Market

The sale marks a further successful divestment for the Jet 1 portfolio following last year’s sales of the companies LESS & TIMBER and KORDÁRNA Plus.

“The sale of BENET to a strategic partner brings a rather quick exit from our investment into the project within less than two years. While it was in our hands, we initiated a transformation of the company to prepare it organizationally for future growth in satisfying the robust demand in the market for BENET’s products. Among other things, we succeeded in accelerating synergistic effects with the firm Fiberpreg, which also is in our portfolio,” relates Jan Sklenář, project director at Jet Investment. Jet Investment Partner Marek Malík adds: “We accepted the offer from Teijin, primarily because under its management BENET will be a part of one of the world’s most important global players in high-tech products for the automotive sector. We firmly believe that the steps we have undertaken, coupled with the consolidation of Teijin products’ portfolio, primarily its structural components domain, will help BENET to rise into a top position within the market’s segment.”

Based in Mladá Boleslav, Czech Republic, BENET AUTOMOTIVE, s.r.o. is a producer of lightweight, resilient and highly designed exterior components for the automotive industry. It has three factories in the Czech Republic and one in Germany. Its main customers are especially car manufacturers from the VW Group, particularly Škoda Auto and Audi, as well as BMW and Daimler. In addition to producing technologically advanced plastic components reinforced with carbon or glass fibres and polyurethane parts, BENET also works in their pre-series development, assembly of painted components for new cars, and prototype production. The company presently has approximately 720 employees and made sales last year of 35.2 million euro. Precisely because of its strong know-how and excellent position on the European market, BENET provides an ideal fit for Teijin, which wants to substantially broaden its business in the area of composite automotive components.

Teijin is a global group of 170 enterprises across 20 countries, employing around 20,000 employees and operating in the areas of high-performance fibres (e.g. aramid, carbon and their composites), healthcare, film, resin, plastic, polyester fibres and IT. Teijin’s consolidated revenue was $ 8.1 billion last year. Teijin plans to strengthen its position in the European automotive markets – in addition to BENET, it acquired the Portuguese Inapal last year and is also planning to install a production line in the French plant of Continental Structural Plastics, the North American mother of which it has owned since 2017.

Duff & Phelps, based in Frankfurt am Main, provided M&A advisory work for the transaction, while DRV Legal, based in Brno, was the legal advisor for the transaction on behalf of the seller.

Source: Jet Investment

ANWIS Sp. o.o. is a Polish manufacturer of internal and external sun shading systems founded in 1979 year. The company based in Włocławek (Poland), employs about 450 people and achieved a turnover of € 32.6 million in 2018.

WAREMA Renkhoff SE www.warema.com/en/company/ (“Warema”), domiciled in Marktheidenfeld in Lower Saxony, is the operative heart of and the holding company for a strong team of firms divided into two divisions: Sun & Living Spaces and Plastics & Engineering, with more than 3,800 employees around the world.

In recent years Warema Group has accelerated the internationalization of its sun shading business and Anwis will join the Group as an independent brand.

Source: ARX Equity Partners

After 25 years of continued growth and innovation since its start as a family business, KS Klima-Service successfully completed its transition into a major regional player in the atmospheric filtration equipment. In cooperation with Genesis Capital, the company has grown its sales and product portfolio, expanded in foreign markets and managed to remain a very attractive employer in the region. The final step of this transition was a relocation from the original seat Dobříš into new custom- built production premises in Příbram completed in 2018. The location increased production capacity by 50% and provides new possibilities for further development and growth with the new strategic investor. In 2018, the company posted revenues of € 10 million and had almost 100 employees. The entry of Genesis into KS Klima-Service in 2012 was an example of a successful generation succession. The original founders, Mr. and Ms. Beseda, intended to step down from day-to-day management of the company, however, were still interested in its future. Genesis offered to purchase majority share and the Beseda family kept minority stake. KS Klima existing and new managers purchased a smaller minority stake along Genesis, which considers experienced and competent management teams to be one of the most important factors determining success of a company. Mr. Jan Tauber, Managing Partner of Genesis Capital, said: “We are very pleased with the outcome of the investment into KS Klima. Since 2012, KS Klima transformed from a successful growing family business to an independently managed mid-size company. Over the six years, it doubled its revenues and operating profit and has further prepared for growth by moving to newly built state-of-the-art factory.”

“It was very good decision to choose Genesis Capital as our partner in 2012. In the following years, we were able to fulfil all our goals: continued development of air filter production, the growth of employment in the company and construction of a new production plant. KS Klima acquisition by TROX GmbH will be the perfect completion of our entrepreneurial journey. We believe that TROX GmbH, as one of the world´s leading producers of air filters and ventilation systems, will continue to develop and manufacture filters in KS Klima and will bring new interesting developments and challenges to the firm and its team,” says Jiří Beseda, the minority shareholder, commenting on the cooperation with Genesis and common achievements over the past 7 years.

Mr. Jan Berger, the Chairman of the Board of Directors of KS Klima added: “On behalf of the management, we are pleased to say that TROX GmbH, a company with a very long history and excellent reputation, will become the new owner of our company. In 2018, we relocated to a new production hall in Příbram to prepare for further growth. I believe that this connection with a strong strategic partner will bring excellent opportunities for the future, improve our market position and enhance further development of the company.“

Commenting on the acquisition, Mr. Udo Jung and Mr. Thomas Mosbacher, Members of the Board of Management of TROX GmbH stated: “It is our goal to increase our filter expertise, to optimise production synergies and to strengthen and expand our Czech location. By acquiring KS Klima-Service we also strengthen our market presence in Eastern Europe. By operating under competitive conditions, we will also have an excellent possibility to extend the filter business throughout Europe. We are looking forward to the long-term cooperation starting now.”

The sellers were advised by Deloitte (Prague) as transaction advisor and by Kinstellar on legal aspects. “We at Genesis Capital are pleased that KS Klima-Service will join a global player in the industry, which will be able to utilize the strong foundations and potential in the company for further development in Příbram, in the Czech Republic, and in the broader region. I wish the company and TROX all the best and believe that their common future will be as successful as the cooperation has been for us.” concludes the investment Radan Hanzl, Partner of Genesis Capital, responsible for this project.

KS Klima-Service

The company was established in 1993 and started by importing air filters from Germany. In 1995, KS Klima-Service launched its own production in Dobříš, and since then invested significantly into new production and R&D technologies. In 2018, the company with almost 100 employees moved to brand- new custom-built production premises in Příbram. KS Klima-Service has more than 2,000 business customers in the Czech Republic, Slovakia and other European countries. Its main products include pocket and panel filters, HEPA and compact filters, reactivation of activated carbon and special filtration systems and their designs.

TROX GmbH

TROX is a global leader in the development, manufacture and sale of components, units and systems for the ventilation and air conditioning of rooms. With 28 subsidiary companies in 26 countries on 5 continents, 14 production facilities, and importers and representatives, TROX is present in over 70 countries. The TROX GROUP currently has nearly 4,000 employees and generates revenues of roughly EUR 500 million.