Wittur acquired by Bain Capital
Baar, December 23, 2014
- Since Triton's acquisition in 2010 as majority shareholder with Capvis as co-investor, Wittur has significantly developed its leadership position as one of the world's largest independent suppliers of elevator components and systems
- Under the new leadership team headed by Doctor Walter Rohregger, Wittur has substantially grown its revenues, diversified its customer base and made significant investments in operations, the organization and R&D
- The continued outsourcing trend in the elevator industry will drive further growth for component suppliers
- As a result of the sale no changes are anticipated to the management and the employees of Wittur
- The completion of the transaction is subject to customary regulatory approvals
- The parties have agreed not to disclose the purchase price
Frankfurt/Wiedenzhausen (Germany), 23 December 2014 - Funds advised by Triton and Capvis today announced the sale of Wittur, one of the world's largest independent suppliers of elevator components and systems, to funds managed by Bain Capital Europe LLC ("Bain Capital"). Bain Capital will acquire 100% ownership of Wittur on the completion of the sale. Since the acquisition in 2010, the management of Wittur, under the new leadership of Doctor Walter Rohregger, has executed a number of growth and operational improvement initiatives to develop the company. The most noteworthy developments include new product developments for emerging markets, a significant strengthening of the organization and the leadership team as well as a substantial improvement of the production facilities.
"We would like to thank the management team, the employees, the Chairman, the Board and all other stakeholders for their contributions to Wittur's' development. Together we have done an outstanding job developing the company. Triton has been the majority owner of Wittur for four years and we view this as the right time for an ownership change as many of the growth and operational improvement initiatives have gained traction. We wish the company, the management and all its employees continued success," says Peder Prahl, Director of the General Partner for the Triton funds.
"We are excited to be partnering with Wittur, which is one of the world's most innovative and market leading players in a highly attractive industry," said Michael Siefke, a Managing Director at Bain Capital. "The continued outsourcing trend in the elevator industry and the company's strong relationships with its customers make this a particularly interesting time for us to help lead the next phase of the group's growth, both organically and through driving consolidation."
The transaction is subject to customary regulatory approvals. The parties have agreed not to disclose the purchase price.
The Wittur Group is one of the world's largest independent suppliers of elevator components and systems with a global network of 11 production sites and 21 sales companies. Wittur's core products include doors, safety components and gearless drives, as well as cars, slings and, counterweight frames. These are designed not only for new installations, but also for modernisation projects. The range of products includes exclusive tailored designs and finishes, heavy-duty solutions, marine installations, as well as standardised equipment.
The Triton funds invest in and support the positive development of medium-sized businesses headquartered in Northern Europe - with a focus on Germany, Switzerland, Austria and the four Nordic countries: Denmark, Finland, Norway and Sweden. Within this European region, Triton focuses on businesses in the Industrial, Business Services, and Consumer/Health sectors.
Triton seeks to contribute to the building of better businesses for the longer term. As agents of positive change it works towards sustainable operational improvements and growth. The 30 companies currently in Triton's portfolio have combined sales of over €15 billion and more than 67,500 employees. The Triton funds are advised by its head adviser Triton Advisers Ltd and sub-advisers with dedicated teams of investment professionals in United Kingdom, Germany, Sweden, Norway, Denmark, Luxembourg, Jersey and China.
For further information: www.triton-partners.com
Capvis is the leading private equity firm in Switzerland and one of the most active investors in German-speaking Europe. Capvis invests primarily in leading medium-sized companies. It aims to support management teams in releasing entrepreneurial potential and achieving new levels of excellence. Since 1990 Capvis has completed 47 transactions with a total volume of more than EUR 5 billion. Capvis has floated nine companies on stock exchanges and has repeatedly been voted Switzerland's and 2013 also Germany's best private equity firm by the international financial press. Capvis is currently advising Capvis Equity IV L.P. with a volume of EUR 720m.
About Bain Capital
Bain Capital, LLC (www.baincapital.com) is one of the world's foremost privately-held alternative investment firms, with approximately $80 billion of assets under management in several pools of capital including private equity, venture capital, public equity, credit products and absolute return. Bain Capital's more than 400 professionals are collectively the single largest investor in all of its funds and are dedicated to investing in and building its portfolio companies. Founded in 1984, Bain Capital has made private equity, growth, and venture capital investments in more than 450 companies around the world, and has deep experience across key vertical industries including consumer/retail, financial services and institutions, healthcare, industrials, and technology, media and telecommunications. Bain Capital has offices in London, Dublin, Munich, Boston, New York, Chicago, Palo Alto, Tokyo, Shanghai, Hong Kong, Mumbai and Melbourne.
Wittur / CNC Max Hohenberg Phone: +49 89 599 458 132
Triton Marcus Brans Phone: +49 69 921 02204
Bain Capital Ed Gascoigne-Pees Phone: +44 (0)203 757 4984