Bain's Wittur merges with Sematic

Katharina Semke
12 August 2015

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Bain Capital-backed Wittur has bought Sematic, a producer of elevator components.

The bolt-on will enable lift manufacturer Wittur to expand its product range and customer base, to utilise Sematic's experience in the customised engineering segment and to benefit from its presence in North America.

The two companies will be merged into a combined entity with a projected combined revenue of around €750m in the current fiscal year. The name of the new company has yet to be revealed.

The debt package was provided by Credit Suisse, Barclays and Deutsche Bank.

Bain wholly acquired Wittur from Triton and Capvis in January 2015. The deal was valued in the region of €600-700m. It was the first investment from Bain's fourth Europe-focused fund, Bain Capital Europe Fund IV.

In December 2014, the Carlyle group acquired a majority stake in Sematic with its Europe Partners IV buyout fund.

Company
Founded in in 1959 and headquartered in Osio Sotto, near Bergamo in Italy, Sematic is a manufacturer of elevators and elevator components. The business operates from seven production sites and has sales offices in Asia, Europe and the US. It has a headcount of around 1,000 and generated revenues of €150m in 2014.

People
Walter Rohregger is the CEO of Wittur and will hold the same post in the combined entity. Stefano Socci is the CEO of Sematic. He will join the executive management team after the merger. Roberto Zappa, a member of the company's founding family, will join the supervisory board.

Advisers
Equity – Hengeler Müller (Legal); Bonelli Erede (Legal); Kirkland & Ellis (Legal).
Vendor – Rothschild (M&A); Latham & Watkins (Legal); KPMG (Tax, financial due dilligence).