CVC Capital Partners and Goldman Sachs have sold their interest in German-based Novem Car Interior Design to Alpinvest for €200m to Alpinvest Partners. CVC and Goldmans bought the business in December 1995 for approximately €110m and six months later changed the management team. The new management team went on to sell two divisions of Novem leaving it to focus on the wood business, which provides high margin wood products for interior finishes on cars. That business was then grown organically until sales increased by 2.5 times, reaching their current value of around €200m per annum.
Alpinvest Partners was formerly known as NIB Capital Private Equity, see news March 2004 issue for details surrounding the name change.