Triton sells German elevator parts maker Wittur to Bain
23/12/2014 13:32
FRANKFURT, Dec 23 (Reuters) - U.S.-based private equity
group Bain agreed to buy German elevator components maker Wittur
from private equity groups Triton and Capvis, the companies said
on Tuesday.
The deal was valued at close to 600 million euros ($750
million), two people familiar with the transaction said. The
companies declined to release financial details.
No significant changes to staffing at Wittur will result
from the transaction, Bain said in a joint statement.
Buyout group Baring Private Equity had also been interested
in Wittur and was expected to have handed in a binding offer.
Triton and Capvis acquired Wittur in 2010 from Goldman
Sachs, Cerberus and Credit Suisse for an undisclosed sum. The
owners decided to sell the business in August, hiring Deutsche
Bank on the sale. ID:nL6N0QD5ZX
Bankers were preparing debt financing packages of up to 500
million euros or 5.5-6 times Wittur's earnings before interest,
taxes, depreciation, and amortisation (EBITDA) of approximately
70 million euros, including undrawn loans, banking sources said
earlier in December. ID:nL6N0TW2YP
Founded in 1968, Wittur's products include lift machines,
elevator doors, hydraulic devices, safety components, gearless
drives and slings.
Wittur counts Kone KNEBV.HE , Otis UTX.N and Schindler
SCHN.S as its customers and has increased its international
reach under Triton's ownership.
The company is benefiting from the global urbanisation trend
and the increasing construction of high-rise buildings.
(Reporting by Thomas Atkins and Alexander Huebner, editing by
Louise Heavens)
((Thomas.Atkins@thomsonreuters.com; +49 69 7565 1508; Reuters
Messaging: thomas.atkins.reuters.com@thomsonreuters.net))
Keywords: WITTUR M&A/BAIN