One Equity Partners sells Vaccumschmelze Hanau to OM Group, Inc., USA
(firmenpresse) - One Equity Partners Europe GmbH / Key word(s): Finance/
One Equity Partners sells Vaccumschmelze Hanau to OM Group, Inc., USA
DGAP-Media / 05.07.2011 / 08:58
One Equity Partners sells Vaccumschmelze Hanau to OM Group, Inc., USA
Hanau/Frankfurt, July 5, 2011: The investment firm One Equity Partners
(OEP) has reached an agreement with OM Group, Inc. (OMG) to sell its 100%
share in Hanau's Vacuumschmelze GmbH&Co. KG (VAC) for approx. US$ 1
billion (700 million euro; EUR/US$ 1.4384). The transaction is expected to
close in the third quarter of 2011. VAC's long-standing management team
will continue to head the company going forward.
OMG is acquiring VAC for a total consideration, including assumption of
debt and pension liabilities, of around US$ 1 billion. OEP will receive OMG
shares worth US$ 50 million, corresponding to a ~4% stake in OMG's share
capital. In addition, OEP and OMG agreed to investigate further
opportunities to cooperate on attractive future projects. OEP was advised
by J.P. Morgan on this transaction.
Johann-Melchior von Peter, Partner and Managing Director of One Equity
Partners, Frankfurt, on the agreement with OMG: 'The sale of Vacuumschmelze
to the strategic investor OM Group is a solution that makes perfect sense
from an industrial point of view. It is in line with our strategy of being
a long-term partner to our portfolio companies and to support and accompany
them on their path to internationalization. We are handing over a global
leader with robust growth and high profitability.'
Founded in 1923 and with over 4,500 employees in more than 50 countries
worldwide VAC is one of the technology leaders in the field of high-end
magnetic specialty materials and applied products, components, and systems.
VAC products are being used in numerous innovative and potentially
fast-growing applications in sectors such as renewable energies, energy
conversion, automotive, and installation technologies.
On December 8, 2005, OEP acquired VAC from The Morgan Crucible Company plc
for US$ 529 million (GBP 300 million; GBP/USD 1,7625), including debt, and
subsequently helped to realize the company's growth potential through
substantial investments. A focus of VAC's international expansion strategy
was the fast-growing Asian market. Actively supported by OEP, the joint
venture founded in early 2005 with the Chinese market leader Zon Ke San
Huan successfully established itself on the Chinese market, and VAC's
production site in Malaysia was expanded considerably. Furthermore, in
October 2007, VAC took over Neorem Magnets Oy, a Finnish producer of
permanent magnets made from rare earth materials.
Since the takeover in 2005, sales increased by 26% from EUR 274 million to
EUR 346 million in 2010, corresponding to a compound annual growth rate
(CAGR) of 5%. During the same period, earnings before interest, taxes,
depreciation and amortization (EBITDA) rose by 39% from EUR 44 million to
EUR 61 million (CAGR: 7%) and VAC's EBITDA margin increased from 16% to
18%. Due to strong current trading, VAC achieved sales of EUR 389 million
during the twelve-month period to March 31, 2011. EBITDA in the respective
time period reached EUR 78 million.
VACUUMSCHMELZE GmbH&Co. KG
Vacuumschmelze (VAC), based in Hanau, with over 4,500 employees in more
than 50 countries worldwide designs, produces, and markets advanced
materials, primarily magnetic but also comprising other physical
properties, and applied products. In 1914, the first vacuum melting furnace
laid the foundation for today's Vacuumschmelze., Industrial vacuum
meltingof alloys has been carried out on an industrial scale since 1923.
Today, VAC Group generates annual sales of approximately EUR 350 millionand
with more than 750 patents is among the world's leading companies in
developing innovative advanced industrial materials.
VAC's product range comprises a broad range of finished and semi-finished
products, parts, inductive components for electronic systems, magnets, and
magnetic systems for use in a wide range of domains and industries - from
watch-making and medical technology to renewable energies, shipbuilding,
installation technology, and the automotive and aviation industry. VAC's
bespoke, design-in solutions are developed in close interaction with its
customers, leveraging the company's expertise in advanced materials and
benchmark production technology. Find out more at www.vacuumschmelze.com.
ABOUT OM GROUP, INC.
OM Group, Inc., is a leading global solutions provider of specialty
chemicals, advanced materials, electrochemical energy storage and unique
technologies crucial to enabling its customers to meet increasingly
stringent market and application requirements. The company serves a wide
variety of sectors, including rechargeable batteries, electronic devices,
cutting tools, petrochemical catalysts, electronics manufacturing,
industrial coatings, defense, aerospace, and medical devices. Headquartered
in Cleveland, Ohio, OM Group operates manufacturing facilities in the
Americas, Europe, Asia and Africa. In 2010 OM Group generated net sales of
approximately US$1.2 billion. For more information, visit the company's
website at www.omgi.com.
About One Equity Partners
One Equity Partners is the private investment arm of JPMorgan Chase&Co.
and manages over $8 billion in commitments and investments solely for the
bank. OEP enters into long term partnerships with companies to create
sustainable value through long term growth driven both organically and
inorganically. Founded in 2001, OEP has approximately 40 investment
professionals in New York, Chicago, Frankfurt, Hong Kong, and elsewhere
around the globe. Current investments of OEP in Europe include Constantia
Packaging GmbH, Vienna and Smartrac N.V., Amsterdam. Visit
www.oneequity.com for more information.
Contact
Friederike Dinse
CNC AG
Friederike.Dinse(at)cnc-communications.com
Phone: +49 (0) 69 5060 375 71
End of Media Release
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130843 05.07.2011
Datum: 05.07.2011 - 08:58 Uhr
Sprache: Deutsch
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