Baird Capital Partners Europe Limited and CAPCELLENCE Mittelstandspartner GmbH have agreed to sell Spheros Management Holding GmbH to Deutsche Beteiligungs AG (DBAG) and its managed private equity fund, DBAG Fund V in a management buyout. All the entities are based in Germany except Baird, which is based in the UK.
Spheros is a manufacturer and developer of air conditioning systems, heating systems, water pumps and roof hatches in buses, while Baird, DBAG, and CAPCELLENCE are private equity firms.
DBAG will invest up to EUR15 million for 19% stake in Spheros. The co-investing DBAG Fund V and Spheros? management will acquire the remaining interests.
In 2010, Spheros generated revenues of EUR166.3 million and employs a staff of 680.