Deutsche Beteiligungs AG acquires Heytex Bramsche GmbH
Management buyout of technical textile manufacturer / Sales network to be significantly expanded
Frankfurt am Main, 27 November 2012. Deutsche Beteiligungs AG (DBAG) and its managed private equity fund DBAG Fund V have announced that they will acquire Heytex Bramsche GmbH (“Heytex”) in a management buyout. DBAG and vendor NORD Holding Unternehmensbeteiligungsgesellschaft mbH signed a contract to that effect today. The contract is subject to anti-trust approval. The parties to the contract have agreed confidentiality about the purchase price. DBAG will invest up to 6.6 million euros from its balance sheet and hold an interest of up to 19 percent in Heytex. Co-investing DBAG Fund V and Heytex’ management will acquire the remaining shares; NORD Holding will also re-invest in the company with a ten percent interest to enable them to continue participating in the company’s development. The transaction is expected to be completed this calendar year.
Heytex (www.heytex.com) is a leading manufacturer of print media and technical textiles. Print media are used in the advertising industry, such as for banners on building facades or translucent advertising media. In this core business of print media, Heytex, with its broad product range, is the technology leader and European market leader. The distinguishing mark of technical textiles is their functionality; they can have properties such as low flammability, water resistance or scratch resistance. These textiles are used for tarpaulins or tents, as well as for oil barriers or conveyor belts. The company manufactures coated textiles. By means of various processes, polyester or other technologically sophisticated blended fabrics are coated with plastics such as PVC, polyurethanes or acylates. Heytex provides its products in bales to its customers, who then manufacture textile products for advertising purposes and a variety of other industrial applications from them. In 2012, the company expects to generate revenues of some 80 million euros with its products. It employs a staff of more than 300 at three production locations – its headquarters in Bramsche (Lower Saxony), Neugersdorf (Saxony) and Zhangjiagang (China). Additionally, Heytex has sales offices in the US (Los Angeles and Charlotte), Brazil (Sao Paulo) and China (Hong Kong).
Heytex was founded nearly 100 years ago under the name of Julius Heywinkel GmbH in Osnabrück, Germany. The company started in 1913 as a canvas weaving mill. In 1957, it was taken over by car chassis manufacturer Karmann; when Karmann became financially distressed in 2007, Heytex – like other non-core business sectors – was sold and has since been in the portfolio of NORD Holding, a private equity company that invests in mid-sized German enterprises.
After separation from the Karmann group, the company has primarily focussed on building its own structures and improving internal processes over the past years. Supported by Deutsche Beteiligungs AG, emphasis will now be placed on significantly expanding its sales activities. The company also aims to take major steps forward in its internationalisation: Heytex has so far been a provider to customers primarily in western Europe; it now plans to develop markets such as its American market even more intensively. Heytex, moreover, intends to strengthen its product development activities.
“Heytex adds a company to the portfolio that is well-positioned in its operations in a growing market over the long-term, despite all cyclicity,” said Dr Rolf Scheffels, member of the Board of Management of Deutsche Beteiligungs AG, following the signing of the agreement today. “Our capital will enable the company to identify even more applications for its textiles, with which it can demonstrate its outstanding technology know-how,” Dr Scheffels went on to say.