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Triton prepares sale of German elevator components maker Wittur - sources
August 7, 2014 / 4:50 PM / in 3 years

Triton prepares sale of German elevator components maker Wittur - sources

FRANKFURT, Aug 7 (Reuters) - Private equity groups Triton and Capvis are preparing a sale of Wittur, a German maker of elevator components, trying to benefit from high valuations in buyout markets, two people familiar with the matter said.

The investors have mandated Deutsche Bank to organise the transaction, in which Wittur may be valued at roughly 700 million euros ($935.13 million), the people said, adding that preparations are still at an early stage.

The company, founded in 1968 by then 26-year old Horst Wittur with a start-up capital of about 1,000 euros, currently has annual earnings before interest, taxes, depreciation, and amortisation of about 80 million euros.

Elevator makers such as Kone and Schindler trade at 11 and 14 times their expected earnings respectively, a valuation that Wittur may struggle to see, one of the sources said.

Triton acquired a majority in Wittur, which is based in Wiedenzhausen near Munich, in 2010 from Goldman Sachs, Cerberus and Credit Suisse for an undisclosed sum. Capvis at the time bought a 28 percent holding in the company and the Wittur management also took a stake.

Wittur’s products include lift machines, elevator doors, hydraulic devices, safety components, gearless drives and slings.

Triton, Capvis and Deutsche Bank declined to comment, while Wittur was not immediately available for comment. (1 US dollar = 0.7486 euro) (Reporting by Arno Schuetze. Editing by Andreas Cremer and David Evans)

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