Mutares (ISIN: DE000A0SMSH2) sells German A+F Automation+Fördertechnik after successful turnaround to fund of industry partner CGS

For more than 40 years, A+F is a leading manufacturer of high end and end-of-line packaging machines, based in Kirchlengern (Germany). Mutares has sold the company to a fund of industry partner CGS for a money multiple of 8.5 (total return) with a potential earn-out leading to a multiple of 10 by 2019.

Mutares acquired A+F from German Oystar Group in November 2014 and put it back on track through a successful turn-around. With 160 employees, the company generated sales of around EUR 29 million in 2016. CEO Robert Roiger and the management team welcome the transaction and look forward to driving A+F’s further development.

Robin Laik, CEO of Mutares, comments: “A+F is a perfect showcase of a successful turn-around. Mutares has managed to bring the company back to profitable growth, hereby confirming the Mutares approach. We see CGS as a perfect partner to accompany the next growth phase of A+F. With this exit, Mutares is well on its way to achieving our ambitious goals. The Board of Mutares expects further transactions in the coming months. ”

Robert Roiger, CEO of A+F: “Mutares has been a perfect partner for A+F during its development so far. With CGS, we have now found a strong new partner for the next step and look forward to taking it with CGS and for the benefit of our customers.”

Thomas Anderegg, Managing Partner of CGS: “A+F as a highly specialized, established packaging machine manufacturer perfectly matches our market focus and industry expertise. Following the successful return to profitable growth under Mutares, we are now taking over and will focus, jointly with the management, on further international expansion through strategic add-on acquisitions in key markets.”