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Management buyout at Benninger Textile Systems
06 Jan '06
2 min read
The current management and a leading Swiss private equity firm Capvis will succeed Charles Peter as owner of textile machine company Benninger Textile Systems.
As a result, the Uzwil-based company, founded in 1859, will remain independent and under Swiss ownership, according to its new owners, who add that they intend to grow the acquisition and its well-established global brand, both organically and through complementary acquisitions.
The management team will acquire 15% of the shares and Capvis 85%, with the transaction retroactive as per 1 July 2005. The parties have agreed on non-disclosure of the price. Franz Koller, with the company as Managing Director since 2001, will become Chief Executive Officer (CEO).
Charles Peter has been sole shareholder and manager for 33 years, the fifth generation of his family to do so. He will support the new owners as honorary president.
Benninger Textile Systems, a world-leading supplier of machines, plants and complete system solutions, serves the textile industry in the segments of weaving preparation, textile finishing and tyre cord impregnation.
Its main markets are in Asia, Europe and Latin America. The company has a total workforce of about 700 employees, with its principal locations being Uzwil and Zell, Germany.
It also has subsidiaries in Italy, India, Hong Kong and mainland China.
For the fiscal year 2005, Benninger Textile Systems is expecting sales of approximately CHF250 million (about $195 million).
As a result, the Uzwil-based company, founded in 1859, will remain independent and under Swiss ownership, according to its new owners, who add that they intend to grow the acquisition and its well-established global brand, both organically and through complementary acquisitions.
The management team will acquire 15% of the shares and Capvis 85%, with the transaction retroactive as per 1 July 2005. The parties have agreed on non-disclosure of the price. Franz Koller, with the company as Managing Director since 2001, will become Chief Executive Officer (CEO).
Charles Peter has been sole shareholder and manager for 33 years, the fifth generation of his family to do so. He will support the new owners as honorary president.
Benninger Textile Systems, a world-leading supplier of machines, plants and complete system solutions, serves the textile industry in the segments of weaving preparation, textile finishing and tyre cord impregnation.
Its main markets are in Asia, Europe and Latin America. The company has a total workforce of about 700 employees, with its principal locations being Uzwil and Zell, Germany.
It also has subsidiaries in Italy, India, Hong Kong and mainland China.
For the fiscal year 2005, Benninger Textile Systems is expecting sales of approximately CHF250 million (about $195 million).
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