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Three-way battle for Edscha PTP

Private equity firms from both sides of the Atlantic are competing to acquire Edscha in what would be Germany’s second auto parts buyout this summer.

Industri Kapital is competing with two US private equity firms to take control of German automotive parts supplier Edscha in a public to private transaction that could value the company at up to E250m.

eFinancialNews reports that US firms The Carlyle Group and Bain Capital are both conducting due diligence on the firm, which reported sales last year of E777m, slightly down on the figure for 2000 (E797m).

The deal, which is likely to be finalised by the end of August, would be the second such transaction in Germany in the past two months. In late June, Doughty Hanson completed the acquisition of Auto-Teile-Unger Group (ATU), Germany's largest independent car parts stockist and auto repair company. The price was not disclosed, although ATU reported turnover in excess of E1bn in 2001.

Edscha listed on the Frankfurt stock exchange in 1999, following an MBO 1997 led by managing director Horst Kuschetzki, who retains a 23 per cent stake in the business. The company currently employs over 5,000 across Germany.