German buyouts firm Auctus has sold its stake in ZPF therm Maschinenbau, a manufacturer of industrial furnaces for the aluminium-processing industry, to EZ Equity Partner.
Auctus acquired ZPF via an MBI in 2006. Since then the firm has reorganised ZPF’s management structure and pursued a strategy of internationalising the business. Sales and profits have approximately doubled over the last two years.
Auctus focuses on the smaller end of the market – business with sales of between €20m and €150m – and specialises in owner successions, buy and build strategies and corporate carve-outs.