VR Equitypartner and Bayern LB buy GHM Messtechnik from BPE

The investors both contributed equal amounts of equity. Management also reinvested in the business, acquiring a significant minority stake. Under the new ownership structure, GHM Messtechnik will increase its product range, tap into new strategic market segments and fund further acquisitions. 

The auction process was run by PwC and saw both private equity and trade bidders compete for the asset.

Debt
Debt was provided by Commerzbank and KBC. 

Previous funding
BPE acquired GHM Messtechnik, then called Greisinger electronic, in a management buy-in in 2007. The company embarked on a buy-and-build strategy, acquiring three further test and measurement businesses (Honsberg Instruments, Martens Elektronik and Imtron Messtechnik), before merging into the GHM Messtechnik group and forming additional subsidiaries in Denmark, the Czech Republic and the Netherlands.

Approximately 70% of the group's turnover is currently generated in Germany. The company's workforce increased five-fold during the holding period.

Company
GHM is a group of companies active in the development, manufacturing and distribution of test instruments and measurement equipment for laboratory measurement, process measurement, industrial measurement, industrial electronics and test bench measurement.

The business employs approximately 200 people in its four German locations in Regenstauf, Remscheid, Barsbüttel and Owingen. It has an annual turnover of €30m.

People
Martin Völker represented VR Equitypartner on the deal alongside Ingo Jacoby, who represented Bayern LB Capital Partner. 

Advisers
Equity – P+P Pöllath + Partners (Legal, tax); SJ Berwin (Legal); Accuracy (Financial due diligence); Booz & Company (Commercial due diligence).
Vendor – PwC (M&A, commercial due diligence); Gleiss Lutz Rechtsanwaelte (Legal); Deloitte (Financial due diligence, tax).

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• Topics
• Buyouts
• Exits
• DACH
• Industrials
• BPE Unternehmensbeteiligungen (BPE Private Equity)
• Germany
• Denmark
• Netherlands
• Czech Republic