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FRANKFURT, Nov 13 (Reuters) - 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 million euros.
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