Navigator Capital is an owner-operated private equity partnership. It focuses on carve-outs and turnaround situations among smaller and mid-sized busiesses. Since summer 2016 Navigator Capital is operating with six partners in four countries, providing optimal support for a wide range of situations.
Navigator Capital acquires the Swiss mechanical engineering company Sapal from Bosch Packaging Technology
Ecublens/Munich, 06. September 2017 – The Navigator Group is planning to acquire the engineering company Sapal S.A., Ecublens, Switzerland, from Bosch’s Packaging Technology division. Corresponding contracts were signed on 05.09.2017. Sapal is part of the packaging machinery division of the Bosch Group and is a company with a long tradition and a high reputation, which is focused on diefold packaging. More than 6,000 installed plants worldwide testify to the appreciation that customers bring to the Swiss precision machines. With the takeover by the Navigator Group, some 80 employees will have a long-term perspective in the focused development of an independently operating unit.
The production site in Ecublens has a long history. The company was founded by Jean-Jacques Köhler in 1906 and has set standards with high-precision packaging technology from the outset. In 2004, Sapal became part of Bosch’s packaging division through the takeover of SIG Group by BOSCH. Today, Sapal is one of the technology leaders in diefolding packaging of cheese under the well-known Kustner brand, and of soup cubes and chocolate.
The Navigator Group acquires Sapal through a share deal. The parties agreed on the non-disclosure of the purchase price. The acquirer was particularly impressed by the numerous certifications, a traditional focus on education and training, the product and customer quality, the excellent machinery and the highly motivated and qualified employees. At the same time, Navigator Capital was able to convince the seller with experience, motivation and a sustainable investment strategy.
The Navigator Group sees itself as an active investor who is providing advice and assistance to the acquired companies without curtailing the necessary self-initiative on the ground. There-fore, it was important for Navigator Capital that Sapal’s management, which is highly experi-enced and well-regarded by customers and workforce alike, will stay on board.
Dietmar Gundel, Partner of Navigator Group, says: “I had a very good impression at the very first contact: quality of the machines, market potential and highly motivated employees form an excellent basis for further development of the company.”
“As a stand-alone company, we see a good opportunity for Sapal to flexibly operate the busi-ness in this volatile niche market and to continue to develop profitably in the long-term. In addition, since there is hardly any synergy potential with other Bosch Packaging Technology divisions, we decided to sell Sapal to the Navigator Group,” explains Jakob Bleiker, Head of Business Unit Food, Bosch Packaging Technology.
Claudio Manfroni, former and future CEO of Sapal S.A.: “We have conducted many investor discussions. The positive momentum of the Navigator group was from the beginning and has steadily increased during the course of the audit process. I am convinced that with the Navigator Group, we have found a suitable new owner with whom we can successfully drive the business of Sapal.”
Navigator Capital at a glance
Since mid-2016, the Navigator Group has been active as a holding company on the market and acquires companies that are either not part of the core business of the vendor or require structural adjustments. By now, Sapal is Navigator Group’s third investment. The Group’s six partners are based in Munich, Düsseldorf, Zurich, London and Paris. Our team of experienced transaction, financing and restructuring experts emphasizes the development of tailor-made transaction structures and continuity concepts, which address both the needs of the sell-side as well as the strengthening of the operational success of our portfolio companies. For further information, please visit www.navigator-capital.de.
Contact for any questions:
Jochen Brinkmann, Partner
Navigator Capital GmbH / Cuvilliésstraße 14 / 81679 München / firstname.lastname@example.org / T. +49 (89) 950 860 09
Northern Germany-based production site of Cargotec Group is starting into independence as ‚Uetersener Maschinenfabrik‘
Munich/Uetersen, January 9th, 2017 – Navigator Group acquires the Uetersen production site of Finnish Cargotec Group. The department of Cargotecs subsidiary MacGregor Hatlapa GmbH & Co. KG near Hamburg is a specialized manufacturer of complex marine equipment. By creating a new, flexible company, renowned customers and more than 80 employees are provided with a long-term perspective.
The production site in Uetersen has a long tradition in manufacturing high-quality marine equipment. Rudders, winds, compressors and other products are being manufactured to meet customer’s specific designs and demands. Because of a strategic shift of Cargotec, parent of the MacGregor Group, this plant does not fit into the group structure any more. The decision to divest this non-core unit thus became a logic step.
Uetersener Maschinenfabrik GmbH, a subsidiary of Navigator Holding 3 GmbH which is a part of Munich-based Navigator Group, acquires the production unit via an asset deal. The buyer could convince himself of the advantages of the site with its manufacturing equipment and the highly-motivated staff during a professionally structured sales process that took several months. Numerous certifications, a traditional focus on education and qualification as well as the highly convincing product and customer quality enabled the positive investment decision.
Navigator Group perceives itself as an operative investor with a strong focus on supporting the acquired companies while encouraging local initiative. Against this background the decision was taken to choose the managing director from existing executive staff.
Christian Muschick, managing partner of Navigator Group comments: “At my first site-visit, I already liked the modern machinery as well as the well-kept and thought-through production. Happily, my partners quickly came to the same impression. The negotiations with the seller can be described as ‘hard but fair’ and have always been surrounded by an atmosphere of mutual appreciation. Given the fact that the seller will remain an important customer, this is a key factor for future success.”
Timo Wrede, head of production and new CEO of Uetersener Maschinenfabrik GmbH adds: “This is a great opportunity for our Uetersen based team. The strategic need to restructure Cargotec was clear to everyone here. But this meant that we clearly became a non-core business unit. In the transaction process we closely co-operated with the Navigator team, preparing next steps in a mutual workshop. That was a very good experience and provided new momentum. The high acceptance of the transaction among employees also was based on the fact that the workshop resulted in the plan to increase workforce quickly and that most additional staff has already been contracted at the transaction date. We seek to grow our contract manufacturing business as an expert for chipping as well as the production of complete components and machines in the area of general engineering.”
As the transaction was structured as an asset-deal, law gave staff the opportunity to disagree with the transfer of their working contracts on the new entity. An acceptance rate of 100% is a strong sign of trust from the side of employees.
Navigator Capital was supported in legal matters by attorney Dr. Michael Ruoff who is a dedicated specialist for M&A transactions in the Restructuring Business.
A team of MCF Corporate Finance supported MacGregor Hatlapa GmbH & Co.KG as a sell-side M&A advisor under the lead of Dr. Christoph Stoecker. MCF Corporate Finance is an independent and internationally active corporate finance advisor with offices in Hamburg, Helsinki, London and Stockholm. MCF focuses on mid-sized national and international M&A transactions in Europe.
DLA Piper, led by Dr. Benjamin Parameswaran and Sebastian Decker served as legal advisors to the seller. With offices in more than 30 different countries and German representations in Hamburg, Frankfurt, Berlin, Munich and Cologne the international legal advisory group is supporting multinational corporations by providing a global network, sound expertise and a full service approach at any time.
Navigator Capital at a glance
Navigator Capital is an owner-operated private equity partnership. It focuses on carve-outs and turnaround situations among smaller and mid-sized businesses. Since summer 2016, Navigator Capital is operating with six partners in four countries. The Navigator Group emphasises heterogeneity of skills among the partners in order to provide optimal support for a wide range of situations. For more information please visit www.navigator-capital.de.
Contact for any questions:
Jochen Brinkmann, Partner
Navigator Capital GmbH / Mauerkircherstr. 31 / 81679 München / email@example.com / T. +49 (89) 950 860 09