Granville Baird Capital Partners (GBCP), the European mid-market private equity firm, has completed its third transaction in Germany since the start of the year.
With its 62 percent shareholding, GBCP heads a consortium of investors, including Germany’s Equity Capital Management, in selling Alukon Holdings to AXA Private Equity for an undisclosed sum. A source close to the firm indicated GBCP had realised approximately three times its initial investment in the deal.
GBCP originally invested €10 million ($12.3 million) in the MBO of Alukon, a European manufacturer of roller shutters and doors, in February 2002. The capital was committed from its Granville Private Equity Managers Germany VI fund.
The sale of Alukon represents GBCP’s second exit in Germany in 2004, following the sale of mobile.de, an internet car sales platform to eBay in January for €121 million ($149 million).
GBCP’s third German transaction this year was a €9.5 million investment in Team BS, a temporary staffing specialist, in January.
In Germany, the value of buyouts increased by over 50 percent to €9.4 billion in 2003 – though much of this increase was accounted for by larger deals. The German mid-market has proved a tough nut to crack for private equity practitioners.