Endurance Capital AG sells Elsold GmbH & Co. KG to Japanese strategic investor
Munich, 6 November 2017 – Endurance Capital AG, a holding company specializing in in investments in mid-sized companies in special situations, sold all of its shares in Elsold GmbH & Co. KG, held through JL Goslar GmbH, to TAMURA DEUTSCHLAND GmbH, a German holding company of Tamura Corporation, on 31 October 2017. Tamura Corporation, a Japan-based strategic investor, is one of the leading Japanese manufacturers of electronic components and chemicals for industrial applications.
Elsold GmbH & Co. KG, a manufacturer of soldering products, particularly for the automotive and electronics industries, was acquired by Endurance Capital in 2012 as part of JL Goslar Group. It was relocated in 2013 to a new state-of-the-art facility in Ilsenburg, in the German State of Saxony-Anhalt, with the strategic goal of developing Elsold into a stand-alone company, independent of JL Goslar Group, and strengthening its long-term market position.
As a result, Elsold GmbH & Co. KG has posted outstanding performance in recent years and its market position has improved significantly, particularly in Europe. The company has reported strong double-digit revenue and earnings growth in recent years.
Endurance Capital AG believes that the integration of Elsold into Tamura Corporation presents substantial growth opportunities, particularly in the Asian market. For Tamura, a strategic investor, the acquisition of Elsold, a German company with a broad customer base and a strong reputation in Europe, will create a new platform for further expanding its European operations.
More information on Elsold GmbH
Endurance Capital AG and AL-KO KOBER SE acquire key units of the metal processing company Kohl-Gruppe AG
Munich, 25 October 2017 – Endurance Capital AG, a holding company specializing in investments in mid-sized companies in special situations, will join with AL-KO KOBER SE to acquire the automotive, metal parts and railway engineering divisions of the Cologne-based Kohl-Gruppe AG. Mettec Holding GmbH, the purchasing consortium formed with participation of AL-KO and led by Endurance Capital, will acquire the shares and real estate at the Eisenach and Treuenbrietzen sites as part of a carve-out transaction. The sale process should be completed in 2017, subject to approval by the responsible cartel authorities. The affected business units had 620 employees in 2016 and generated revenues of about EUR 110 million (of which about 80% was in the automotive division).
Dr. Andreas Albath, CEO of Endurance Capital AG, said as follows: “We are convinced that the Kohl Group divisions which are to be acquired will have a bright long-term outlook under the umbrella of Mettec Holding. With AL-KO KOBER SE as our partner, which is characterized by an extensive entrepreneurial tradition and expertise in the automotive industry and in gardening and air conditioning equipment, we will be able to clearly position the three units strategically and create the necessary conditions for them to develop independently in the medium term.”
The automotive division supplies well-known OEMs directly with mid-sized to large stampings and complex welded components. The metal parts business unit specializes in CNC turning and milling and has a broadly diversified customer portfolio, including the power distribution sector, measurement/medical technology and facility engineering. The railway engineering division is one of just two German manufacturers which supply key components for the PZB/INDUSI train protection system, and has successfully established itself as a long-term development partner for leading railway customers.
According to Stefan Kober, Management Board Chairman of AL-KO KOBER SE: “Kohl Group has successfully positioned the automotive division as a supplier for well-known customers in the automotive industry. The two smaller business units, metal parts and railway engineering, also have outstanding market positions. All three divisions therefore fit perfectly into our organic and inorganic growth strategy.”
“We are pleased to have found new partners in Endurance Capital and AL-KO which have years of experience with mid-sized manufacturing companies and a proven ability to successfully acquire and develop companies in succession situations,” said Volker Kempa, Management Board Spokesman and shareholder of Kohl-Gruppe AG. “Together, we are now in a position to generate dynamic growth in the outsourced business units.”
Endurance Capital AG acquires a majority interest in the Bavarian grinding machine manufacturer ISOG
Munich and Weilheim, 9 May 2017 – Endurance Capital AG, a holding company specializing in investments in mid-sized companies in special situations, has acquired a majority interest in ISOG Management GmbH, based in Weilheim. Together with its new fellow shareholder Bayerische Beteiligungsgesellschaft GmbH (BayBG), it plans to inject fresh capital into the company, which has been in insolvency under personal management since October 2016, and allow it to reposition itself .
The insolvency plan procedure was completed in early May. The goal remains to rapidly implement the ongoing restructuring process and to get the company off to a successful start in international business based on its portfolio of new and high-tech products.
Dr. Andreas Albath, CEO of Endurance Capital AG, stated as follows: “ISOG has a healthy core, a good team, unique products, a strong international orientation and clear growth potential. These arguments allowed us to get BayBG on board, which will be another strong financial partner for our investments in mid-sized companies.”
According to Sebastian Braun, turnaround project manager at BayBG: “Together with Endurance Capital, we now have the ability to restructure the liabilities side of ISOG’s balance sheet and give the company the opportunity to roll out the innovative ISOG 24 CNC grinding center, which was unveiled just a few weeks ago. As always, we are invested as a minority shareholder and, in Endurance Capital, we have a majority shareholder and partner which specializes in successful restructuring procedures.”
Thanks to extensive restructuring, ISOG has been able to make so much progress in less than six and a half months that the insolvency plan procedure was completed in early May. Endurance Capital and BayBG entered into discussions with the company just a few weeks after the insolvency petition and have followed the restructuring procedure closely. Despite a strong international orientation with high-tech tool grinding machinery configured to meet specific customer requirements, ISOG encountered severe financial difficulties in 2016 due in particular to outstanding payments from China and delays in a major customer project. Working together, it is now evident that the company will be able to come out of the restructuring process with its Weilheim site and 85 jobs secure. The former managing shareholder, Martin Sackmann, will stay on as a shareholder and will manage the company. Martin Sackmann stated as follows: “In the ongoing restructuring process, our team of 85 employees has already demonstrated that we absolutely intend to continue providing our customers with high-tech specialized grinding machines and top-of-the-line service. I am very pleased that we have been able to realign so quickly and convince our new shareholders of our strengths. As a result, we have been able to continue to operate without a hitch, making preparations for and successfully beginning the launch of our new ISOG 24 grinding center.”
More information on ISOG
Endurance Capital AG participates in Schweizer Group KG as majority shareholder
Munich, 21 October 2015 – Endurance Capital AG has taken over 75% of the shares of the previously owner-managed Schweizer Group KG with effect from 14 October 2015. The acquisition was carried out by a consortium led by Endurance Capital in cooperation with Invest AG.
Endurance Capital AG specializes in support and operational development of SMEs with potential for growth. The automotive supply industry represents an important investment focus of the company.
In the 148-year history of Schweizer Group, the acquisition of a majority stake by Endurance presents an important milestone for the company and offers Schweizer the opportunity to enter the highly competitive environment of the automotive industry into the next phase of development. It thereby reinforces the claim to further expand its position as a leading provider of complex die casting solutions in the automotive sector. Schweizer mainly supplies the German automotive industry in the areas of engine, transmission and electronics. In recent years the group has grown fast and is represented with a factory in China since the end of 2013.
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Endurance Capital AG acquires the core business of the plant manufacturer IBS
Munich, 3 February 2015 – The Endurance Capital AG acquired the core business of the IBS group (www.ibs-technik.de). Based in Thierhaupten (Bavaria), the plant manufacturer IBS has an international customer base and is the market leader in the field of mobile flood protection walls. Further business areas of IBS are water economy (caseless fittings) and logistic systems.
With a significantly increased risk of flood hazards in recent years and accordingly a rising demand for flood control, very interesting growth prospects are obtained for the company – especially in the area of water management.
Favorable production costs in connection with high welding skills in the Czech Republic enable high profitability in the key domestic markets. Simultaneously this allows competitive prices in all regions of the world.
“We are absolutely convinced of the company’s products and capabilities,” says Matthias Uebel, Managing Director of Endurance Capital AG. “IBS has gained an excellent reputation in the field of mobile flood protection and has become a world leader in this domain. We intend to – and are going to – use this potential.”
The sales agreement on the core business of the Group was signed in November and became legally binding after the confirmation of the insolvency plan in January 2015. The disposal was realized by the liquidator, lawyer Christian Plail from Schneider Geiwitz, as well as the existing shareholders. In addition to the acquisition of the administration and the production site in Thierhaupten, Endurance Capital has acquired the Czech production facility in Rotava from the existing shareholders.
More information on IBS Group
AVIC Electromechanical Systems Co. Ltd. acquires Kokinetics GmbH from Endurance Capital AG
Munich, 5 June 2014 – Chinese company AVIC Electromechanical Systems Co., Ltd. has acquired 100% of the shares of Kokinetics GmbH, a leading manufacturer of seat components for the automotive industry, from Endurance Capital AG and Executive Managing Group AG.
Endurance purchased Kokinetics in 2011 together with the management as part of a management buy-in. The company has been fundamentally restructured and internationally repositioned with the establishment of an engineering subsidiary in Detroit and the acquisition of a production site in the Czech Republic.
Today Kokinetics is a leading producer of seat structure parts in the automotive field. Its customers include almost all global OEMs including VW, BMW, Mercedes and GM as well as leading global suppliers and system manufacturers. Further sales segments and industries have been developed in addition to the strong focus on the automotive sector. These include related industries such as commercial vehicles, agricultural machinery and traction technology that are contributing to the company’s diversification.
The current takeover represents the next logical step in corporate development for both Kokinetics and AVICEM since the two companies ideally complement each other. The innovative power arising from the collaboration coupled with excellent project management is intended to create new market opportunities at the global level.
Aviation Industry Corporation of China (“AVIC”), the parent company of AVIC Electromechanical Systems Co., Ltd., is a Fortune Global 500 company and was listed at position 212 in 2013. Its subsidiary AVIC Electromechanical Systems Co., Ltd. operates in the field of electro mechanics. With 28 subsidiaries, including 4 listed companies and more than 70,000 employees, AVICEM manufactures and supplies electromechanical systems for the aerospace and automotive industries.
AVICEM will continue to support the employees at Kokinetics GmbH led by its current management and plans to continue to market the company’s innovative product solutions under the Kokinetics brand. Dr Andreas Stoltze, CEO of Kokinetics GmbH, will continue in his current position, having concluded a contract with AVICEM for several years.
More information on Kokinetics GmbH
KOKINETICS expands production capacities in the Czech Republic with the acquisition of s.r.o.
Munich, 28 May 2013 – KOKINETICS GmbH, based in Kriftel (near Frankfurt/Main), is a leading specialist in all moving parts for car seats. With its current 200 employees, KOKINETICS supplies seat and transmission technology to the automotive industry. Its customers include almost all global OEMs such as VW, BMW, Mercedes and GM as well as leading global suppliers and system manufacturers.
KOKINETICS has now been able to purchase the Czech subsidiary of German company Pampus Automotive GmbH & Co. KG. The new company, located in Kamenice, generated around € 15 million in the last financial year and will add 200 qualified employees to the KOKINETICS Group. This will increase KOKINETICS’ total sales to over EUR 60 million.
The acquisition will enable KOKINETICS to significantly accelerate its own internationalization strategy and give it an efficient location with attractive cost structures. KOKINETICS opened its own sales and engineering location in Detroit/USA only in October 2012 in order to enhance its presence on the North American market. In December 2012, it also acquired parts of the production of automotive supplier Faurecia at its German site in Lohr am Main, where for example seat structures for the Mercedes Sprinter/VW Crafter are manufactured.
The strategic aim of KOKINETICS is to develop additional segments and industries in addition to its strong focus on the automotive sector. These include related industries such as commercial vehicles, agricultural machinery and traction technology, where the new subsidiary in the Czech Republic already generates 50% of its revenues, thus contributing to the group’s diversification.
More information on Kokinetics GmbH
Changeover in Board of Directors and Supervisory Board at Endurance Capital
Dr Andreas Albath, previously Member of the Supervisory Board, has been appointed to the Board of Directors with effect from 1 January 2013. Previous CEO, Dr Eberhard Schöbitz, was elected to the Supervisory Board, where he will assume the function of Chairman, at the Annual General Meeting on 18 January 2013.
In his function as CEO, Dr Albath will, together with Ulrich Hofstetter and Matthias Uebel, assume operational responsibility for the further development of the Endurance Group. Dr Albath has over 20 years of experience in board and executive management functions in a number of industries in restructuring and in growth situations (including Telegate AG and Gruner+Jahr). Dr Albath has accompanied Endurance Capital as shareholder and Supervisory Board Member from the beginning and has now increased his participation significantly.
Dr Eberhard Schöbitz, founder and shareholder of Endurance Capital AG, will maintain his close connection to the company in future as Chairman of the Supervisory Board, where he will use his expertise to concentrate on strategic topics and major special projects.
More information on the Endurance team
JL Goslar GmbH: Succession solution opens up new growth perspectivesJL Goslar GmbH, based in Goslar, has been added to the investment portfolio. Endurance Capital, together with Managing Director Erhard Grab, acquired JL Goslar from the previous shareholders in March 2012 as part of a succession solution.
We see excellent growth opportunities for this highly specialised supplier of semi-finished and finished products made from non-ferrous metals, particularly lead, tin and their alloys, notably due to the constant growing number of applications in a large number of different industries.
As a first step we initiated an investment programme in order to further increase the company’s competitiveness, to make better use of the potential of the expertise built up over 100 years and to exploit the worldwide unique position in process technology for automated homogeneous lead-lining and the growing number of applications in specialist industries with special requirements for apparatus and materials.
JL Goslar GmbH currently employs around 180 people and generated sales of approximately EUR 40 million in three divisions:
- Apparatus construction, primarily apparatus made from lead and steel, reaction vessels, hazardous materials containers and wet electrostatic filters
- Lead anodes for zinc and copper extraction electrolysis
- Radiation protection, primary transport containers for radioactive materials, shielding and radiation safety equipment
More information on JL Goslar GmbH
Elsold GmbH: Next development stage with new production site
Esold GmbH one of the leading European manufacturers of soldering products is part of JL Goslar Group. After Endurance Capital acquired the company the construction of the new factory as well as further spin-off of the company were promoted.
Revenues of the company were approximately EUR 12 million. The main customers are from the automotive supply industry. Esold offers all current soldering processes with special focus on micro-alloyed, lead-free solders.
More information on Elsold GmbH
ECOSOIL Holding GmbH: Successful restructuring from an insolvency plan procedure
Ecosoil Holding GmbH was successfully restructured in the joint efforts of Endurance Capital and the co-partners Dr Gunther Schmidt and Dr Hans-Hermann Hüttemann, as well as the insolvency administrator Jörg Spies. This is the third engagement Endurance Capital has taken over from an insolvency plan procedure – proof of the company’s expertise in this challenging field of recapitalization.
Ecosoil Holding headquartered in Oberhausen, generated revenues of approximately EUR 50 million in 2011 with 320 employees in the field of surface sanitation, material flow management and technical services related to management of brown coal mines. Main customers are companies from the energy providing sector and local town councils. The company is part of Endurance Capital portfolio since October 2012.
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Laurèl GmbH: With new investments into the successful international expansion
Endurance made great progress restructuring the Primera Group which was taken over 2009 in connection with the Escada insolvency. Our flagship brand Laurèl has been developing discrete in terms of the organization under the management of the executive director and shareholder Dirk Reichert with strong focus on growth. Laurèl GmbH is already positioned very well in China and other ascending markets. In order to use the current chances of further development the company has issued a EUR 20 million bond at the Frankfurt stock exchange in October 2012. The issue was oversubscribed on the first day.
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