Baird buys and sells in Germany

Mid-market private equity house Baird Capital Partners Europe has announced two deals in Germany – the backing of a management buyout and the exit of an existing investment. Baird has funded a €156m (US$201m) secondary buyout of German manufacturer Zarges Tubesca, which makes ladders, scaffolding and other platform and elevator systems used in various industries.

A management team led by CEO Frank Haberstroh and CFO Bernard Rothan has bought the company from incumbent investor AlpInvest. The team now hopes to develop the business through strategic acquisitions and organic growth throughout Europe, Asia and the Middle East. The company currently has operations in Germany and France.

Baird has also exited its investment in manufacturing group Hahl, which makes monofilaments for synthetic brushes, bristles and canvas, through a sale to Lenzing Plastics, a German subsidiary of Austrian cellulose fibre specialist Lenzing.

The deal, which was agreed for an undisclosed sum, sees Baird exit Hahl nearly four years after it backed a management buyout of the company from its US parent.

The company has annual turnover of some €35m (US$45.2m).

Baird was advised by Metzler, Ernst & Young, Arkwright, Freshfields, ERM and Willis on the Zarges deal. AlpInvest was advised by Taros Capital. Watson Farley Williams advised Baird on the sale to Lenzing.