Barclays Private Equity will pay an undisclosed sum to acquire 85 percent of Germany’s Novem Group, a vehicle trim parts manufacturer that has already had two sets of private equity owners.
Novem’s management will retain a 15 percent stake in the firm, which was purchased by 3i and AlpInvest Partners, now called Taros Capital, in 2004.
Taros acquired its original stake in Novem in February 2004 – later diluted when it sold one-third of its holdings to 3i – when the company was sold by CVC Capital Partners and Goldman Sachs in a deal valued at €200 million.
Goldman and CVC anchored the company’s first management buyout in 1995.
The company, established in the Bavarian town of Vorbach in 1947, has annual revenue of approximately €300 million ($463 million) and employs roughly 3,700 people across nine production sites worldwide.
It makes interior trim pieces for vehicle manufacturers including BMW, Mercedes, Audi, VW, Volvo, Range Rover, Rolls Royce, Maserati, Lincoln and Cadillac.
“The products are exceptional with regards to design, geometry and quality,” Dirk Schekerka, a managing director of Barclays Private Equity Germany, said in a statement. “This serves as an ideal point of departure for further growth in a highly attractive market and we aim to achieve this together with Novem management.”
Schekerka, along with Peter Hammermann and Jan Wiechmann, led the deal.
Barclays Private Equity, which focusses mainly on mid-market deals, is comprised of 45 investment professionals across eight offices. It has been investing in Germany since 1998.