Leobersdorfer Maschinenfabrik AG (Austria) - Oct 2007

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01 October 2007

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EQUITA has acquired Leobersdorfer Maschinenfabrik AG from INVEST EQUITY and NORD Holding Unternehmensbeteiligungsgesellschaft mbH for an undisclosed amount. Robert W Baird & Co ran the auction process. The management team, which also invested, will hold a minority stake in the company. EQUITA is looking to back the continuous growth of the company by expanding the company’s activities in its established markets and supporting further growth in selected applications. Additionally, strategic acquisitions will be pursued opportunistically.

Debt

Deutsche Bank supported the transaction with a senior-only debt package.

Company

Leobersdorfer Maschinenfabrik AG (LMF) is an Austrian manufacturer of high pressure compressor systems for air, natural gas as well as other technical and industrial gases for pressures ranging up to 600 bar. The company is the world market leader for compound compressor units used in the area of off-shore seismic exploration of gas and oil reserves beneath the sea bed. Founded in 1850 and headquartered in Leobersdorf near Vienna, the company serves its customers worldwide and anticipates revenues of approximately €85m for the current financial year, employing a workforce of approximately 400.

Exit Deal

INVEST EQUITY and NORD Holding have wholly exited their stake in LMF for an undisclosed amount. In September 2004, the two investors acquired a 50% stake each in the company from the Austro-American Andlinger Group (October 2004, page 24). Under their ownership LMF grew significantly, with turnover increasing by 140% from €35.8m in 2004 to the forecast €85m for 2007. At the same time the workforce increased from 220 to around 400 this year. Growth was achieved by expanding the company’s product portfolio and developing new applications for the high pressure compressor units to target a wider range of customers. In addition the company undertook a number of add-on acquisitions, including a compressor system manufacturer in South America.

People

Michael Hönig, Hansjörg Schnabel, Bernd Stahlbock and Ferdinand von Hammerstein handled the transaction for EQUITA. Günter Lessig led the exit for INVEST EQUITY, while Rüdiger Thieke and Thomas Freitag were in charge at NORD Holding. Thomas Deewner and Michael Durand worked on the debt package at Deutsche Bank.

Advisers

Equity - Leitner + Leitner (Vienna), Andreas Sauer , Heribert Bach (Financial Due Diligence)Equity - LEK Consulting, Broder Abrahamsen, Christopher Huth (Commercial Due Diligence)Equity - Mondl, Trummer, Thomas & Partner, Alexander Thomas, Dr Gregor Trumer (Legal)Equity - Smeets Haas Wolf, Hergen Haas (Legal)Vendor - Deloitte, Alexander Hohendanner (Other Due Diligence)Vendor - Deloitte, Dorda Brugger Jordis, Stefan Günther (Legal)Vendor - PricewaterhouseCoopers, Peter Perktold (Tax)Vendor - Robert W Baird, Michael Wolff (Corporate Finance)