Thursday, 14 September 2017

Pumpen Wangen

Okay, okay. I wasn't going to do this because ... it's another Silverfleet Capital PR email, ain't it? (I can't keep doing them, man.) However, I couldn't resist this one, dear reader(s). I mean, well, it sounds ... fascinating, don't it? 'Pumpen Wangen, boss? What the hell is that?!' I wouldn't like to say, Voice. 'Why not?' It's awkward. 'Why is it?' It's just ... sensitive. 'What? Why is it?' Uh. Listen, reader(s), maybe I shouldn't have started this post. This is a family blog, after all. Maybe there's something else I can write about. Something not so sordid, you dig? 'What?! Boss, look -'

Silverfleet Capital, the Pan-European private equity firm that specializes in buy-to-build, has entered into a binding contract to acquire Pumpenfabrik Wangen GmbH ("Wangen" or the "Company"), a leading designer and manufacturer of high quality progressing cavity and twin-screw pumps. Silverfleet will acquire a majority stake from the Company's individual private shareholders. Completion is subject to regulatory approval and the terms of the transaction were not disclosed.

Oh, okay. Okay. That's all right. Ha! It's quite a relief, actually. 'What was the problem, boss?' I just thought ... 'What did you think?' It doesn't matter, Voice. It really doesn't. And I'm really happy we've cleared up the confusion. Let's get on with it -

Founded in 1969 and based in Wangen, Germany, the Company is a market leader in the manufacture of screw pumps that are suitable for highly viscous or abrasive substances as well as solid-fluid composites. Wangen offers a broad range of standard as well as customized pumps designed and manufactured in-house for specific uses.

Wangen has an international distribution network, supplying clients including the Royal Navy (pumps for frigates), Schwarzkopf (hair care products) and the Wirtgen Group (road construction, a division of John Deere). The Company currently manufactures products for four key end markets, namely: (i) biogas; (ii) food & beverage; (iii) agriculture; and (iv) wastewater treatment and employs approximately 200 people. In 2017, Wangen expects to generate revenues of €37 million.

Great! I'm so happy! It's all perfectly above board. 'Of course it is.' Yes. Yes. It is. Okay. Okay. Yes. / Right. Let's have a couple of quotes. First up, our Klaus -

Klaus Maurer, Partner at Silverfleet Capital said: "Wangen is a clear market leader with a strong product base and R&D focus, operating in an attractive market. We are excited by the prospect of working closely with the management team and using our experience in the sector to help grow the Company internationally and enable Wangen to achieve its full potential."

Nice one, Klaus! / Now we've got some guy called Bernd. Here he is -

Bernd St├╝tz, incoming Chairman of Wangen added: "Wangen has a leading reputation as a designer and manufacturer of state of the art products. Having worked in the pump industry for the majority of my career, I am looking forward to helping lead this high quality business through its new phase of ownership. I am convinced that with Silverfleet Capital's support and experience of building international market leading manufacturing businesses, we can successfully develop the Company further."

Fair enough, Bernd. Thanks for that. You've put my mind at rest. / Anyway ...

- Ends -

Yes, it's the ends of another exciting week. I'll be doing one more post later, another conceptual. What number is it now? 'No. 545, boss.' Yes, No. 545.