17 March 2014
Halder, the Frankfurt-based investor in German SMEs, has sold its majority shareholding in GEALAN, Oberkotzau, to VEKA Group, Sendenhorst. The transaction is subject to approval by antitrust authorities. Leading global law firm Mayer Brown advised Halder with regard to credit law aspects in this transaction.
Family owned VEKA-Group is one of the leading providers of PVC vinyl profiles used in the manufacturing of windows and doors with revenues in 2012 of EUR 795 million. Halder had acquired GEALAN, a manufacturer of PVC vinyl window profiles, after a downturn in sales due to the last financial and economic crisis. Since then, GEALAN has offered more innovative quality products and expanded its sales organization. With stagnating volume and pricing, markets remained difficult. Relative to market developments, the company has performed well with stable sales revenues and good profitability. GEALAN expects total revenues of EUR 213 million for 2013, in line with revenues for the previous year.
Halder has been active in Germany since 1991 and has provided 36 SMEs with capital for ownership succession and growth. The firm currently invests from a fund with EUR 325 million in capital which has acquired seven mid-cap firms to date. GEALAN marks the first exit from the fund’s portfolio.
Mayer Brown advised Halder also in previous transactions, most recently on its acquisition of Wback through a Management Buy-Out (Press Release) and the acquisition of GEALAN Group (Press Release).
The Mayer Brown team working on the transaction included partners Markus Strelow (Lead Equity & Debt) and Dirk-Peter Flor (both Banking & Finance, Frankfurt) as well as associates Marc Bäumer and Fabian Arhelger (both Banking & Finance, Frankfurt).