Barclays Private Equity sells Siteco Group to Osram
Barclays Private Equity (“BPE”) has sold Siteco Group (“the Company”), a leading European manufacturer and supplier of technical interior and exterior lighting equipment, to Osram, a 100%-owned subsidiary of Siemens AG for an undisclosed sum.
BPE acquired the Siteco Group in September 2007 as part of a management buy-out from CCMP Capital Partners, LLC. BPE’s support has since helped the Company’s revenue to increase year on year, reporting an annual revenue of €220m in 2010 despite the difficult economic environment. Siteco employs 1,250 staff worldwide, of which 1,000 are based in Germany. Since BPE’s investment, the Company has expanded internationally and successfully accelerated the development of its LED solutions.
The Company was founded in 1949 as a lighting plant and became independent in 1997 under the name Siteco. It is headquartered in Traunreut, Germany. The lighting manufacturer has become one of Europe’s leading suppliers of technical interior and exterior lighting, with production sites in Germany and China as well as 15 sales companies in Europe and an international sales network. Major global projects include the lighting of the Transparent Factory in Dresden, the new Barajas airport in Madrid, the Highlight Munich Business Towers, the Allianz arena in Munich and the floodlighting of the world’s tallest skyscraper, the Taipei Tower.
Osram, a lighting services provider, is part of the Siemens AG Industry Sector and is a world-leading lighting manufacturer. It employs approx. 40,000 staff worldwide, supplies customers in some 150 countries and has 46 production sites in 17 countries. The strategic acquisition of Siteco Group, will allow Osram to further expand its international position in the market for energy-efficient lighting systems and lighting.
Peter Hammermann, Co-Head of Barclays Private Equity said:
"For the past four years we have worked with the management team at Siteco to achieve an excellent competitive position internationally in a strong growth market for lighting solutions, also securing a number of jobs in this period. A number of honours and awards attest to the outstanding performance of the whole team in the fields of design, innovation and quality".
Klaus-Günter Vennemann, Siteco’s Managing Director said:
"By collaborating successfully with Barclays Private Equity we have achieved a marked improvement in Siteco‘s corporate structure and operational flexibility. Thanks to this groundwork we are well prepared for the next stage of growth and expansion."
The transaction remains subject to approval by the relevant antitrust authorities. Barclays Private Equity is represented by Dr. Peter Hammermann and Dr. Jan Wiechmann.
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