Avedon Capital Partners (`Avedon´), an experienced growth capital investor, passionate about supporting market-leading Mittelstand companies and their outstanding management teams in realising their ambitious growth plans and strategic visions, acquires a majority stake in Wilhelm Altendorf GmbH & Co. KG (`Altendorf Group´), the globally leading manufacturer of saws for craft processing of wood, metal and plastics located in Minden, Germany. Common objective is to extend the group´s premium position for machines and services in wood, metal and plastics processing with innovative products and technologies to sustainably capture new customer segments and markets through organic growth and by realizing external growth potential.
In the course of this succession solution with Avedon entering as new majority shareholder, the existing managing directors Joerg F. Mayer (43) and Wolfgang Ruhnau (48) acquired a minority stake in the company. As shareholders and managing directors they stand strongly for continuity in the management of the company and for embarking on a dynamic future for Altendorf. The Altendorf family, recently active in the third and fourth generation as shareholders and in the management respectively advisory board of Altendorf, appreciates the solid and sustainable setup of the group with its excellent and experienced management team and with Avedon as proven partner for the German Mittelstand, and retires from its corporate engagement. The transaction successfully closed on October 6, 2017. The Parties agreed not to disclose the purchase price or any further details to the transaction.
Altendorf Group, headquartered in Minden, looks back at a 110 year history and enjoys global brand awareness. The group’s most important product is the sliding table saw, developed by Wilhelm Altendorf in 1906. The model F 45, also called `The Altendorf´ is perceived around the world as synonym for brand and product. The company employs more than 250 people and has sustained continuous growth in the past years. In 2016 Altendorf Group generated revenues of 40m Eur. As driver of innovation, Altendorf Group takes a leading role in the wood-working handicraft sector and has a strong position for further national and international growth.
Together with the existing management team, Avedon intends to further diversify the company and to continue developing new customer segments with the brand of Altendorf. In the spirit of Altendorf as a premium brand, in particular the areas of R&D, sales and services will be further strengthened and sustainably expanded. Additional double-digit-million investments aim to further expand the product portfolio with special focus on digitalisation. In executing this strategy, the site in Minden will take an important role as the centre of global growth and of experienced employees in all organisational areas. Further investments into the organisation should ensure Altendorf Group’s position as leading innovator within the sector in future. Add-on acquisitions support in realizing the joint objective.
Picture: Joerg F. Mayer and Wolfgang Ruhnau.
