Editor’s pickAvedon buys over Wilhelm Altendorf

10-10-2017
Altendorf,acquisition

Altendorf Managing Directors Joerg F. Mayer (left) and Wolfgang Ruhnau

Avedon Capital Partners has acquired a majority stake in Wilhelm Altendorf GmbH & Co. KG (`Altendorf Group´).

The current managing directors Joerg F. Mayer and Wolfgang Ruhnau continue to hold a minority stake in the company. They will continue as the company’s management team. Both have been active in different positions within Altendorf Group for more than 15 years and were appointed Managing Directors at the beginning of 2015. They will also overlook the responsibilities previously held by the selling shareholder Tom Altendorf.

Dr Ralf Koester will take over the role as Chairman of the advisory board from Wilfried Altendorf. Dr. Koester possesses long-standing experience in the mechanical engineering industry, particularly in the wood processing and the furniture segments. He is rooted in the region and familiar with Altendorf Group due to his activities in its advisory board for several years.

The Altendorf family, which is now in the third and fourth generation as shareholders and in the management respectively advisory board of Altendorf, will retire from its corporate engagement. The transaction was sealed on October 6. The purchase price and further details about the transaction were not disclosed.

Commenting on the transaction, Hannes Hinteregger, Partner at Avedon, said, “Altendorf is not only a strong and healthy company, but a real Mittelstands champion with strong growth potential. We are proud to support management and company to realize the future growth plans.”

Tom Altendorf, previously managing director and fourth generation family member, pointed out their responsibility to see the family success story being continued for the benefit of coming generations of employees and customers.

He said, “Altendorf is now placed in a position to successfully grow and develop pursuant to the legacy of its founding family.”

Altendorf employs more than 250 people and has sustained continuous growth in the past years, generating EUR40 Mn in revenue in 2016.

Mayer said, “Together with the founding family, we fortified Altendorf’s positioning as a global leader in the development and manufacturing of saws for craft processing of wood, metal and plastics and generated sustainable, profitable growth. From this position of strength we now have the opportunity to build a globally leading company within its sector.”

Ruhnau added, “In Avedon, we found a partner who possesses a deep understanding of the mechanical engineering sector and successfully supported numerous family-owned companies with the execution of their strategic plans and unlocking of international growth potential. We look forward to continuing together with Avedon on our growth path and sustainably position the company for the future.”

Moving on, the company will strengthen R&D efforts, sales and service, with a special focus on digitalisation. In executing this strategy, the site in Minden will take an important role as the centre of global growth and of experienced employees in all organisational areas.