EC Approves Private Investment in Koenig
EC Approves Private Investment in Koenig
Jason Sandefur
The European Commission approved the plan for Swiss private equity firm Capvis Equity Partners and European private equity investor HgCapital to become investors in Swiss fastener group Koenig Verbindungstechnik AG (KVT).
Capvis originally acquired KVT Group for EUR 325 million (US$515.2 million) in July from Debrunner Koenig Holding AG, a fully owned subsidiary of German steel and metals distributor Klockner & Co.
Under the terms of the agreement Capvis and HgCapital will enjoy equal rights as investors. HgCapital’s investment is about GBP 5.5 million (US$9.93m). Capvis and HgCapital see further growth potential by attracting additional customers in the global automotive industry.
Founded in 1973, KVT supplies 200,000 catalog items, including fastening, connecting and automation systems to the engineering, automotive, electronics and transportation industries, as well as in the medical engineering, aerospace and construction and other industries.
KVT reported 2007 sales of EUR 120 million (US$187m) and earnings of EUR 20 million (US$31.2m). KVT manufactures fasteners at its headquarters in Dietikon, Switzerland, and operates distribution companies in Germany, Austria, Poland, the Czech Republic and the U.S. KVT employs 300 people, including 110 in Germany. Web: kvt-koenig.de �2008 FastenerNews.com
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