Cross Equity Partners divests Schwab

Cross Equity is reported to have reaped a 9.3x multiple and a 70% IRR on the sale of Schwab.

The company will operate as part of the Faiveley Group, which last year reported a €988m turnover with more than 6,000 staff in 24 countries.

Schwab intends to grow its products in new and emerging markets including China, Brazil, India and Russia.

Previous funding
Cross acquired the company in 2009 as part of a succession solution from Schwab Holding. The fully proprietary deal was sourced through the GP's own network. The parent company retained a minority stake and a place on the board of directors.

The equity was drawn from Cross LP. Zürcher Kantonalbank provided the senior package, which made up 50% of the financing.

Company
Founded in 1993 and based in Schaffhausen, Schwab Verkehrstechnik AG, formerly Georg Fischer Verkehrstechnik AG, is an engineering firm that supplies shock absorption systems to the rolling stock industry. Customers include rail operators Swiss Federal Railways (SBB), Deutsche Bahn AG, ÖBB (Austria) and NMBS/SNCB (Belgium).

People
Markus Reich is managing partner at Cross Equity.

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