Transaction
Cowen advised BE Beteiligungen Fonds GmbH Co. KG (“BE Beteiligungen”) and Novum Capital Special Opportunities Fund I GmbH & Co. KG (“Novum Capital”) on the sale of Vulkatec Beteiligungsgesellschaft mbH and VulkaTec Riebensahm GmbH (“VulkaTec”) to Paul Bauder GmbH & Co. KG (“Bauder group”). Other sellers of VulkaTec were the management and members of the founding family.
VulkaTec is one of the European market leaders for roof and tree substrates. The company is specialized in the production, formulation and supply of plant substrates predominantly based on volcanic rock materials. The product portfolio includes plant and vegetation substrates, aggregates, building materials and filter materials.
Through the acquisition, the Bauder group gains exclusive access to one of the market leaders for rooftop greening substrates in Europe. The acquisition is highly synergistic for both partners, it enables the Bauder group to provide the full portfolio across its value chain of roof services from roof design over materials and construction to greening, while enabling VulkaTec to leverage the Bauder groups’ significant client base in urban roofing.
Rolf Brodbeck and Roland Eschmann, Managing Directors of BE Beteiligungen: “We are very pleased that the sale to the Bauder Group will continue the successfully implemented green growth strategy. The new constellation opens up ideal opportunities to shape the leading player in the growing market for urban greening and green roof systems. This is an excellent signal, especially for the employees and management of both companies.”
Felix Homann, Partner of Novum Capital: “Having seen VulkaTec grow from 50 employees and sales of around 17 million euros in 2014 to 75 employees and revenues of 25 million euros in 2019 during the period of our investment, we are excited for its future as part of the Bauder group. The combination of VulkaTec’s loyal customer base of landscaping gardeners and Bauder’s green roof systems and access to building material merchants will form a strong player in the green roofing market.”
Clients
BE Beteiligungen, located in Cologne, invests in small and medium-sized companies and already has invested in numerous companies in Germany. The range of industries is highly diversified and focuses on market segments with sustainable needs and demand. BE’s objective is to work with management and other shareholders to enhance the growth potential of the Portfolio Companies. The company currently manages a fund volume of 60 million euros, which was provided by two renowned financial institutions.
Buyer
The Paul Bauder GmbH & Co. KG in Stuttgart is Europe’s leading manufacturer of roof systems and has been owner-managed for more than 160 years. From a single source, the Bauder group offers comprehensive advice and all materials for sealing, insulating, landscaping and energy generation, giving planners, building owners and contractors the confidence to make the best decision for their roofs. In Germany one in four flat roofs and one in five rafter-mounted thermal insulation systems are supplied by the Bauder group.
Around 1,100 employees work at the main factory in Stuttgart and the seven other factories in Bochum, Herten, Landsberg near Halle, Achim near Bremen, Bernsdorf and Schwepnitz near Dresden and Bruck an der Leitha near Vienna. Six sales groups in Germany and sales companies in 14 countries ensure constant customer proximity.
Frankfurt-based investment firm Novum Capital invests in small and medium-sized companies with an annual revenue of up to 200 million euros on behalf of German and international pension funds, private pension schemes and foundations. The goal of these investments is to increase the value of the company by providing growth capital and business expertise; to improve profitability in a sustainable manner for further growth financing; and to enhance the benefits of the business model.
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