Wittur Group announces new investor
The Wittur Group announced that Canada’s Public Sector Pension Investment Board (“PSP Investments”) has entered into an agreement to acquire a 32% stake in a parent company of Wittur International Holding GmbH from a company controlled by Bain Capital Private Equity. The Canadian pension fund will closely cooperate with Bain Capital Private Equity as sponsor and trusted partner to further bolster Wittur’s international expansion. As usual, the transaction is subject to certain closing conditions including the approval of the antitrust authorities. The closing of the transaction is expected in Q1 2019. Both parties have agreed not to disclose the financial details of the agreement.
Antoine Doutriaux, CEO of the Wittur Group, said: “We warmly welcome PSP Investments, a globally renowned investor, as our new partner, alongside Bain Capital Private Equity. PSP Investments and Wittur share strong values and objectives of generating sustainable, long- term profitable growth. Together with our new partner, we will be in an even better position to unleash Wittur’s full potential. Together, we will embark on the next chapter in the success story of our company.”
“We are excited to partner with Wittur’s team and Bain Capital Private Equity for the next chapter of growth and to continue building a truly global leader,” said Przemek Obloj, Managing Director at PSP Investments. “Urbanisation and the ageing population drive the global demand for elevators with ever increasing reliability and safety standards. Wittur benefits from those trends as the OEMs’ partner of choice, providing critical systems and components worldwide.”
Michael Siefke, a Managing Director at Bain Capital Private Equity commented: “We are excited about the partnership with PSP, who are strategically fully aligned with the continued growth path Wittur is embarking on.”
PSP Investments is one of Canada’s largest pension investment managers with C$158.9 billion of net assets as at September 30, 2018. It manages a diversified global portfolio across 75 industries and more than 100 countries. Together with PSP Investments and Bain Capital Private Equity, Wittur intends to consistently advance its global expansion strategy in the upcoming months. Among other things, special attention will be paid to further leveraging business opportunities in the worldwide market where Wittur foresees highly attractive growth potential. In addition, Wittur strives to profit from the ongoing trend towards outsourcing in the industry, to strengthen its international position as a preferred partner.
About the Wittur Group
Founded in 1968, Wittur is one of the world’s leading independent elevator components manufacturers with an extensive global manufacturing footprint and sales network and a broad range of products. Its product offering features a large range of components for new elevator manufacturing and sourcing, for spare parts and for modernization and upgrades. Components made by Wittur span from sophisticated mechatronic components for elevator cabins and landing doors (including the associated opening mechanisms) to other critical components such as gearless drives, slings, safety gears and cars.
The Wittur Group has a workforce of around 4,600 employees and conducts business in more than 50 countries. It is majority owned by funds managed by Bain Capital Private Equity.
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