One Equity Partners Europe GmbH
One Equity Partners to Acquire SGB-SMIT, the Largest Independent, Pure-Play Power Transformer Manufacturer, from BC Partners
One Equity Partners to Acquire SGB-SMIT, the Largest Independent, Pure-Play Power Transformer Manufacturer, from BC Partners Market Leader to Pursue Transformational Acquisition Strategy Amid Strong Sector Growth FRANKFURT and REGENSBURG- April 24, 2017 – Funds advised by One Equity Partners (“OEP”), a middle market private equity firm, today announced that it has signed an agreement to acquire SGB-SMIT (or “the Company”), the largest independent, pure-play manufacturer of power transformers from funds advised by BC Partners (“BC Partners”), a leading private equity firm. The agreement is subject to regulatory approval, works council consultation and other customary closing conditions, and is expected to be closed in the third quarter of 2017. Terms of the private transaction were not disclosed. SGB-SMIT supplies transformers to utilities, grid operators, renewable energy OEMs and industrial clients. Headquartered in Regensburg, Germany, its origins date back to 1900. Today, the Company is the leading medium-sized manufacturer of transformers in Europe, supplying customers worldwide from six production sites in Germany, the Netherlands, Romania, Malaysia and the U.S. Over the past three years, the Company managed to outgrow its market significantly, reaching EUR729 million in sales in 2016. SGB-SMIT clearly differentiates itself from conglomerates and regional challengers through its close proximity to customers in core markets, a strong focus on cost, and providing custom solutions on short lead times. These characteristics have the Company well positioned to help customers meet increasing electricity demand. In addition, SGB-SMIT benefits from growing maintenance and infrastructure replacement needs in developed markets due to new efficiency regulations and increased grid complexity. “SGB-SMIT has repeatedly proven capable of delivering growth rates in excess of the market, and we look forward to working with management to build on this success and make SGB-SMIT a global leader through strategic, transformative combinations.” said Johann-Melchior von Peter, Senior Managing Director at OEP. “The Company is uniquely situated to fully take advantage of the attractive and growing transformer market.” “With our strong operational performance, business growth and strengthened technology platform, we have laid the foundations for SGB-SMIT’s continued success. The dedication of our skilled workforce will allow us to continue expanding into new markets and delivering customer satisfaction. One Equity Partners will be the ideal partner for us to put our ambitious growth plans into action.” said Jan Ölscher, CEO of SGB-SMIT. SGB-SMIT was acquired by One Equity Partners VI L.P., the first fund raised with outside capital following the firm’s spinout from JP Morgan in 2015. The fund was successfully closed in early February 2017 with total capital commitments of $1.65 billion, surpassing its target. # # # About One Equity Partners About BC Partners # # # Press contact for OEP: Press contact for BC Partners: End of Media Release Issuer: One Equity Partners Europe GmbH Key word(s): Finance
24.04.2017 Dissemination of a Press Release, transmitted by DGAP – a service of EQS Group AG. |