Bochum/Duesseldorf (Germany), 16 April 2014 - Funds advised by Triton ("Triton") have entered into an agreement to acquire GEA Group's heat exchangers business for an enterprise value of approximately €1.3 billion. The transaction is subject to approval by the relevant antitrust authorities and is expected to close later in 2014.
GEA's heat exchanger business is an important manufacturer of heat exchanger products globally and holds strong market positions in Germany and Western Europe. The company offers a diversified product line and an application portfolio including wet and dry cooling systems and components, as well as other project-type businesses. Headquartered in Bochum, Germany, the company employs about 7,300 people worldwide. It generated revenues of €1.5 billion in 2013.
"GEA Heat Exchangers operates in niche markets with global growth opportunities. Triton looks forward to supporting the management team in developing the company further as a standalone entity," says Peder Prahl, Director of the General Partner of the Triton funds .
"This transaction is an important milestone for us, enabling GEA to further focus on the food and beverage industries. We strongly believe that Triton is a highly reputed new owner who shall be able to assist the company through its growth journey", says Jürg Oleas, Chief Executive Officer of GEA Group.
"GEA Heat Exchangers has a strong market position, and is well positioned and commercially successful thanks to its excellent product portfolio", says Christoph Michel, CEO of GEA's heat exchanger business. "As an investor, Triton can offer a new perspective, enable us to leverage our growth potential and develop the company into an internationally important provider of heat exchange solutions. We are looking forward to accelerating our growth with the new owner on board."
About GEA Group
GEA Group Aktiengesellschaft is one of the largest suppliers for the food processing industry and a wide range of other process industries. As an international technology group, the Company focuses on process technology and components for sophisticated production processes. In 2013, GEA generated consolidated revenues in excess of EUR 4.3 billion, more than 70 percent of which came from the food sector, which is a long-term growth industry. The group employed about 18,000 people worldwide as of December 31, 2013. GEA Group is a market and technology leader in its business areas. It is listed in Germany's MDAX stock index (G1A, WKN 660 200) and the STOXX® Europe 600 Index.
About Triton Partners
Founded in 1997 and owned by its partners, Triton Partners is a leading European mid-market sector-specialist investor. Triton Partners focuses on investing in businesses that provide mission critical goods and services in its three core sectors of Business Services, Industrial Tech, and Healthcare.
Triton Partners has over 150 investment professionals and value creation experts across eleven offices and invests through three complementary “All Weather” strategies: Mid-Market Private Equity, Smaller Mid-Cap Private Equity, and Opportunistic Credit.