Buy-out firm Advent International is to sell its 66 per cent stake in German stationary product company Herlitz for €45 million (£40 million).
Buy-out firm Advent International is to sell its 66 per cent stake in German stationary product company Herlitz for €45 million (£40 million).
The acquirer is stationary manufacturer Pelikan International, which also acquires options and shareholder loans owned by Advent under the deal.
Jan Janshen, general manager at Advent International’s Frankfurt office, says Herlitz’s competitiveness has improved since the private equity firm bought a majority stake in the company for an undisclosed sum in 2005, with a renewed focus on Herlitz-branded products and expansion into Eastern Europe.
Janshen adds that the acquisition by Pelikan, which is subject to approval by merger authorities, will open up additional opportunities for both businesses.
Herlitz CEO Jan von Schuckmann says, ‘Over the last four years we have constructively streamlined our operations and increased competitiveness while at the same time investing in the development of new products and in strengthening our brand.
‘Today we have a sustainable business model, a strong market position and we operate from a solid financial base.’
Last year Frankfurt-quoted Herlitz reported sales of €302 million and earnings before tax and interest of €3.7 million. The company underwent rapid expansion in the 1990s before restructuring in 2001 saw banks take a majority stake.
