Partners Group exits VAT Group


Partners Group said Jan. 18 that it sold its remaining stake in VAT Group AG. Financial terms weren’t announced. Vat, of Haag, Switzerland, produces vacuum valves used in portable electronic devices, flat-screen monitors or solar panels. Partners Group said the investment has generated a gross return of 6x on the original investment and a gross IRR of 74 percent.

PRESS RELEASE

Partners Group fully exits VAT Group AG, the Swiss-listed global leader in the production of highend vacuum valves

Partners Group, the global private markets investment manager, has, on behalf of its clients, sold its remaining stake in VAT Group AG (“VAT” or “the Company”), the leading global developer, manufacturer and supplier of high-end vacuum valves. The sale completes Partners Group’s exit from the Company, which has generated a gross return of 6x on the original investment and a gross IRR of 74%.

Headquartered in Haag, Switzerland, VAT produces vacuum valves that are mission-critical components in the advanced manufacturing processes required to produce products such as portable electronic devices, flat-screen monitors or solar panels. Partners Group acquired VAT on behalf of its clients in February 2014, together with its investment partner Capvis. During the holding period, Partners Group worked alongside the Company’s management team on a series of Board-led value creation initiatives.

Heinz Kundert, CEO of VAT, comments: “Partners Group has been instrumental in helping to build VAT into the Company it is today, using its Board presence to drive forward the institutionalization of the business and taking a hands-on approach across a wide range of value creation initiatives. Partners Group’s period of ownership contributed to the laying of strong foundations for the future growth of our Company.”

Fredrik Henzler, Partner and Co-Head of Industry Value Creation, Partners Group, states: “When we acquired VAT, it was already the market leader in its category based on the strength of its technology, but it was less mature in non-technical areas. Our value creation strategy therefore focused on providing VAT with a road map for growth that would strengthen its organizational, process and financial capabilities.”

VAT was able to grow its revenues by a CAGR of 11% between 2013 and 2015, eventually listing on the SIX Swiss Exchange in April 2016 (ticker: VACN) with an offer price of CHF 45. Today, VAT’s shares have tripled in value and the company has doubled its employee count to 2,000 from over 1,000 at the time of Partners Group’s initial investment.

Alfred Gantner, Partner, Co-Founder and Member of the Board of Directors of Partners Group, comments: “We are pleased with our investment in VAT and the Company’s success to-date. Due to VAT’s solid corporate and financial development, its potential has also been recognized by the public market since its IPO in 2016, with its share price performance reflecting demand from investors to participate in the success story of this high-quality business.”

About Partners Group

Partners Group is a global private markets investment management firm with over EUR 62 billion (USD 74 billion) in investment programs under management in private equity, private real estate, private infrastructure and private debt. The firm manages a broad range of customized portfolios for an international clientele of institutional investors. Partners Group is headquartered in Zug, Switzerland and has offices in Denver, Houston, New York, São Paulo, London, Guernsey, Paris, Luxembourg, Milan, Munich, Dubai, Mumbai, Singapore, Manila, Shanghai, Seoul, Tokyo and Sydney. The firm employs over 1,000 people and is listed on the SIX Swiss Exchange (symbol: PGHN) with a major ownership by its partners and employees.

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