A group of pension funds advised by Advent International Corporation, of Boston in the United States, has acquired 100% of the shareholding of the Moeller group of companies, one of Germany's largest privately owned producers of industrial and building automation components and systems.
Advent International is one of the biggest international private equity groups, with offices and affiliates worldwide. In Europe alone it has invested more than 120 companies with a combined enterprise value of more than 10 billion Euros. Advent's investors are the pension funds of large corporations, such as Nestlé, General Motors and the Royal Bank of Scotland.
The value of the Moeller acquisition has not been disclosed. Moeller states that as a result of the transaction, the capital structure of the company, founded in 1899, will be improved and a platform created for its successful growth and enhanced competitiveness.
Commenting on the transaction, Ralf Huep, general manager of Advent International in Germany, said: "As a world-class company with a strong market position, a portfolio of high quality products and an excellent customer base, Moeller has great future potential. Our plan is to work with the management to refocus the business on its core strengths, to increase its market penetration, and to take advantage of global growth markets. We will continue the streamlining process which was initiated by the company several months ago, to optimise the company's business processes and to increase its profitability."
Cooperation with present management is a precondition of Advent's acquisition of the company. Moeller's management board, Theo Kubat (CEO), Robert Gaertner (CFO) and Joachim Goeddertz will be joined by two new board members, Uwe Alwardt and Dave McLemore, "both of whom have considerable experience and a proven track record in the electronics/industrial technology sector," says Huep.
In a joint statement, Kubat and Gaertner said: "With Advent on board, we will be able to further expand our market position on the global market and enhance the level of service to our customers throughout the world."
The acquisition of Moeller by Advent International, introducing a reinvigorated business strategy, has resulted in continued support for the company from a banking consortium led by Commerzbank.
Thomas Boehm, pool leader of the banking consortium, said: "We are pleased that the consortium, which has traditionally financed the Moeller Group, will continue to support the business. It is indicative of the confidence that we have in the partnership between Moeller and Advent International and in the future success of the company."
Headquartered in Bonn, the Moeller Group of Companies has about 11 000 employees worldwide, generating annual revenues of approximately one billion Euros from 32 production facilities. The Group has a diversified global sales network with more than 40 sales subsidiaries and distributes products into more than 80 countries around the world, selling directly to industry, distributors and wholesalers. The company enjoys a strong position in the growing European low voltage components, automation and systems markets.
For more information contact Moeller Electric, 011 977 0700
100-year history
The Klöckner company was founded by Franz Klöckner in 1899. Renamed Klöckner Moeller in the 1940s, it experienced steady growth over several decades, based on its technological expertise and its close customer relationships.
Gert Moeller took over the business from his father in 1962 and has headed the business successfully for over 40 years. In the late 1990s, Klöckner Moeller successfully continued to broaden its product range and undertook several acquisitions, such as Felten & Guilleaume AG in 1998. Klöckner Moeller was renamed Moeller in 1999 and in 2000 began a process of optimisation of selected business processes to increase profitability.
Advent International is one of the largest, longest-established and most experienced international private equity groups. Its coverage is the broadest of any private equity house, with offices and affiliates in 25 countries across Western and Central Europe, North America, Latin America and Asia Pacific. Advent International normally recommends investment only in companies not yet listed on stock exchanges. Since its inception, funds advised by Advent have invested in over 500 companies in 35 countries. Some 130 of the invested companies have floated on 20 exchanges around the world.
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