Product category:
Process Controllers: PAC, PLC, Loop control
News Release from: Moeller Electric
Edited by the Processingtalk Editorial
Team on 21 September 2005
Doughty Hanson acquires the Moeller
Group
Doughty Hanson has completed the acquisition of a majority stake in Moeller Group from Advent International, which had been announced on 20 July, 2005
Doughty Hanson has completed the acquisition of a majority stake in Moeller Group (Moeller) from Advent International (Advent), which had been announced on 20 July, 2005 Following antitrust approval, Doughty Hanson closed the transaction within the expected period of time
This article was originally published on Processingtalk on 16 Jul 2008 at 8.00am (UK)
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The private equity firm now owns a 75 percent stake in Moeller, a leading international supplier of low-voltage electrical distribution and automation components for industrial, commercial and residential use.
Doughty Hanson acquired the majority stake in Moeller for a purchase price of Euro1.1bn.
including pension liabilities and financial debt.
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Advent will own a 15 percent minority stake in Moeller, while the remaining shares will be held by the management.
With Doughty Hanson as the new shareholder, the management intends to consolidate the market position of Moeller and to enhance its customer relations.
Moeller also plans to expand in high-growth markets.
"We will support the management in the further development of the core strengths and the competitiveness of Moeller as well as in pursuing growth opportunities in Eastern Europe and Asia," said Claus Felder of Doughty Hanson.
The acquisition of Moeller is in line with the Doughty Hanson strategy to acquire market-leading, mid to large-sized businesses.
In conjunction with the acquisition, David McLemore has departed the management team of Moeller Holding, and Uwe Alwardt has switched to the company Partner Committee.
Theo Kubat (CEO), Robert Gartner (CFO) and Joachim Goddertz, who have run the company for an extensive period, will continue in their current positions and work to achieve the continual development of the company.
Theo Kubat, CEO of Moeller Holdings, had the following to say upon the completion of the acquisition: "Together with our new partners, we will continue to expand our extraordinary market position - in selected new markets, through innovative products, new developments and targeted, calculable acquisitions.
Moeller will continue on its march to the top of the electronics sector.
The groundwork for our objective has already been laid".
The first concrete undertakings will be the opening of the new logistics centre in the Czech Republic, the erection of a production facility in India and the opening of a foreign subsidiary in Bulgaria.
The Moeller Group clearly exceeded its goals for the completed fiscal year.
Moeller achieved a total turnover of Euro 869mn.
The company core business turnover increased from Euro 670mn for the previous year to Euro760mn.
The Group bank liabilities declined further at the end of the fiscal year.
The operative cash flow of Euro 71mn was Euro 46mn higher than that of the previous year.
Following a strong first quarter, which saw considerably growth in both turnover and result, Moeller is targeting core business growth in excess of 5 percent and an increase in EBITDA for the current 2005/2006 fiscal year.
During the first three months of the current fiscal year (May 1, 2005 - April 30, 2006) the Moeller Group was able to repeat last year's positive business development.
The Group enjoyed a 14 percent increase in turnover in the case of core business and a 10 percent increase in EBITDA.
On the Doughty Hanson acquisition, Paul Corbett, UK Managing Director of Moeller Electric, comments: "The sale of Moeller by Advent to Doughty Hanson is extremely positive as it assures the continued presence of the Moeller brand and its association with value for money, high quality and innovative products.
In the UK, Moeller will continue to increase its share of the industrial control, automation and distribution equipment markets.
For UK customers it is business as usual.".
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