A consortium led by the private equity investor BC Partners has reached an agreement to acquire the ceramic manufacturer CeramTec from its current owner Cinven. According to press reports, the purchase price is 2.6 billion euros, which includes the assumption of liabilities of around one billion euros. The transaction is scheduled to be completed during the first half of 2018 and still requires the customary approval by the competent regulatory authorities.
Gleiss Lutz advised the Canadian pension fund Ontario Teacher’s Pension Plan as a member of the consortium.
CeramTec supplies its customers with premium quality ceramic products from around the globe. The products are used in many different applications today, especially in medical engineering, automotive manufacturing, electronics, equipment and mechanical engineering, defense systems, energy and environmental technologies, and in chemical industries. CeramTec GmbH is one of the largest international manufacturers of ceramics for technically demanding applications. The Group employs more than 3,400 people across 20 facilities worldwide. In the 12 months to June 2017, CeramTec generated revenues of 538 million euros and adjusted EBITDA of 196 million euros.
Ontario Teacher's is one of the largest pension funds in the world with approximately 175 billion US dollars in net assets (as at 31 December 2016). Roughly 1,100 employees work for Ontario Teacher’s at its headquarters in Toronto, Canada, as well as at its offices in the London and Hong Kong. Gleiss Lutz regularly advises Ontario Teacher's on investments and other matters in Germany.
Along with Ontario Teacher’s, the successful consortium of bidders includes an additional Canadian pension fund, Public Sector Pension Investment Board (PSP Investments).
Ontario Teacher's was advised by the following team of Gleiss Lutz lawyers headed by Dr. Jan Bauer (partner, lead): Dr. Eike Bicker (partner), Dr. Michael Ilter, Julian Klose (all corporate/M&A), Frank Schlobach (partner, acquisition financing, all Frankfurt).
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