Avedon Capital Partners-backed Altendorf Group acquires Hebrock in a succession solution
“Altendorf Group GmbH, a portfolio company of Avedon Capital Partners, on 25 April 2018 closed the acquisition of Maschinenbau Hebrock GmbH and ebm Maschinenbau GmbH (together ‘Hebrock’), thereby providing a succession solution to its founding family. Hebrock is a leading provider of high-quality edgebanding machines for craft processing of wood panels based in Bünde and Hüllhorst (Germany).”
Avedon invested in Altendorf in October 2017 with the goal of forming the global market leader in high-quality machinery for crafts secondary woodworking, by joining tradition-rich niche market leaders in complementary product categories. With the acquisition of Hebrock, Avedon takes a second major step in executing this buy & build strategy.
The combination of Altendorf and Hebrock strengthens the individual businesses by joining their respective capabilities in distribution and product development, to continue delivering best-in-class solutions to its customers. The companies, located in close geographical proximity, build on an existing cooperation, which in the past included mutual exhibitions, as well as a similar reputation for excellent built-quality, service and reliability.
Horst Hebrock, founder of Hebrock, comments: “We have had friendly relations with Altendorf Group for many years and know that growth orientation is the right way to meet the challenges of the future. Our single product focus has defined Hebrock for almost four decades. We operate in the same target markets as Altendorf and will undoubtedly be able to achieve many synergies together. A joint, future-oriented strategy that addresses both product distribution and development can only benefit both companies.”
Ralf Köster, Chairman of the Altendorf Group Advisory Board, adds: “The Hebrock brand and the edge bander category represent an exceptional fit with our growth strategy, enabling Altendorf Group to continue to expand on the world stage.“
Hebrock employs c. 55 staff, increasing the employee base of the combined Altendorf Group to a total of more than 300. The second-generation family members will continue to shape the future of Hebrock as part of its management team.
On behalf of Avedon Capital Partners, Benjamin von Schulz states: “We are delighted about the opportunity to merge Altendorf and Hebrock, two exceptional family businesses, and thereby positioning both for continued future success. Looking ahead, we are excited to further support management in leveraging both companies’ strengths and in continuing to pursue our mutual vision of creating a global market leader in machinery for secondary wood-processing.”
About Altendorf Group GmbH
Altendorf Group GmbH (‘Altendorf Group’), headquartered in Minden, Germany, is a globally leading manufacturer of saws for craft processing of wood, metal and plastics. The company has a history of more than 110 years and a global brand awareness. The Altendorf Group operates production facilities in Minden, Germany and Qinhuangdao, China. In 2017 Altendorf Group generated revenues in excess of 40m EUR.
About Avedon Capital Partners
Avedon Capital Partners is an experienced growth capital investor specialized in supporting niche market leaders in realising their ambitious growth plans and strategic visions. With assets under management of more than EUR 500m Avedon focuses on niches within four sectors: industrials & engineering, software & technology, business services and consumer goods & leisure. Since it was established in 2003 the team, located in Düsseldorf (GER) and Amsterdam (NL), invested in 23 growth capital transactions. www.avedoncapital.com
For further inquiries, please contact:
Hannes Hinteregger, Partner, Hannes.Hinteregger@Avedoncapital.com, +49 211 5988901
Alfred Tulp, Partner, Alfred.Tulp@Avedoncapital.com, +31 20 5682636