21 February 2022
Silverfleet announces sale of Pumpenfabrik Wangen
The pan-European private equity firm Silverfleet Capital has agreed to sell Pumpenfabrik Wangen (“Wangen”), a leading designer and manufacturer of high-quality progressive cavity and twin-screw pumps, to Atlas Copco Group. Completion of the transaction is subject to customary anti-trust approvals and is expected to occur in Q1 or Q2 2022. The terms of the transaction were not disclosed.
Founded in 1969 and based in Wangen, Germany, Pumpenfabrik Wangen is a market-leading manufacturer of screw pumps that are suitable for highly viscous or abrasive substances, as well as solid-fluid composites. The company, which employs approximately 250 staff, manufactures products for various end markets, including biogas; food & beverage; agriculture; and wastewater treatment.
Silverfleet acquired Pumpenfabrik Wangen in 2017, having identified the potential to further internationalise the company based on its highly attractive product portfolio and leading product innovation capabilities. Since then, Silverfleet has backed Wangen’s acquisition of the Germany-based business unit for Progressive Cavity Pumps (MX line) from Knoll Maschinenbau GmbH and has supported Wangen’s strategy to further expand its presence in the US-market via its US site in Elk Grove Village, Illinois.
Wangen has demonstrated strong resilience throughout Silverfleet’s ownership, including during the Covid-19 pandemic, and has significantly increased its revenue and EBITDA, with above market average revenue growth rates in excess of 8%.
Joachim Braun, Partner at Silverfleet, comments: “We are very pleased to see Wangen join forces with such a capable partner and wish them well in the next stage of their journey. Not only has the company demonstrated true resilience during the pandemic, but it has also proven its ability to profitably grow – both organically and through strategic M&A.”
Benjamin Hubner, Partner at Silverfleet, says: “When we invested in the business in 2017, we had identified Wangen’s potential to further internationalise and penetrate its key end markets based on its leading technologies and product innovation capabilities. We are delighted to have had the opportunity to support Wangen in unlocking its full potential.”
Gareth Whiley, Silverfleet’s Managing Partner, comments: “We are thrilled with Wangen’s achievements during our tenure and we would like to thank the management team for their trustful collaboration in implementing our value creation plan.”
Claus Garnjost, Chief Executive of Pumpenfabrik Wangen says: “Silverfleet’s guidance in implementing a strategic value creation plan has been instrumental in enabling us to take Wangen to the next level. We are now looking forward to working with our new partner and the exciting journey ahead of us.”
The Silverfleet team who worked on the transaction included Joachim Braun, Partner, and Benjamin Hubner, Partner, both based in Silverfleet’s Munich office. Silverfleet was advised by MCF Corporate Finance (M&A), goetzpartners (Commercial), Ebner Stolz (Financial), PwC (Tax & ESG), McDermott (Corporate Legal), and Shearman & Sterling (Banking Legal).