Acquisition of Air Filtration Specialist VOKES AIR
The MANN+HUMMEL Group Acquires Air Filtration Specialist Vokes Air from The Riverside Company
HÜBNER SCHLÖSSER & Cie Advised MANN+HUMMEL Group
The MANN+HUMMEL Group, headquartered in Ludwigsburg, acquired the Sweden-based Vokes Air from The Riverside Company, an international private equity firm. Vokes Air is a leading provider of filtration solutions, producing and distributing filters for indoor and process air purification. Vokes Air is a pan-European business comprising 11 locations with manufacturing activities in Sweden, Germany, and the UK.
With this acquisition, MANN+HUMMEL is executing its growth strategy to increase its presence in filtration markets outside the automotive industry and to expand its industrial filtration business by adding HVAC and gas turbine filters.
Alfred Weber, CEO of MANN+HUMMEL, commented: “With Vokes Air, we are entering a new high-potential market. This acquisition creates new opportunities for both the companies and their employees.”
The HVAC segment (Heating, Ventilation, Air Conditioning) represents approximately a 15 percent share of the global filtration market and offers attractive growth potential. It is part of the megatrend of “air purification,” which is becoming increasingly important across industrial and commercial applications.
HÜBNER SCHLÖSSER & Cie (HSCie) advised MANN+HUMMEL. HSCie conducted an international market screening for potential targets and initiated discussions. During the acquisition of Vokes Air, HSCie assisted MANN+HUMMEL throughout all stages of the acquisition process, including due diligence and contract negotiations.
Frank Jehle, CFO of MANN+HUMMEL, commented: “…We appreciate the skillful support, persistence, and energy of HSCie, which proved critical in the final negotiation phase….”
Joachim Schlösser of HSCie added: “We are pleased that we were able to support MANN+HUMMEL in this project.”
MANN+HUMMEL
The MANN+HUMMEL Group is a leading global expert in filtration solutions and a development partner and original equipment supplier to the international automotive and mechanical engineering industries. Employing 15,100 people at more than 50 locations worldwide, the company achieved revenues of approximately EUR 2.77 billion in 2013 (preliminary figures).
The group’s product portfolio includes air filter systems, intake manifold systems, liquid filter systems, cabin filters, and plastic acoustic components (known as “symposers”), as well as filter elements for vehicle servicing and repair. For general engineering, process engineering, and industrial manufacturing sectors, the company’s product range includes industrial filters, products designed to reduce carbon emissions in diesel engines, membrane filters for water filtration, and filtration systems.
Vokes-Air Group, Svenljunga, Sweden
Vokes Air is a pan-European provider of air filtration solutions for a variety of commercial and industrial applications, ranging from HVAC systems to power plants and hospitals. Vokes Air operates manufacturing plants in Sweden, Germany, and the UK, as well as sales operations in 10 countries. Across Europe, the company employs approximately 400 people.
Riverside Company
The Riverside Company is a global private equity firm focused on acquiring growing businesses valued at up to USD 250 million (EUR 200 million in Europe). Since its founding in 1988, Riverside has invested in more than 330 transactions. The firm’s international portfolio includes more than 70 companies.
About HSCie:
HÜBNER SCHLÖSSER & Cie, located in Grünwald near Munich, is an independent corporate finance advisory firm specializing in acquisitions and divestitures of medium-sized and large companies worldwide. In recent years, the firm has advised on more than 150 transactions with a total transaction value exceeding EUR 17 billion. HSCie is one of the leading advisory firms for mid-sized transactions in Germany.