Franzke , Jörg Windt (Legal)Vendor - Jones Day, Andreas Jürgens (Legal)Vendor - M&A International, Dr Axel Gollnick (Corporate Finance)

Sourced from: Deutsche unquote" 94 (Jan 2008)