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 Private Equity. Bain Capital Private Equity 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 Private Equity. "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.
For further information:www.capvis.com
Bain Capital Private Equity has partnered closely with management teams to provide the strategic resources that build great companies and help them thrive since our founding in 1984. Our team of more than 400 investment professionals creates value for our portfolio companies through our global platform and depth of expertise in key vertical industries including consumer/retail, financial and business services, healthcare, industrials, and technology, media and telecommunications. In addition to private equity, Bain Capital invests across asset classes including credit, public equity and venture capital, and leverages the firm’s shared platform to capture opportunities in strategic areas of focus.
This press release has been updated to reflect the new business unit name, "Bain Capital Private Equity," which was changed from "Bain Capital" or "Bain Capital, LP."