HIG acquires walter services

Diana Petrowicz
15 April 2011

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HIG Europe and Anchorage Capital have acquired telecommunication service provider walter services from Odewald & Compagnie, Gilde Buy Out Partners and Capiton AG for an undisclosed amount.

HIG has taken a majority stake. Anchorage is holding a minority interest, while Odewald & Compagnie will continue to hold a small co-investment after the deal closes.

HIG also acquired 100% of the debt structure provided by IKB, LBBW, Barclays, AIB and HELABA, and 100% of the mezzanine structure from Indigo Capital. HIG was contacted by one of the debt providers regarding the investment opportunity.

The lead investor will provide further capital to restructure and grow the company. Over the coming years, HIG is looking to develop the company into a healthy business providing high-value services. Strategic plans will also include add-on acquisitions in the call centre sector.

The investment was made from the HIG European Partners and HIG Bayside II funds.

Previous funding
Odewald & Compagnie acquired walter services in 2008 from Gilde Buy Out Partners for an undisclosed amount, which is thought to be between €250m and €500m.

Debt
The transaction was an all-equity transaction, with existing debt acquired by the investor.

Company
Founded in 1978, walter services is based in Ettlingen, Germany, and employs about 8,000 members of staff. The call centre operator also provides an outsourcing service for its international customers. The company has 21 facilities in Central Europe and operates in Germany, Austria, Switzerland, Poland and Romania. In 2010, the firm had a turnover of €200m and EBITDA of €6m.

People
Jens Alsleben, Wolfgang Biedermann and Jörn-Marc Vogler managed the deal at HIG Europe in Germany. Christian Fritsch and Vladimir Bermant represent Anchorage Capital.

Advisers
Equity – Latham & Watkins LLP, Frank Grell, Dr Dirk Kocher, Dr Tobias Klass, Dr Markus Krüger, Dr Jörn Kowalewski, Dr Alexander Szodruch, Dr Ulrich Klockenbrink, Florian Schormair, Dr Vanessa Rendtorff, Tonio Sadoni, Andreas Scheidle, Dr Christoph Baus, Lisa Sönnichsen (Legal).