German law firm Schultze & Braun, acting in its capacity as trustee for Novem Vermögensverwaltungs, announed the sale of interior trim supplier Novem Beteiligungs to funds managed by private equity firm Bregal Capital.
Novem is a global manufacturer of high-quality decorative components and functional elements for vehicle interiors, with headquarters in Vorbach, Germany. As the claimed world market leader for fine wood decorative components, Novem supplies automakers like Audi, BMW, Daimler, VW, Volvo, Range Rover, Maserati, Lincoln and Cadillac. The company’s revenue in the fiscal year ending March 2011 was about EUR270m.
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In 2008, financial investor Barclays Private Equity acquired the majority of Novem. As a consequence of a significant decrease in turnover during the financial and automotive crisis, the company shares were transferred to a trustee. As a result of the recovery of the automotive sector and strong performance at Novem, the trustee initiated the selling process.
Peter Mazzuco, CEO of Novem, said: “We appreciate and welcome Bregal as the new owner. This partnership and the stable ownership structure provide Novem with the opportunity to further strengthen its position in the global decorative trim market.”
Novem employs approximately 3,900 staff at nine locations in Germany, China, Czech Republic, Slovenia, Honduras, the United States and Italy.
All parties said they agreed on not disclosing any further details of the transaction.
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