Rheinhold & Mahla GmbH (R&M) is a leading industrial services provider for the interior outfitting of ships. The company is active in the fields of new and renovated ships and ship maintenance. R&M covers the complete value chain from engineering and project management to installation and assembly, as well as repair services. Unlike many of its competitors, R&M has in-house manufacturing facilities to produce components such as doors, floors, walls and ceilings as well as cabins and cabin sections (e.g. wet rooms). The company’s activities extend to nearly all parts of a ship (cabins, public areas, crew areas, engine rooms). The focus is on interior outfitting for cruise ships and ferries, special purpose vessels and freighters, as well as the offshore market. R&M has production sites in Germany (Wismar) and in China (Kunshan), as well as project offices and service centres worldwide. In recent years, R&M has expanded its portfolio through the acquisition of smaller companies, for example in the area of air conditioning and ventilation. In addition to that, the company’s presence in the Asian market, which is experiencing attractive growth, was expanded through two strategic partnerships with Chinese shipyards.

R&M mainly serves the cruise ship market, which is experiencing structural growth. The company’s strong market position and growth opportunities through geographical expansion, the broadening of its product range and the expansion of the service business constitute a good basis for a successful investment. The industrial services business is one of the core sectors in which we have extensive investment experience.

R&M’s revenues in 2018 continued to be influenced by the low order intake of the previous two years; they will not reach the originally forecast level. This is primarily due to project postponements. The company’s earnings are also burdened by costs for projects to optimise operating processes.

The joint ventures that R&M founded in 2017 with the two Chinese shipbuilding companies AVIC and CSSC have already generated their first orders in the current financial year. R&M is also seeing high order intake levels at other locations, such as in Germany and Finland. With this in mind, the company expects strong growth in revenues in 2019 and 2020. At the same time, projects to optimise operating processes and improve the cost structure are being spearheaded; this should have a positive impact on earnings.