Internationalisation
€26.4mn
Equity investment
€117mn
Revenues 2018
511
Employees 2018

KEY FACTS AT A GLANCE

  • Growth driver: Construction of passenger ships
  • Stronger strategic position thanks to joint venture with Chinese shipyard group
  • Good order intake expected to lead to year-on-year increase in revenues

RHEINHOLD & MAHLA GMBH

Investment by
DBAG ECF

€26.4mn

DBAG'S INTEREST

€12.5mn

GROWTH FINANCING
Shareholders:
DBAG ECF

94.6%

EQUITY SHARE BELONGING TO DBAG

45.0%

other shareholders

5.4%

First invested

SEPTEMBER 2016

REVENUES in €mn

 

94

 

2016

 

100

 

2017

 

117

 

2018

As of 30 June 2019

~50

PERCENT

of Rheinhold & Mahla’s revenues are generated in the fast-growing market for cruise ships and ferries

R&M serves the attractive 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.

XUELI JIN
SENIOR INVESTMENT MANAGER

PROFILE

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.

POTENTIAL FOR DEVELOPMENT

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.

FINANCIAL YEAR 2018

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.

OUTLOOK AND OBJECTIVES

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.

Responsible team member

Xueli Jin
Xueli Jin

Senior Investment Manager

Xueli Jin
Name:
Xueli Jin
Telephone:
+49 69 95787-223
E-Mail:

Xueli Jin

Senior Investment Manager

Xueli Jin joined Deutsche Beteiligungs AG in 2014.

Xueli Jin has nine years of experience in the private-equity and M&A sector. Prior to joining DBAG, she worked for the private equity firm Riverside, where she was involved in executing acquisitions and divestments of mid-market investments and in supporting portfolio companies. She started her career at Morgan Stanley working in M&A.

Xueli Jin holds a degree in Business Administration from the University of Mannheim, and a Master of Science in Financial Economics from the University of Essex.

 

Current portfolio companies

Former portfolio companies

Xueli Jin

Senior Investment Manager

+49 69 95787-223
xueli.jin(at)dbag.de