Capvis’s acquisition of majority stake in Thermamax


Hengeler Mueller advises Capvis on acquisition of majority stake in Thermamax

The fund Capvis Equity IV LP, advised by Swiss based Capvis Equity Partners AG, acquires the majority of Thermamax. The previous majority owner was the Darmstädter family. Brockhaus Private Equity III Fund, who has been a minority shareholder of the Company since 2015, will remain invested in Thermamax. The Thermamax group is headquartered in Mannheim and produces innovative high-temperature insulation systems ranging from insulation fabrics and integral insulation solutions to complex insulation claddings. These are installed in light vehicles, on- and off-highway vehicles as well as applications in power generation, marine, and on- and offshore platform markets. Apart from the original production site in Mannheim, where Thermamax was founded in 1976, the Group has further sites in Frankenthal (Germany), Aurora/Illinois (USA), Taicang (China) and eleznicka (Serbia). The Thermamax management team lead by CEO Ralf Großhauser will continue to lead the group. The parties agreed not to disclose the financial details of the transaction. The closing of the transaction is subject to customary regulatory approvals.

Capvis is the leading private equity firm in Switzerland and one of the leading investors in German-speaking Europe and in Italy. With a current fund volume of EUR 720 m Capvis focuses on majority holdings in leading mid-sized companies. Since 1990 Capvis has completed 53 transactions with a total volume of more than EUR 5 bn.

Hengeler Mueller advises Capvis on the acquisition. The Hengeler Mueller team includes partners Daniel Wiegand (Picture) (Munich), Christian Schwandtner (Düsseldorf) (both M&A), Matthias Scheifele (Tax, Munich), Christian Hoefs (Labour, Frankfurt), Thorsten Mäger (Antitrust, Düsseldorf), Martin Klein (Tax, Frankfurt) and counsel Patrick H. Wilkening (IT/IP), Andrea Schlaffge (IP) (both Düsseldorf) as well as associates Christian Winkler, Philip Goj (both Munich), Adrian Cavin (Düsseldorf) (all M&A), Steffen C. Hörner (Tax, Frankfurt), Katharina Gebhardt (Frankfurt), Vicki Treibmann (both Labour), ?Anja Balitzki (Antitrust) and Maximilian Tim Wosgien (IP/IT) (all Düsseldorf).

Involved fees earner: Daniel Wiegand – Hengeler Mueller; Christian Schwandtner – Hengeler Mueller; Christian Winkler – Hengeler Mueller; Philip Goj – Hengeler Mueller; Adrian Cavin – Hengeler Mueller; Matthias Scheifele – Hengeler Mueller; Martin Klein – Hengeler Mueller; Steffen Hörner – Hengeler Mueller; Christian Hoefs – Hengeler Mueller; Katharina Gebhardt – Hengeler Mueller; Vicki Treibmann – Hengeler Mueller; Thorsten Mäger – Hengeler Mueller; Anja Balitzki – Hengeler Mueller; Patrick Wilkening – Hengeler Mueller; Andrea Schlaffge – Hengeler Mueller; Maximilian Wosgien – Hengeler Mueller;

Law Firms: Hengeler Mueller;

Clients: Capvis Equity Partners AG;