“We will cooperate in the sales process now under way for the good of the company,” Thorsten Klapproth said in a statement on Wednesday. He said Capvis’s options included a placement of shares on the stock exchange or a sale of its 52 percent stake to one or more investors. Macquarie, Commerzbank and Lilja have been picked to organize the stake sale, a source close to the transaction said. Reuters first reported the divestment plans in early March.
WMF, a household name in high-end cutlery and cooking pots in Germany, has a market capitalisation of 509 million euros ($678 million). Capvis bought its stake for 92 million euros in 2006.
Rivals and private equity groups are expected to express interest. WMF peers Fackelmann and investor Benko – which has shown interest in buying Metro (MEOG.DE) unit Kaufhof as well – have looked at WMF, industry sources have said.
Other WMF rivals include Villeroy & Boch (VIBG_p.DE), Itala, Pott and Robbe & Berking.
Austrian investor Fiba, holds 37 percent of WMF, while 11 percent of the company is traded at the Frankfurt stock exchange.
“Fiba has said that it does not want to sell,” a person close to the transaction said. “But that will ultimately depend on the price. If it is right, he will sell.” Fiba and Capvis were not available to comment.
WMF expects to post sales of more than 1 billion euros this year after 980 million last year. The group will announce earnings figures in late April. In the first nine months of 2011, WMF posted sales of 671 million and saw its earnings before interest and tax (EBIT) rise by 85 percent to 43 million euros.
For the Reuters story, go here:
http://www.reuters.com/article/2012/03/28/us-capvis-wmf-idUSBRE82R0SY20120328
