May 11, 2011
Equita acquires the CaseTech Group
ADCURAM Group AG and Equita GmbH & Co. Holding KGaA, a private equity company affiliated with the Harald Quandt Group, signed a deal on April 14, 2011 for the acquisition of the CaseTech Group, with offices in Bomlitz, Germany and in Poland and the USA. With the two managing directors Jens Rösler and Klaus Brandes, who have taken substantial stakes in the company, Equita will continue on the growth path undertaken by ADCURAM. The transaction is still subject to approval by the Federal Cartel Office and should be completed in May. The transaction volume is approximately EUR 75 million.
CaseTech emerged from the plastic casings activities of Dow Wolff Cellulosics GmbH (formerly Wolff Walsrode AG). This company, with its long tradition as a manufacturer of high-quality sausage casings, was acquired by ADCURAM in September 2008 as part of a carve-out from the Dow Chemical Company. For Dow, the world’s second-largest chemical group, the company was clearly a non-core activity at the time of the transaction. ADCURAM carved the company out of the Dow Group and turned it into a stand-alone midsized corporation while making substantial investments to boost productivity, develop new products, expand the international side of the business and increase the production capacity. At the same time, the company’s sales and profitability improved significantly. The CaseTech Group currently has a workforce of about 420 employees and in 2010 achieved total worldwide sales of EUR 60 million.
Dr. Florian Meise, a member of the Executive Board of ADCURAM Group AG, said, “CaseTech is a true success story – for the employees, for the management, and for us as the owners. In cooperation with the management and employees, we quickly turned the company from a marginal activity of a large corporation into a strong, independent and successful midsized company. With Equita, CaseTech now has the backing of one of Germany’s most prestigious financial investors, which is ready to play an active role in taking it into the next stage of its growth. Like ADCURAM, Equita stands for midcap entrepreneurship. With this owner and managing directors who are now co-owners, CaseTech will remain highly successful in the future.”
Dr. Michael Hönig, the managing partner of Equita GmbH & Co. Holding KGaA, says, “The performance of CaseTech since the ADCURAM take-over has been impressive. ADCURAM has implemented a genuinely fundamental transformation and ideally positioned the company to face the future. With the long-standing tradition of its brand, state-of-the-art production facilities and the excellent international customer base, CaseTech has major competitive advantages. The rising standard of living in the emerging economies and the resulting increase in demand for high-protein foods will present excellent growth opportunities for the company. We want to work with the management of CaseTech to utilise these opportunities.”
Background
Headquartered in Bad Homburg, Germany, EQUITA is an independent private equity company with no affiliations to banks. It primarily acquires majority stakes in midsized enterprises in the German-speaking countries. Equita is a product of the entrepreneurial tradition of the Harald Quandt family. It focuses on supporting internal and external growth of the companies in which it invests. Current investments are being made by the holding company Equita GmbH & Co. Holding KGaA, which was provided with EUR 315 million in funding in the spring of 2007. As an investment fund it has an indefinite term, thus permitting acquisitions with a longer-term investment horizon. Since 1992 Equita has invested in 27 companies through three private equity companies and has sold 17 investments. For more information visit www.equita.de.
ADCURAM acquires companies with potential and develops them further – actively and sustainably. In the future, the Group will continue to grow both organically and by acquiring new companies. The Group is able to carry out these acquisitions as a result of its strong financial position and with the resources provided by its private owners. In 2011 it is in a position to invest approximately EUR 150 million. At present the Group holds five investments: Citrique Belge, the DURAN Group, the Hennecke Group, the IMA Klessmann Group and the NUVISAN Group. With approximately 3,000 employees worldwide, the ADCURAM companies generate turnover of more than EUR 500 million. The holding company has its headquarters in Munich. For more information visit www.adcuram.de
Additional information:
Equita Management GmbH
Dr. Michael Hönig
Tel.: +49-6172 9441-0
E-mail: michael.hoenig@equita.de
Adcuram Group AG
Dr. Florian Meise
Tel.: +49-89 2020-9590