Triton fully exits Stabilus

The remaining 4.2 million shares owned by Triton, amounting to a 20% shareholding in the company, were sold to institutional investors in a private placement. The stake was listed at €28.635 per share, seeing Triton reap around €120m. Almost all of Stabilus's shares (99%) are now in free float.

Triton initially listed the company in May 2014, raising €65m in net proceeds. Following the placement, Triton was understood to have retained a 41% stake in the business.

Having signed a six-month binding agreement, Triton again reduced its holding in the company in December last year. It listed a further 21% stake, amounting to 4.35 million shares priced at €21.50.

Commerzbank managed the accelerated bookbuilding process.

Previous funding
Triton acquired Stabilus in April 2010 in a debt-for-equity swap from Paine & Partners, which itself had acquired the company in a tertiary buyout from Montagu Private Equity in early 2008.

Company
Stabilus develops and produces electromechanical drives, gas springs and dampers. It claims to produce 130 million gas springs and five million dampers per year. Founded in 1962, The company employs 4,055 people worldwide, including 1,601 located at the firm's Koblenz headquarters.

The business generated revenues of €507m in the 2013/14 financial year, up from €460m in the 2012/13 financial year. The latest EBITDA figure stood at €92.5m, while the company's debt ratio amounted to 2.4x EBITDA. Stabilus claims to have 2,400 customers and has 11 production sites in nine countries.

People
Dietmar Siemssen is CEO of Stabilus.

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