EANS-News: BAVARIA Industriekapital AG sells Kienle + Spiess GmbH
18.02.2013 – 09:04
-------------------------------------------------------------------------------- Corporate news transmitted by euro adhoc. The issuer/originator is solely responsible for the content of this announcement. -------------------------------------------------------------------------------- Contracts München (euro adhoc) - BAVARIA Industriekapital AG sells Kienle + Spiess GmbH Munich, the 18th of February 2013 * BAVARIA Industriekapital has signed an agreement for the sale of its largest investment, Kienle + Spiess GmbH * Acquirer is the Japanese conglomerate, Sumitomo Corporation * The agreement is still subject to various antitrust approvals BAVARIA Industriekapital AG acquired Kienle + Spiess in June 2006 and undertook a successful restructuring of the business. Based in Sachsenheim, the organization has 2,000 employees and reported sales of EUR 231 million in 2011. Terms of the agreement have not been disclosed, but are in line with multiples recently seen in other processing industry transactions, according to Reimar Scholz, CEO of the BAVARIA Industriekapital AG. During its period of ownership, the BAVARIA Group implemented a number of operational improvements and facilitated the roll-out of several new technologies and products in Kienle + Spiess. With its global network and significant capital reserves, Sumitomo Corporation is well-positioned to drive the international expansion of Kienle + Spiess, according to Harald Ender, Chief Operations Officer of BAVARIA Industriekapital AG. William Blair and CMS Hasche Sigle acted as financial and legal advisor to BAVARIA Industriekapital AG in the transaction. BAVARIA Industriekapital employs approximately 4,000 employees in 12 European companies, with additional locations in the US, China and Mexico. Headquartered in Munich, the group's industrial holding company is majority family-owned and pursues a long-term investment strategy. BAVARIA Industriekapital's high rate of investments and extensive share buybacks are evidence of Management's continuing confidence in the future of the organization. BAVARIA Industriekapital also maintains a focus on corporate responsibility, with a high rate of apprentice training (apprentices account for 6.2 percent of the total workforce in Germany) and the provision of regular support to charity organizations. Further inquiry note: Reimar Scholz Tel.: +49 89-729 8967-0 E-Mail: info@baikap.de end of announcement euro adhoc -------------------------------------------------------------------------------- company: Bavaria Industriekapital AG Bavariaring 24 D-80336 München phone: +49 (0)89 729 8967- 0 FAX: +49 (0)89 729 8967- 10 mail: info@baikap.de WWW: http://www.baikap.de sector: Holding companies ISIN: DE0002605557 indexes: stockmarkets: free trade: Berlin, München, Düsseldorf, Stuttgart, Open Market / Entry Standard: Frankfurt language: English