Triton prepares sale of German elevator components maker Wittur - sources
07/08/2014 17:48
FRANKFURT, Aug 7 (Reuters) - Private equity groups Triton
and Capvis are preparing a sale of Wittur, a German maker of
elevator components, trying to benefit from high valuations in
buyout markets, two people familiar with the matter said.
The investors have mandated Deutsche Bank DBKGn.DE to
organise the transaction, in which Wittur may be valued at
roughly 700 million euros ($935.13 million), the people said,
adding that preparations are still at an early stage.
The company, founded in 1968 by then 26-year old Horst
Wittur with a start-up capital of about 1,000 euros, currently
has annual earnings before interest, taxes, depreciation, and
amortisation of about 80 million euros.
Elevator makers such as Kone KNEBV.HE and Schindler
SCHP.VX trade at 11 and 14 times their expected earnings
respectively, a valuation that Wittur may struggle to see, one
of the sources said.
Triton acquired a majority in Wittur, which is based in
Wiedenzhausen near Munich, in 2010 from Goldman Sachs, Cerberus
and Credit Suisse for an undisclosed sum. Capvis at the time
bought a 28 percent holding in the company and the Wittur
management also took a stake.
Wittur's products include lift machines, elevator doors,
hydraulic devices, safety components, gearless drives and
slings.
Triton, Capvis and Deutsche Bank declined to comment, while
Wittur was not immediately available for comment.
(1 US dollar = 0.7486 euro)
(Reporting by Arno Schuetze. Editing by Andreas Cremer and
David Evans)
((arno.schuetze@thomsonreuters.com; +49.69.7565.1197; Reuters
Messaging: arno.schuetze.reuters.com@reuters.net))
Keywords: TRITON SALE