International private equity firm Cinven has sold Germany-based CeramTec GmbH, a world-leading manufacturer of high-performance ceramics, to an investor consortium led by BC Partners and including Public Sector Pension Investment Board and Ontario Teachers' Pension Plan. The complex multinational transaction (dual track) was preceded by a bidding process. International law firm Clifford Chance advised Cinven on this transaction.
CeramTec produces high-performance ceramics for the medical, automotive, industrial and electronics industries. The company's product portfolio comprises implants, cutting tools and electrical or thermal ceramic solutions. With more than 3,400 employees at 20 sites worldwide, CeramTec achieved sales of 538 million euros in the past financial year until June 2017.
Cinven had acquired CeramTec in 2013 for EUR 1.5 billion. Since then, the company has invested extensively in new capacities and personnel and achieved a significant increase both in revenue and EBITDA margin.
Clifford Chance has advised Cinven on several high-value transactions, including the purchase of CeramTec in 2013. The international lawyers' team headed from Germany comprised partners Joachim Hasselbach and Frederik Mühl, counsel Dr. Robert John, associates Liza Laube, Daniel Gutmann, Gerd Hegele (all Frankfurt) and Katharina Franitza (Düsseldorf, all Corporate/M&A/Private Equity), partner Marc Besen (Brussels/Düsseldorf) and counsel Dr. Dimitri Slobodenjuk (Düsseldorf, both Antitrust), partner Barbara Mayer-Trautmann (Finance, Munich), partner Dr. George Hacket and counsel Barbora Moring (both Frankfurt), partner Michael Dakin and associate Claudia Kim (both London, all Capital Markets), senior associates Dr. Christopher Fischer, Dr. Ulrike Breidenstein (both Employment, Frankfurt), Anja Schwarz (IP, Düsseldorf) and Amrei Fuder (Real Estate, Frankfurt), partner Dr. Peter Dieners and senior associate Ann-Kristin Cahnbley (both Healthcare, Düsseldorf) as well as partner George Kleinfeld and counsels Josh Fitzhugh and Jacqueline Landells (all Litigation/Dispute Resolution, Washington/DC).
