FRANKFURT Nov 13 German investor Triton has
sold Dematic, a supplier of systems that move goods around in
warehouses, to two North American private equity groups.
A dearth of assets and the need to invest funds they got
from investors is currently driving financial sponsors to look
at anything that comes on the market.
AEA Investors and Teachers' Private Capital, the private
equity arm of Canadian pension fund Ontario Teachers' Pension
Plan, agreed to buy the German group with sales of roughly 1
billion euros ($1.3 billion) for an undisclosed sum, Triton said
in a statement on Wednesday.
According to a source close to the company, 2012 earnings
before interest, tax, depreciation and amortisation (EBITDA) are
expected to reach about 100 million euros.
Sources close to bidders who participated in the auction had
said in the past they expected the asset to sell for 700-800
As part of the transaction, around 450 million euros of
outstanding bonds will be redeemed.
Dematic was founded in 1819 and in 1973 became part of steel
and machine group Mannesmann, which then sold it to conglomerate
Siemens. Triton acquired it in 2006.
Dematic has about 4,500 employees worldwide, after Triton
closed a German plant and enforced restructuring at other
locations. The company sees itself as world market leader, with
a market share of 10 percent in logistics automation.
($1 = 0.7867 euros)
(Reporting by Arno Schuetze and Alexander Hübner)