Deutsche Private Equity (DPE) has acquired the Ziegler Group, a manufacturer of technical nonwovens based in Germany and Hungary, from Codex Zweite, Staufen Invest and investor Ralf Stokar von Neuforn.

Ziegler products can be found in cushioning material for the furniture industry and insulation for the construction industry, as well as insulation used in the manufacture of glass and carbon fibre reinforced plastics.

The company operates from two locations in Germany, including its Achern headquarters, as well as Hungary and China. The automotive industry has reportedly become an important part of Ziegler Group's business.

Acquisition

Staufen acquired Ziegler from Hartmann in 2003. At the time, Ziegler generated revenues of approximately EUR 10m per year and had 90 employees. Debt financing Commerzbank and Landesbank Baden-Württemberg provided debt financing for the deal.

Ashurst, a leading international law firm, advised DPE regarding the financing of the acquisition. The Ashurst team was led by Munich based banking partner Dr Bernd Egbers, assisted by counsel Christiane Bestgen, associates Isabell Pöller and Dr Thomas Freund as well as Transaction Manager Susanne Kasnitz.

Ashurst advised DPE for the first time in a transaction, thus further expanding its client portfolio in private equity.

DPE Deutsche Private Equity

DPE is an independent German private equity investment company investing in small and medium sized enterprises in Germany, Austria and Switzerland. The company is currently managing total assets of over EUR 600 million.

www.ashurst.com