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06/2013

CINVEN takes majority stake in CERAMTEC

GERMANY Chemicals & Materials / Material Transformation / Glass & Ceramics EV €1–10bn

Context

European private equity firm Cinven has reached a definitive agreement to acquire CeramTec from Rockwood Holdings, Inc. (NYSE: ROC). Representing the fourth investment deployed from Cinven’s Fifth Fund, the transaction remains subject to customary regulatory approvals and is expected to reach completion during the third quarter of 2013. For the seller, Rockwood Holdings, the divestiture is being executed as part of a broader strategic repositioning of the overall Group. The investment strongly aligns with Cinven’s deep sector expertise across both the industrials and healthcare markets. Partnering alongside CEO Dr Ulf Zimmerman and his experienced management team, the financial sponsor intends to actively support the company's expansion outside of its core European base, focusing specifically on scaling operations in North America and Asia through both organic initiatives and strategic acquisitions. The value-creation playbook further underscores a commitment to ongoing capital investments, including funding the critical plant expansion in Marktredwitz and supporting new product pipelines targeting LED lighting and semiconductor applications.

CERAMTEC, which reported an EBITDA margin of [members only] in 2012, is valued in this transaction at an EV/EBITDA multiple of 10x–18x, representing a level close to the average currently observed in the Industry & Manufacturing sector (11.7x).

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Target

CeramTec is a German manufacturer of high-performance industrial ceramics, founded in 1903 as Thomaswerke and renamed CeramTec after its acquisition by the chemical group Hoechst in 1985. The company produces ceramics for various markets, including medical, automotive, industrial, and electronic, and employs over 3,400 people across 20 sites worldwide. The group offers a range of proprietary products, including high-quality hip replacement implant components, high-speed cutting tools, and electrical and thermal ceramic solutions. CeramTec has become a leading player in its sector due to its technical expertise, simplified organization, and international expansion, particularly in the United States and China.

Ent. Value

€1–10bn

Equity Value

[members only]

Multiples

EV / Revenue

2x–6x

EV / EBITDA

10x–18x

EV / EBIT

15x–25x

Historical Financials (EUR)

Year
Rev
EBITDA
EBIT
2012
€250–500M
€100–200M
€50–100M
2011
€250–500M
€100–200M
€50–100M

Other operations with CERAMTEC

Other operations with CERAMTEC

List of similar M&A transactions (Date, Acquirer, Target, Country, Sub-sector)
DateAcquirerTargetCountrySector
08/2021BC PARTNERS / CPPIB (CANADA PENSION PLAN INVESTMENT BOARD)CERAMTECGERMANYGlass & Ceramics
10/2017BC PARTNERSCERAMTECGERMANYGlass & Ceramics

REFERENCES

Valuation range: EV €1–10bn

Revenue range: €250–500M

EBITDA range: €100–200M

EV/Revenue range: 2x - 6x

EV/EBITDA range: 10x - 18x

Note: This page provides detailed data on a private equity M&A transaction. Detailed and exact financial metrics for the acquisition of CERAMTEC by CINVEN are reserved for mynth community members. Register for free to unlock full data.

Authors: This transaction was contributed by a verified mynth contributor and cross-checked against available transaction documents and official company communications.

Press release: view release

Target: ceramtec

Acquirer: cinven