(Reuters) – U.S.-based private equity group Bain agreed to buy German elevator components maker Wittur from private equity groups Triton and Capvis, the companies said on Tuesday.
The deal was valued at close to 600 million euros ($750 million), two people familiar with the transaction said. The companies declined to release financial details.
No significant changes to staffing at Wittur will result from the transaction, Bain said in a joint statement.
Buyout group Baring Private Equity had also been interested in Wittur and was expected to have handed in a binding offer.
Triton and Capvis acquired Wittur in 2010 from Goldman Sachs, Cerberus and Credit Suisse for an undisclosed sum. The owners decided to sell the business in August, hiring Deutsche Bank on the sale.
Bankers were preparing debt financing packages of up to 500 million euros or 5.5-6 times Wittur’s earnings before interest, taxes, depreciation, and amortization (EBITDA) of approximately 70 million euros, including undrawn loans, banking sources said earlier in December.
Founded in 1968, Wittur’s products include lift machines, elevator doors, hydraulic devices, safety components, gearless drives and slings.
Wittur counts Kone (KNEBV.HE), Otis (UTX.N) and Schindler (SCHN.S) as its customers and has increased its international reach under Triton’s ownership.
The company is benefiting from the global urbanization trend and the increasing construction of high-rise buildings.