Lafayette Mittelstand Capital acquires elevator cable business "GEBA CABLE" in a carve-out from Griller & Gebauer
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Future focus on strong growth segments in Europe and Asia
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Further increase on customer requirements by independent Geba Cables
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Vienna (9 Oct 2020) - GG Group (Gebauer & Griller) is strengthening its strategic orientation by demerging and selling its Elevator Division “Geba Cables” to the mid-cap Investor Lafayette Mittelstand Capital. The sold division consists of a sales unit in Vienna and two production sites in Veľké Leváre, Slovakia and Bangalore, India.
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GG Group‘s strategic consolidation phase, which began before Covid-19, reaches its next major milestone with the now completed transfer of the Elevator Division to Lafayette Mittelstand Capital. Its new owner will continue the Elevator Division with locations in Vienna, Slovakia and India under the name of “Geba Cables”. The transaction was undertaken with focus on long-term and sustainable development opportunities for the business units targeted, the involvement of employee representatives and the preservation of all existing employee rights, thus representing a beneficial outcome for all parties involved.
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Matthias Ungerboeck, CEO of the new Geba Cables and Sandrip Mehta, Head of the Indian and Asian Markets for the new Geba Cables added: „The proven market success of the Geba Cables elevator business of the past years combined with the carve-out know-how and financial resources of our new owner constitute a solid base, to serve and meet the requirements of our global customers even better in the future, which ensures sustainable growth and employment for all our teams in Austria, Slovakia and India also in the long term.” The elevator business with locations in Vienna (Austria), Vel'ké Leváre (Slovakia) and Bangalore (India) employs approx. 400 employees and will operate independently from former Gebauer & Griller under the new name Geba Cables.
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Geba Cables‘ product portfolio covers a wide range starting with standard flat cables up to customer specific cables such as cables with integrated data elements or cable systems with embedded optical fibres. Geba Cales offers custom tailored Just-in-Sequence Wiring Harnesses for each elevator type. In 2019 Geba Cables generated revenue of approx. EUR 25 million. Geba’s elevator cable products are used to connect elevator cabinets with elevator control units for the transmission of electricity as well as data (incl. infotainment and video signals). The core products are complemented by products for the elevator control unit, elevator shaft wiring, engine room, elevator door wiring, as well as lighting related cable systems.
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"GG Group has been one of the leading producers of cables and wires for the elevator and escalator industry for 4 decades. Operating very closely with our customers and offering individual, construction-specific solutions have made this division a thriving business. For this very reason, it is important to us to have found a buyer for the Elevator Division who will be fully committed to continuing the successful course we have initiated.”, says Eva Schinkinger, CEO of GG Group, regarding the recently completed transaction.
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“Since the 1970s GG’s main focus has been lying on the automotive industry, with its complex organizational requirements and demanding management systems. Therefore, it was an obvious decision to consolidate our development and sales resources in the growth area of the automotive market.”, states Holger Fastabend, CSO/CTO at GG Group. “This consolidation of strengths will enable us to remain an innovative partner for our customers while shaping new trends in the market for the future."
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„We are delighted to have succeeded in acquiring the three locations of Geba Cables and express our thanks to all parties who contributed to the successful closing of the Geba Cables acquisition. Geba Cables fits well into Lafayette’s portfolio and we look forward to working together with management and all employees of Geba Cables”, commented a representative of Lafayette Mittelstand Capital.
About Lafayette:
Lafayette Mittelstand Capital is a Private Equity Fund Investor with a focus on acquisitions of fundamentally attractive companies at turning points in their development (incl. spin-offs, sub-optimal capital structures, capital intense growth situations or other special situations). Lafayette’s geographic focus is predominantly Germany, Austria, Switzerland with large "Mittelstand" segments for platform investments and selectively adjacent Europe for add-on acquisitions.