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Unquote
  • DACH

AEA and Teachers' Private Capital buy Dematic from Triton

  • Carmen Reichman
  • @carmenreichman
  • 13 November 2012
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AEA Investors and Teachers' Private Capital, the private equity arm of the Canadian Teachers Pension Plan, have bought German logistics business Dematic in an SBO from Triton.

The enterprise value of the company is estimated at €700-800m but Triton was hoping to sell it for more, according to reports. The Barclays-run auction is said to have attracted bidders from Asia and other parts of the world.

The company's outstanding bonds worth €450m will be redeemed as part of the transaction, which will see the full ownership of the business handed over to the new investors.

Dematic

  • DEAL:

    SBO

  • VALUE:

    n/d (€700-800 est)

  • DEBT RATIO:

    n/d (€500m est)

  • LOCATION:

    Luxembourg

  • SECTOR:

    Business support services

  • FOUNDED:

    2006

  • TURNOVER:

    €1bn

  • EBITDA:

    €80-100m

  • STAFF:

    4,500

  • VENDOR:

    Triton

Triton is currently fundraising and could be reaching a first close early in the new year. The firm is said to be targeting €2.5bn for its fourth fund.

Debt
Barclays and JP Morgan arranged a staple financing. Prior reports suggested debt financing could be in the range of €500m, or 5x EBITDA.

Previous funding
Triton acquired Dematic from Siemens in 2006. The business had a turnover of around €800m at the time but recorded operating losses of €60-100m. Triton saw potential in the growing market and worked at turning the business around by making new investments and restructuring its US and German operations in 2007 and 2008.

Dematic simplified its corporate structures and implemented a new approach to operational efficiency. While cutting costs elsewhere, the company increased R&D expenditure and invested in the expansion of a dedicated customer services unit, marketing and sales efforts as well as e-commerce.

Dematic expanded globally, particularly in the US and Asia. It issued a €250m bond in 2010 partly financing the acquisition of HK Systems, gaining a strong foothold in the US. Triton used the other half of the bond issuance to pay itself a dividend. Dematic also developed a new factory in Suzhou, China, capitalising on the increased need for automated logistics in Chinese warehouses. 

Dematic issued €200m of PIK notes last month as part of another dividend recapitalisation, which brought the company's leverage to 4.5x EBITDA for the fiscal year ending September 2013, ratings agency Standard & Poor's said in a statement.

Company
Dematic is an intralogistics business that provides warehouse technology and materials handling solutions. It was established as an independent company in Offenbach in 2006, though the company has since moved headquarters to Luxembourg. Its predecessor company, Demag, was founded in 1819 in Wetter.

The company generates turnover of around €1bn and employs 4,500 people across the globe. It achieved an EBITDA of €80m last year, which is expected to increase to €100m this year.

People
Peder Prahl is a director at Triton.

Advisers
Vendor – Linklaters (Legal); Barclays (M&A, debt advisory); JP Morgan (Debt advisory).

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