The private equity firm Silverfleet Capital has entered into a binding contract to acquire a majority stake in German pump manufacturer Pumpenfabrik Wangen GmbH from the company’s individual private shareholders.
Founded in 1969, Wangen manufactures standard and customised progressing cavity and twin-screw pumps for the biogas, food & beverage, agriculture and wastewater treatment markets. The company employs around 200 people in Wangen, Germany and sells its products into Europe, Asia and the Americas. Clients include the Royal Navy, Schwarzkopf, Ritter Sport and the Wirtgen Group. Wangen is expecting revenues of €37 million in 2017.
Silverfleet Capital, which specialises in buy-to-build, says its investment will enable Wangen to continue to grow internationally, further penetrate the company’s key end markets with new product portfolios, as well as diversify across industries.
As part of the acquisition, Silverfleet Capital has put together an experienced management team who will be responsible for executing Wangen’s international growth strategy.
Bernd Stütz, incoming chairman of Wangen, said: “Wangen has a leading reputation as a designer and manufacturer of state of the art products. Having worked in the pump industry for the majority of my career, I am looking forward to helping lead this high quality business through its new phase of ownership. I am convinced that with Silverfleet Capital’s support and experience of building international market leading manufacturing businesses, we can successfully develop the company further.” Stütz is the former CEO of Lewa.
“Wangen is a clear market leader with a strong product base and R&D focus, operating in an attractive market. We are excited by the prospect of working closely with the management team and using our experience in the sector to help grow the company internationally and enable Wangen to achieve its full potential,” said Klaus Maurer, partner at Silverfleet Capital.