SEB
Acquisition of German consumer goods companies Emsa and WMF / Boosts position in kitchenware and coffee machines markets
 Emsa is now in the hands of Groupe SEB (Photo: Emsa) |
French household equipment manufacturer Groupe SEB (Ecully; www.groupseb.com) has announced two acquisitions in swift succession.
The first is of German kitchenware company Emsa (Emsdetten; www.emsa.com). A well-known brand in German-speaking countries, Emsa’s core business is focussed on three categories: thermo jugs and carafes; kitchen utensils; and food storage containers. Emsa has a market-leading position in Germany for thermoware and food containers and is also present in the rest of Europe and the Middle East. The company, which reported sales of EUR 92m in 2015, has three production sites in Germany, China and Vietnam.
Commenting on the acquisition, chairman and CEO of Groupe SEB Thierry de la Tour d’Artaise said Emsa provided a strong strategic advantage for its continued development in the buoyant market of kitchen utensils and accessories, enabling it to extend its range and introduce products internationally. The transaction is pending approval from the German and Austrian competition authorities but should be finalised in the coming weeks. The purchase price was not disclosed.
The second acquisition revealed five days later is of German group WMF (Geislingen an der Steige; www.wmf.com) from US private equity firm KKR (New York; www.kkr.com). Groupe SEB will pay EUR 1.02 bn for WMF and assume EUR 565m of net debt (as of 31 December 2015). The group also takes over EUR 125m of early retirement and pension liabilities.
WMF specialises in professional coffee machines (where it is the world leader), cookware and small domestic appliances, and equipment for the hotel industry. WMF is Germany’s leading supplier of cookware with 20% of the market. Three quarters of WMF‘s revenue are in Europe – 51% in Germany – with the balance divided equally between its other main markets in the US, China, Japan and Korea. Revenue in 2015 amounted to EUR 1.1 bn with adjusted EBITDA of EUR 118m. WMF has eight production sites – four in Germany, and one each in Switzerland, the Czech Republic, China and India.
Groupe SEB is estimating synergies of around EUR 40m per year could be achieved from 2020 onwards from the WMF acquisition, mostly from productivity measures across various functions.
The deal is subject to antitrust approval which is expected to be made in the second half of 2016.
e-Service:
SEB report "Strengthening Groupe SEB's leadership and adding a new growth platform" as a pdf file
The first is of German kitchenware company Emsa (Emsdetten; www.emsa.com). A well-known brand in German-speaking countries, Emsa’s core business is focussed on three categories: thermo jugs and carafes; kitchen utensils; and food storage containers. Emsa has a market-leading position in Germany for thermoware and food containers and is also present in the rest of Europe and the Middle East. The company, which reported sales of EUR 92m in 2015, has three production sites in Germany, China and Vietnam.
Commenting on the acquisition, chairman and CEO of Groupe SEB Thierry de la Tour d’Artaise said Emsa provided a strong strategic advantage for its continued development in the buoyant market of kitchen utensils and accessories, enabling it to extend its range and introduce products internationally. The transaction is pending approval from the German and Austrian competition authorities but should be finalised in the coming weeks. The purchase price was not disclosed.
The second acquisition revealed five days later is of German group WMF (Geislingen an der Steige; www.wmf.com) from US private equity firm KKR (New York; www.kkr.com). Groupe SEB will pay EUR 1.02 bn for WMF and assume EUR 565m of net debt (as of 31 December 2015). The group also takes over EUR 125m of early retirement and pension liabilities.
WMF specialises in professional coffee machines (where it is the world leader), cookware and small domestic appliances, and equipment for the hotel industry. WMF is Germany’s leading supplier of cookware with 20% of the market. Three quarters of WMF‘s revenue are in Europe – 51% in Germany – with the balance divided equally between its other main markets in the US, China, Japan and Korea. Revenue in 2015 amounted to EUR 1.1 bn with adjusted EBITDA of EUR 118m. WMF has eight production sites – four in Germany, and one each in Switzerland, the Czech Republic, China and India.
Groupe SEB is estimating synergies of around EUR 40m per year could be achieved from 2020 onwards from the WMF acquisition, mostly from productivity measures across various functions.
The deal is subject to antitrust approval which is expected to be made in the second half of 2016.
e-Service:
SEB report "Strengthening Groupe SEB's leadership and adding a new growth platform" as a pdf file
26.05.2016 Plasteurope.com [234155-0]
Published on 26.05.2016
German version of this article...