Internationalisation
€25.6mn
Equity investment
€108mn
Revenues 2018 (exp.)
480
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

€25.6mn

DBAG'S INTEREST

€12.2mn

GROWTH FINANCING
Shareholders:
DBAG ECF

43.0%

EQUITY SHARE BELONGING TO DBAG

20.4%

other shareholders

57.0%

First invested

SEPTEMBER 2016

REVENUES in €mn

 

94

 

2016

 

100

 

2017

 

108

 

2018 (exp.)

As of 30 September 2018

~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.

LINDA HOEGENER
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

Jarno Schäfermann
Jarno Schäfermann

Managing Director

Jarno Schäfermann
Name:
Jarno Schäfermann
Telephone:
+49 69 95787-260
E-Mail:

Jarno Schäfermann

Managing Director

Jarno Schäfermann joined the Deutsche Beteiligungs AG team in 2012 as a Managing Director.

After finishing his professional training in the publishing industry, he earned his degree in Business Administration from Freie Universität Berlin, with the support of a scholarship from Axel Springer AG. He began his career at the auditing firm KPMG in 2001in the corporate finance area, where he advised financial and strategic investors on corporate transactions and financial issues and also worked for one year as the assistant to the business unit director.

Jarno Schäfermann has more than 12 years of experience in private equity. Before joining DBAG, he worked for a Hamburg-based private equity firm, where he spent many years as a member of the investment team, supporting numerous ‘Mittelstand’ buyouts. In 2011 he then moved to the management board of a portfolio company and played a leading role facilitating its divestment.

Current portfolio companies

JCK Holding GmbH Textil KG Novopress KG Rheinhold & Mahla GmbH

Former portfolio companies

Jarno Schäfermann

Managing Director