Avedon Capital Partners acquires Altendorf Group, a premium brand in the woodworking industry, out of family hands
Minden/Düsseldorf/Amsterdam, October 9th, 2017 – Avedon Capital Partners ('Avedon'), an experienced growth capital investor, passionate about supporting market-leading Mittelstand companies and their outstanding management teams in realising their ambitious growth plans and strategic visions, acquires a majority stake in Wilhelm Altendorf GmbH & Co. KG ('Altendorf Group' or 'Company'), the globally leading manufacturer of saws for craft processing of wood, metal and plastics located in Minden, Germany. The ambition is to extend Altendorf Group's premium position for machines and services in wood, metal and plastics processing with innovative products and technologies to sustainably capture new customer segments and markets through accelerated organic growth and by realizing external growth potential.
In the course of this succession solution with Avedon entering as new majority shareholder, the existing managing directors Jörg F. Mayer (43) and Wolfgang Ruhnau (48), both active in the company for more than 15 years, acquired a minority stake in the company. As shareholders and managing directors they stand strongly for continuity in the management of the company and for embarking on an ambitious future for Altendorf. The Altendorf family, recently active in the third and fourth generation as shareholders and in the management respectively advisory board of Altendorf, appreciates the solid and sustainable setup of the group with its excellent and experienced management team and with Avedon as proven partner for the German Mittelstand, and retires from its corporate engagement. In addition, Dr. Ralf Köster, a well-proven entrepreneur with many years' experience in the industry, will remain on the advisory board and will take over the role as Chairman. The transaction successfully closed on October 6, 2017. The Parties agreed not to disclose the purchase price or any further details to the transaction.
Altendorf Group, headquartered in Minden, looks back at a 110 year history and enjoys global brand awareness. The group's most important product is the sliding table saw, first developed by Wilhelm Altendorf in 1906. The model F45, also called 'The Altendorf' is perceived around the world as synonym for top quality brand and product. The company employs more than 250 people and has sustained continuous growth in the past years. In 2016 Altendorf Group generated revenues of 40m EUR. As driver of innovation, Altendorf Group takes a leading role in the wood-working handicraft sector and has a strong position for further national and international growth. Avedon will support Altendorf Group to further invest in the organisation and in expanding and digitalisation of the product portfolio.
Jörg F. Mayer, Managing Director of Altendorf Group says: "Together with the founder family around Wilfried and Tom Altendorf, we fortified Altendorf Group's positioning as global leader in the development and manufacturing of saws for craft processing of wood, metal and plastics and generated sustainable, profitable growth. From this position of strength we now have the opportunity to build a globally leading company within its sector."
Wolfgang Ruhnau, Managing Director of Altendorf Group adds: "With Avedon, we found a partner, who possesses a deep understanding of the mechanical engineering sector and successfully supported numerous family-owned companies with the execution of their strategic plans and unlocking of international growth potential. We look forward to continuing together with Avedon on our growth path and sustainably position the company for the future."
Please refer to the official press releases for further details: English Press Release. German Press Release.
Avedon Capital Partners acquires VisionsConnected and Viju to create a leading global provider of video conferencing, audiovisual and collaboration solutions
Amsterdam, The Netherlands and Stavanger, Norway,
Avedon Capital Partners (“Avedon”) is delighted to announce that as of today a new combined leading global visual communications company is created with the acquisition and merger of VisionsConnect and Viju. The ambition for the new combined company is to build a leading global visual collaboration company specializing in designing, installing, servicing and supporting physical and virtual meeting room environments for global customers with strategic need for videoconferencing, collaboration and audiovisual solutions. This growth is to be realized by a combination of organic growth and by actively looking at buy-and-build opportunities. Avedon’s role as investor is to support the growth ambitions, integration and professionalization of the combination.
The combined company today already serves corporate and public customers in over 120 countries. It will have its official headquarter in Amsterdam, the Netherlands and will continue to serve their customers from multiple locations throughout EMEA, USA &APAC. A new brand, that reflects the evolution of these two reputable businesses into an integrated global organisation, is expected to be launched in early 2018.
Odd Sverre (OS) Østlie, previously CEO of Viju, will be appointed as CEO, and will continue to focus on an ambitious growth strategy with a strong focus on creating tangible business value for global clients. Raymond Alves, the founder and CEO of VisionsConnected, will be appointed as CSO (Chief Solution Officer), and will spearhead the company’s solutions and services development.
Commenting on the announcement, Odd Sverre (OS) Østlie, CEO at Viju, said “We believe this is a perfect opportunity to join forces with VisionsConnected and create a leading global visual collaboration specialist. For the end user to be effective, they need a trusted partner to bring the world of different technologies together. The combination can now provide our Clients with a seamless ecosystem of personal and shared Video and AV technologies as-a-Service, covering every need from one-to-one and group collaboration, to internal all-hands and external events. With Avedon we have a partner that that understands technology and has deep experience in integrating companies to accelerate growth”.”
“Employees must be able to really enjoy and master the experience of working collaboratively and organisations must be able to realize and measure real improvement from their investment in audiovisual and collaboration technologies” says Raymond Alves, CEO at Visions Connected. “I look forward to further developing our solutions and services, and continue to drive innovation by enabling effective collaboration between people and organisations
Commenting on the transaction, Emily Jeffries-Boezeman, Investment Manager at Avedon Capital Partners, said, “We have been following this market and recognized the opportunity to create a leading global specialist in this dynamic, but still fragmented market. The market grows considerably driven by the increased need for high end video and collaboration technologies and services, delivered globally in a service model. With their outstanding people, talented leaders and shared culture striving for the best customer experience, Viju and VisionsConnected together, form the ideal foundation for our entrance into this industry. We support the combined management team and look forward to making this investment a joint success.
Viju is a global visual communication specialist, whose aim is to transform the way people communicate and collaborate in the workspace. Their solutions and services include videoconferencing, audiovisual integration and unified communication and collaboration.
VisionsConnected is a global visual collaboration specialist on a mission to change the way people collaborate. They create and deliver cloud based, high quality, secure and user friendly video conferencing services to customers in over 120 countries.
About Avedon Capital Partners
Avedon Capital Partners is an investor passionate about supporting outstanding entrepreneurs and management teams of growth companies to realize their ambitions together. It is located in Amsterdam (NL) and Düsseldorf (GER). With managed assets of more than €500 million Avedon focuses on niches within four sectors: software and technology, business services, industry & engineering, and consumer products & welfare. Since it was established, the team has invested in over 20 growth capital transactions and has achieved a strong track record of growth.
For further inquiries, please contact:
Partner, firstname.lastname@example.org, +31 6 20609805
Investment Manager, email@example.com, +31 6 83620177
Please refer to the official press releases for further details: Dutch Press Release.