Deals in Focus

Deals in Focus | DACH 2nd March 2020
2nd March 2020 Atheneum Team
2nd March 2020

Key Atheneum Experts

Former Board Member – D&B
Former Country Manager – D&B
Strategic Procurement – Bose (rival)

Key Information

Technology
HQ – Germany
Operations – Global

Ardian have enlisted Macquarie to assist in their sale of d&b audiotechnik, the German audio specialists. Sources expect the firm to be marketed with an EBITDA between €45-50M and an EV of €600M. Large cap investors EQT, Cinven and Permira have explored options ahead of the bid deadline. d&b has seen success in its sound-as-a-service business; offering product and system consulta-tions.

Key Atheneum Experts

Former SVP Global Accounts – Lanxess
COO – TFL Leder-technik
Former Business Development Manager – Clariant (rival)

Key Information

Materials, Chemicals
HQ – Germany
Operations – Global

Lanxess is working with JP Morgan to bring their leather chemicals division to market, following the sale of their chrome chemicals business late last year. Sources claim that this division is likely to be an acquisition for bidders such as Zschimmer & Schwartz and Black Diamond Capi-tal Management who have invested in this space thus far with Samia and TFL Ledertechnik, respectively. Lanxess generated €500M in revenue and has an EV 7.2x EBIDTA.

Key Atheneum Experts

Former Board Member – Acrotec
Former Country Manager – Maurice Lacroix (rival)
Former Associate Director – IWC Schaffhausen (rival)

Key Information

Apparel & Textiles
HQ – Switzerland
Operations – Switzerland

Castik Capital will be moving on from Acrotec, with Rothschild advising on the deal. The Swiss firm, which manufactures high precision components for watchmaking and other industires, recorded an EBITDA of CHF 78M (20% growth from 2019). The future of the watch market will be interesting to track given the popularity of smart watches; balanced with sustained demand for analogue watches.

Key Atheneum Experts

Former Principal Scientist – TATA Steel Europe
CFO – ArcelorMittal (rival)
Former Area Manager – Nucor (rival)

Key Information

Materials
HQ – Germany
Operations – N/A

Reports state that Tata Steel is exploring options for the sale of its European divisions, including German subsidiary Hille Müller. Grant Thorton will advise on the deal, however Tata Steel Tubers (Netherlands) note they are unaware about this move. Tata Steel Europe employs 21,000 people and a turnover of just under €8BN. In 12/19 Tata announced 3,000 job cuts.

Key Atheneum Experts

Former Head of Development – Huba
Former VP Sales – Wika (rival)
VP Pressure Instruments – Wika (rival)

Key Information

Industrials
HQ – Switzerland
Operations – N/A

Siemens are exploring the potential sale of its pressure and flow measurement components manufacturer, Huba Control, with first round bids currently being accepted. Lazard are advising on the process and are marketing the firm off at a CHF 20m EBITDA. Potential buyers include both private equity firms and industry players in the test and measurement space. The firm founded in 1945 now employs around 325 people and has a EBITDA margin of 20%.