DEEN
Internationalisation
€25.2mn
Equity investment
€104mn
Revenues 2017 (EXP.)
480
Employees 2017

KEY FACTS AT A GLANCE

  • Growth drivers: construction of passenger ships
  • Strengthening of the market position in Asia thanks to joint venture with Chinese shipyard group
  • Following weak order intake in 2017: all-time high in orders on hand as the basis for rising revenues in 2018

RHEINHOLD & MAHLA GMBH

Investment by
DBAG ECF

€25.2mn

DBAG'S INTEREST

€12.0mn

GROWTH FINANCING
Shareholders:
DBAG ECF

33.0%

EQUITY SHARE BELONGING TO DBAG

15.7%

other shareholders

67.0%

First invested

SEPTEMBER 2016

REVENUES in €mn

 

122

 

2015

 

94

 

2016

 

104

 

2017 (EXP.)

As of 30 September 2017

~60

PERCENT

of its revenues are generated in the growth market for cruise ships and ferries

Rheinhold & Mahla serves the structurally growing cruise ship market – and that’s attractive. A solid market position and growth opportunities through geographical expansion, along with a broader product offering and expansion of the service business present a good platform for a successful investment.

JARNO SCHÄFERMANN
MANAGING DIRECTOR

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, and 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, it has broadened its product portfolio and extended its regional presence in strategically important markets, such as the US, by acquiring smaller companies.

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 and the expansion of the service business constitute a good basis for successful development. The industrial services business is one of the key sectors in which DBAG has extensive investment experience.

FINANCIAL YEAR 2017

In the current financial year, R&M has further improved its strategic position by being awarded a large-scale contract from the ferry operator Stena Line in collaboration with the Chinese shipyard group AVIC. Within this context, the company is setting up a joint venture with AVIC that will hopefully allow R&M to participate in the fast-growing passenger ship construction business in China, even beyond the initial order. Revenues and earnings in 2017 were impacted by the low amount of incoming orders at the end of 2016 and at the beginning of this year, meaning that they will remain below the target value.

OUTLOOK AND OBJECTIVES

R&M’s order intake has increased considerably since mid-2017, rising to what is currently an unprecedented high in orders on hand. Based on this solid amount of orders on hand, the company is aiming to achieve revenue growth and improved earnings in 2018. Its focus in 2018 will be on the Chinese joint venture, another large-scale order at its site in Finland, and a large-scale order at its site in Miami. Miami will be the site responsible for driving the company’s service business, i.e. cruise ship remodelling and renovation.

Responsible team member

Jarno Schäfermann
Jarno Schäfermann

Managing Director

Jarno Schäfermann
Name:
Jarno Schäfermann
Investment focus:
Expansion capital investments
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

+49 69 95787-260
jarno.schaefermann@dbag.de