Bridgepoint has sold its 85% shareholding in ERFTCARBON, a German producer of graphite and carbon products, to the Japanese company Tokai Carbon Co. Financial details of the transaction were undisclosed and the deal is subject to final approval of competition authorities.
Bridgepoint acquired ERFTCARBON, a spin-off of the VAW Group, in September 1998. In 2004, ERFTCARBON generated revenues of €83m.
This exit follows Bridgepoint’s other major realisations in 2005 including the flotation of Carter & Carter, which provides outsourced support services to motor brands, and the sale of its stake in Shearings following the merger with 3i-backed Wallace Arnold, the coach operator
Advisers involved in the transaction were KPMG Corporate Finance and Buchanan Ingersoll (strategic consultancy), Clifford Chance (legal) for Bridgepoint and ERFTCARBON management. Sal Oppenheim (corporate finance), Mitsubishi Securities, and Weil, Gotshal & Manges (legal) acted for Tokai Carbon.