Novem Vermögensverwaltungs GmbH sells Novem Beteiligungs GmbH to Bregal Capital LLP
German law firm Schultze & Braun, acting in its capacity as trustee for Novem Vermögensverwaltungs GmbH, announces today the sale of Novem Beteiligungs GmbH (“Novem”) to funds managed by private equity firm Bregal Capital LLP (“Bregal”).
Novem is a globally active manufacturer of high-quality decorative components and functional elements for vehicle interiors, with headquarters in Vorbach, Germany. As the world market leader for fine wood decorative components, Novem supplies renowned automotive manufacturers like Audi, BMW, Daimler, VW, Volvo, Range Rover, Maserati, Lincoln and Cadillac. The company’s revenue in the fiscal year ending March 2011 was more than EUR 270 million.
In 2008, financial investor Barclays Private Equity acquired the majority of Novem. As a consequence of a significant decrease in turnover during the financial and automotive crisis, the company shares were transferred to a trustee. As a result of the recovery of the automotive sector and strong performance at Novem, the trustee initiated the selling process.
Peter Mazzuco, CEO of Novem, said: “We appreciate and welcome Bregal as the new owner. This partnership and the stable ownership structure provide Novem with the opportunity to further strengthen its position in the global decorative trim market.” Florian Schick, partner at Bregal, commented: "Novem has established itself as the technological and global leader in the growing market for high-end interior trim parts. Their products are best in class in terms of design, geometry, innovation and quality. We are excited to support Novem’s further growth which will include a continued internationalization of its production footprint and an expansion of its technological capabilities.”
Dr. Rainer Riggert and Frank Tschentscher, partners at Schultze & Braun, said: “Novem has had a tremendous development over the last few years, especially when considering the turmoil during the financial crisis. The advanced manufacturing skills, comprehensive technological know-how, international orientation and longstanding customer relationships provide Novem with an excellent foundation for the future. ” Novem employs approximately 3,900 staff at nine locations in Germany, China, Czech Republic, Slovenia, Honduras, the United States and Italy.
The trustee of Novem Beteiligungs GmbH is being advised by Jefferies and CMS Hasche Sigle in connection with this transaction. The parties agreed on not disclosing any further details of the transaction.
Manager Corporate Communications: Nico Krespach
Mail: NKrespach@schubra.de, Phone: +49 (0) 7841/708-0
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Schultze & Braun GmbH Rechtsanwaltsgesellschaft - Wirtschaftsprüfungsgesellschaft http://www.schubra.de, Email: mail@schubra.de |