Insulation Firm Technoform Weighs Majority Stake Sale
(Bloomberg) -- German insulation specialist Technoform Caprano + Brunnhofer GmbH is exploring the sale of a majority stake that could value it at more than 1 billion euros ($1.2 billion), according to people familiar with the matter.
The company’s owners are working with Goldman Sachs Group Inc. as they weigh options, the people said, asking not to be identified discussing confidential information. They could begin talks with potential buyers later this year, according to the people.
Germany is known for its privately-owned and highly-specialized mid-sized companies, known as the Mittelstand, which have become increasingly sought after by buyout firms looking to deploy their record amounts of unspent capital. These buyers have ramped up spending on private German firms in recent years, setting a record of $33.4 billion in 2020, Bloomberg data show.
Founded in 1969 in Kassel, Germany by Karl-Hans Caprano and Erwin Brunnhofer, Technoform makes high-precision insulating profiles for windows and doors that are designed to prevent the transfer of heat and help save energy. It supplies its products to the construction industry.
The company is likely to attract interest from private equity firms and prospective buyers will be scrutinized on their environmental, social and governance credentials, as well as what they’re willing to pay for the business, one of the people said.
Deliberations are in the early stages and there’s no certainty that Technoform will decide to pursue a sale, according to the people. Representatives for Technoform and Goldman Sachs declined to comment.
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