GvW Graf von Westphalen advised Capiton AG, while Niederer Kraft Frey acted as counsel to Assa Abloy in the sale of its sensor technology business Cedes AG in Switzerland to capiton AG.
A fund managed by capiton AG has acquired 100% of the shares in Cedes AG, a leading manufacturer of sensor technology in the elevator and door industry based in Landquart (Switzerland).
Capiton acquires Cedes from Assa Abloy, a Swedish group of companies operating worldwide in the field of entrance technology with sales of over EUR 7 billion. The transaction will be financed by the capiton VI fund and co-investors investing alongside capiton.
The parties have agreed not to disclose the purchase price. The transaction is still subject to approval by the competition authorities.
Cedes AG, headquartered in Landquart, Switzerland, is a leading sensor technology company in the elevator and access solutions industry. The company’s products, which utilize infrared and image processing technology, provide solutions for the automation of elevators, escalators, and entrances. Cedes generated approximately CHF 55 million in sales in 2019 with 320 employees. The company was established in 1986.
Capiton is an owner-managed private equity firm with a total fund volume of € 1.1 billion under management.
The GvW team led by Dr. Dominic Köstner (Picture) and Patrick Heid included Zheng Ye, Kerui Li, Mengyuan Gong and Jiaying Luo.
Niederer Kraft Frey advised Assa Abloy in the transaction with a team led by Corporate/M&A partners Thomas Brönnimann and Philippe Weber, working with partners Markus Kronauer (Tax) and Nicolas Birkhäuser (Competition), senior associate Deirdre Ní Annracháin and associate Samuel Hochstrasser (both Corporate/M&A).
Involved fees earner: Mengyuan Gong – GvW Graf von Westphalen; Patrick Heid – GvW Graf von Westphalen; Dominic Köstner – GvW Graf von Westphalen; Kerui Li – GvW Graf von Westphalen; Jiaying Luo – GvW Graf von Westphalen; Zheng Ye – GvW Graf von Westphalen; Nicolas Birkhäuser – Niederer Kraft Frey Ltd; Thomas Brönnimann – Niederer Kraft Frey Ltd; Samuel Hochstrasser – Niederer Kraft Frey Ltd; Markus Kronauer – Niederer Kraft Frey Ltd; Deirdre Ni Annrachain – Niederer Kraft Frey Ltd; Philippe Weber – Niederer Kraft Frey Ltd;