Deal Announcement 04/20: Engineering & Construction
PwC acted as exclusive financial advisor to Knauf on the sale of parts of its modular suspended ceiling business, consisting of two production facilities in the UK and business operations and sales capabilities across several European markets, to AURELIUS
The Deal
The PwC M&A team is pleased to announce the successful Closing of Project Apollo, the sale of parts of Knauf’s modular suspended ceiling business, consisting of two production facilities in the UK and business operations and sales capabilities across 11 European markets, to AURELIUS to gain EU Commission merger control clearance. PwC M&A acted as exclusive financial advisor to Knauf on this transaction. PwC TS prepared a financial factbook and provided carve-out/ transaction support.
The transaction followed Knauf's agreement to acquire Armstrong World Industries Inc's EMEA and Pacific Rim business in 2017. A complex carve out of the transaction perimeter from its parent business was necessary in order to establish a fully functioning standalone business. In addition, licenses for the Armstrong brand as well as for the relevant product trademarks for mineral fibre tiles and grids will remain with the business for a certain period of time.
The acquired modular suspended ceiling business focuses on the production of mineral fibre tiles and grids and consists of two production facilities located in Newcastle, UK, and business operations and sales capabilities across 11 markets (UK, Austria, Estonia, Germany, Ireland, Italy, Latvia, Lithuania, Portugal, Spain and Turkey).
Knauf
A multinational, family-owned company based in Iphofen, Germany, with over 250 production facilities and sales organisations in 86 countries, over 35,000 employees worldwide, and sales of Euro ~10bn. The company is one of the world’s leading manufacturers of modern insulation materials, drylining systems, plasters and accessories, thermal insulation composite systems, paints, floor screed, floor systems, and construction equipment and tools.
AURELIUS
Germany-based private equity firm investing in corporate spin-offs and medium-sized enterprises with revenues ranging from EUR 50m to EUR 1bn and EBITDA margin up to 15%. The firm primarily invests between EUR 5m and EUR 80m of equity per deal in European companies engaged in IT & business services, industrials & chemicals and lifestyle & consumer goods sectors.
PwC
The global PricewaterhouseCoopers network is a worldwide association of independent auditing and consulting companies which together employ more than 250,000 people in 158 countries. Our global network comprises nearly 1,550 M&A professionals all over the world, realising approx. 400 successful transactions per year. We specialise in a wide range of independent M&A services including advice on acquisitions and disposals, mergers, public takeovers, privatisations as well as structured financing.
The transaction was led by Dr. Alexander von Friesen (Partner) and executed by Lukas Filippinetti (Senior Associate), Benjamin Doplbauer (Senior Associate), Martin Münzberg (Senior Associate) and Nils Werner (Associate).
The PwC TS team comprised Gerald Schustereder (Partner), Stefan Graml (Senior Manager), Markus Steger (Manager), Alexander Treß (Senior Associate) and Maximilian Bühler (Senior Associate).
