The Spanish Private Equity fund PHI Industrial has finalised the acquisition of Lapp Insulators, a ceramic insulator company headquartered in Germany, a carve-out from the German multinational Pfisterer. Details of the transaction have not been disclosed.
According to Alexander Wit, fund’s managing partner, ‘we are looking at an industrial business, a subsidiary of a big corporate, with potential for managerial improvement in an attractive market which will be reinforced in the coming years due to future investment plans on infrastructure at a global scale’.
Lapp Insulators is the leading manufacturer of ceramic insulators for the energy infrastructure industry. It has attained a turnover of over 65 million euros, has over 500 employees, as well as production plants in Germany, the US, Poland and Romania. They are the leading provider of high-end ceramic insulators with a focus on high-tension appliances. Their products are used in high-tension transmission lines, electric power plants, substations and the railway electrification network. “It is a strong brand with world-wide recognition, and under PHI’s management we expect it will become a more dynamic company and a pioneer in the market’ Wit adds.
This is the first transaction of PHI’s third and new fund, which holds 80 million euros for transactions all over Europe, ‘Even though the number of restructuring transactions in Europe remains low due to aids provided by governments, at PHI we remain open to opportunities given our position in the European market as a reliable buyer from multinationals in need of a partner with whom to maintain a business relationship after the transaction, as is the case with Pfisterer”.
Across Europe, we continue to see investment opportunities in companies going through liquidity issues due to Covid or other previous issues where, thanks to our experience and hands-on management of our companies, we can provide far more than just a financial solution.
PHI is a fund specialised in the acquisition and management of companies in special situations, including spin-offs emerging from multinational corporations. PHI invests in companies in which it sees the potential to increase value through the improvement of their operations. Headquartered in Spain, Italy and the UK, PHI Industrial is interested in acquiring majority positions in medium-sized European companies. PHI has completed 26 acquisitions over the last 15 years and is one of the most active funds in Spain. LAPP is their third acquisition in Germany.
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