Baird Capital Partners Europe Delivers 4x Gross Return on Sale of Spheros
Monday 20 February 2012
Baird Capital Partners Europe (“Baird”), the UK-based middle market private equity investor, today announced the completion of the sale of Spheros GmbH (“Spheros”) to the German financial investor Deutsche Beteiligungs AG (“DBAG”) for an undisclosed amount. Spheros is the global leader in the design and manufacture of heaters, hatches and air conditioning equipment for buses, operating from sites across the world.
The exit represents a 4x gross return on investment and demonstrates Baird’s ability to work with its portfolio companies to deliver strong international revenue growth in spite of a tough economic environment.
- Spheros revenues grew by 70% over the period of Baird’s ownership to reach €185m in 2011;
- Operations established in Hong Kong, China and India and distributors in most Asian countries;
- Significant new customer wins in South Korea, China and Russia;
- Sales to Latin America increased fourfold to €50m in 2011;
- Over the period 2005 - 2011 total employees rose by 25% despite the recessionary environment.
Andrew Ferguson, Managing Director of Baird Capital Partners Europe, said “what attracted us most to Spheros when we supported the buy-out in 2005 was the strength of its product offering and importantly the opportunity it had to reach a global customer base. Over the past five years the business has transformed itself into the market leading global supplier in its sector. I have no doubt that the business will continue its successful international expansion under its new ownership.”