Deal Announcement 08/21: Industrial Products

The Deal

The PwC M&A team is pleased to announce the successful sale of Stürtz Holding GmbH (“Stürtz Group” or the “Company”) to capiton AG (“capiton”). Stürtz Group is a market-leading manufacturer of single machines and complete systems for automated PVC window production. During CGS’ ownership, Stürtz Group has grown strongly with around 10% p.a. and improved profitability at the same time. At exit, the Company is very well-positioned to continue the success story of recent years.

Together with the management team, capiton plans to grow the business organically, both by leveraging the significant potential of the company’s innovative new products and by expanding its international footprint while further developing Stürtz’ automation offering. Selective acquisitions broadening the product range will be considered as well.

The share purchase agreement was signed in July 2021. The deal closed in August 2021.

The target

Stürtz Group is a market-leading manufacturer of complete systems for automated PVC window production. The Company offers single machines and fully automated production systems including all window production steps as well as a comprehensive set of after sales services. 

Alongside its headquarters and largest production site in Neustadt (Wied), Germany, Stürtz Group has further branches in the USA, Poland, Romania and China. The company generated approximately EUR 50m in sales in 2020 combined with an attractive double digit growth rate and EBITDA profitability. It employs around 270 people.

The seller

CGS is a private equity firm based in Pfäffikon, Switzerland. CGS is specialized in transforming medium-sized companies in industrial sectors into international groups. Since 1999, CGS has invested in companies in Europe’s German-speaking countries and acquired add-ons worldwide. Stürtz was the first investment of its fourth fund in 2017.

The buyer

capiton is a private equity firm based in Berlin, Germany. The private equity firm focuses on succession arrangements and growth financing. The investment portfolio of capiton currently comprises 17 medium-sized companies.

PwC

The global PricewaterhouseCoopers network is a worldwide association of independent auditing and consulting companies which together employ more than 280,000 people in 157 countries. Our global network comprises over 1,600 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.

PwC M&A Germany acted as exclusive financial advisor to CGS on this transaction. The transaction was led by Alexander Knögel (Director) and Aleksandar Petkov (Senior Associate) and supported by Simon Bruns (Associate).