FRANKFURT, Nov 27 (Reuters) - Swiss private equity firm Capvis came forward on Sunday as the investor which pulled out of talks with Manroland last week, a move which helped push the German printing machine maker into filing for insolvency.
Manroland, the world’s third-largest printing machine maker and which is owned by Allianz Capital Partners and MAN SE , filed for insolvency on Friday after orders worsened, talks with a potential investor failed and its banks refused to extend a loan.
Capvis, which says it has carried out 41 transactions worth more than 3 billion euros ($4 billion) since 1990, said in a statement on Sunday it had first held talks with Manroland in September.
It had planned to take a stake and restructure the company using proceeds from a capital increase, but after receiving the company’s figures for 2011 it had pulled out because the results were significantly below what was expected and the restructuring costs significantly higher, it said in the statement.
“We sincerely regret on behalf of the employees that we weren’t able to come to an agreement over how to put the company on a stable footing,” Capvis Equity Partners AG partner Daniel Flaig said.
Capvis Equity Partners acts as the sole advisor to Capvis, which generally invests in industrial companies with a turnover of between 50 million euros and 500 million. ($1 = 0.7536 euros) (Reporting by Victoria Bryan; Editing by David Holmes)