Exit: Equistone sells E. WINKEMANN to Cathay Capital
Category: Private Equity
26. February 2018
Munich/Plettenberg, February 21, 2018 — Funds advised by Equistone Partners Europe (“Equistone”) are selling shares in Plettenberg-based automotive supplier E. WINKEMANN. The majority of the shares will be acquired by Cathay Capital MidCap Fund, which is advised by Cathay Capital Private Equity. Equistone and the managing directors of E. WINKEMANN will remain involved. The parties have agreed not to disclose the purchase price or further details of the transaction. The sale is subject to approval by the relevant antitrust authorities.
In its now 80-year company history, E. WINKEMANN GmbH has become a major manufacturer of precision metal stampings and today employs 380 people. From its location in the Märkischer Kreis region, the company primarily supplies well-known German and international automotive suppliers and manufacturers worldwide. Equistone had invested in the company in May 2012. Since then, E. WINKEMANN has developed convincingly. Sales increased from approximately 66 million euros in 2012 to around 91 million euros in 2017. Last year alone, there was an increase of more than ten percent.
Over the past six years, Equistone has accompanied E. WINKEMANN on its way from a family-owned company to a continuing successful medium-sized enterprise with participating management. This made it possible to support the company’s flexible business model with rapid decision-making processes and a high degree of freedom on site, which ensures short product and development cycles, especially in the dynamic environment of the automotive industry. At the same time, Equistone enabled the necessary investments to further expand the company. As a result, E. WINKEMANN was able to grow sustainably by developing new products and innovative technologies and by addressing new customers.
“Together with the dedicated management and the highly qualified employee base, we have managed to significantly develop an already well-positioned company,” says Dirk Schekerka, Country Head DACH at Equistone. “The know-how and experience of the entire workforce are key drivers of E. WINKEMANN’s strong position. The new partner will accompany the company into the next growth phase and expand its strong position in further markets, especially in Asia. We are pleased to remain associated with E. WINKEMANN as a shareholder and to continue to support the company’s development.”
“Six years ago, in the course of succession planning, we carefully searched for a suitable partner to secure the future of E.WINKEMANN. It turned out that we found the right partner in Equistone: Together we were able to secure long-term growth and expand into new markets,” says Dr. Bernd Sent, CEO of the company. “With its expertise in the automotive supply industry and its profound experience in the systematic and long-term oriented development of medium-sized companies, the Equistone team has supported the achievement of our goals at all times. With Cathay Capital, we now want to continue on the path we have chosen.”
Responsible for the transaction on the part of Equistone are Dirk Schekerka and Stefan Maser.
Advisors to Equistone: Robert W. Baird & Co. (M&A) and P+P Pöllath & Partners (Legal/Tax).
About Equistone Partners Europe
Equistone Partners Europe is one of Europe’s leading equity investors with a team of more than 35 investment specialists in six offices in Germany, Switzerland, France and the UK. Equistone primarily invests in established medium-sized companies with a good market position, above-average growth potential and an enterprise value of between EUR 50 and 500 million. Since its founding, equity has been invested in more than 140 transactions, mainly mid-market buy-outs. The portfolio currently comprises over 40 companies across Europe, including around 20 active holdings in Germany, Switzerland and the Netherlands.
About E. WINKEMANN GmbH
Since its foundation in 1938, the traditional company E. WINKEMANN has developed into one of the most important and efficient manufacturers of precision metal stampings. The Plettenberg (NRW) site now employs around 380 people. Customers come from almost all industrial sectors, with the global automotive and automotive supply industry being the main focus. For precision stamped metal parts, E. WINKEMANN is a competent partner for the implementation of customer-specific requirements. The company relies on its 80 years of experience and the superior technical know-how of its employees. High-precision stamped, embossed, bent and drawn parts are produced in a modern machine park with a high degree of in-house production depth. All areas of the company are subject to a continuous improvement process based on effective zero-defect strategies. E. WINKEMANN GmbH offers a comprehensive range of services from product development to series production.