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CASE STUDIES

2020

 
  • Delphi Advisors advised Optimas OE Solutions Group on the carve-out and sale of its subsidiaries in Italy, Germany, Belgium and Bulgaria, along with its French Industrial business, to Accursia Capital

  • Additionally, Delphi advised Optimas in securing an asset-backed financing solution within the scope of the transaction

  • Optimas is a leading global industrial distributor and service provider specializing in fastening and supply chain solutions for manufacturers looking to improve their efficiency and profitability

  • The newly independent company, which will be rebranded as Stronghold, is one of the 10 largest full-service fastener providers in Europe and among the Top 4 in Italy. It benefits from high industry expertise and complete value-added solution capabilities

 

  • Globally active fastener distributor headquartered in Glenview (IL)

  • Portfolio company of American Industrial Partners

 

SELL-SIDE MANDATE

CLIENT SNAPSHOT

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2019

 
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  • Delphi Advisors advised Weiler Abrasives Group, a global market leading supplier of abrasive products in successfully refinancing it original acquisition financing structure associated with the 2015 acquisition of the Slovenian based Swaty Comet d.o.o.

  • The original 2015 transaction was also supported by Delphi as the exclusive financial and strategic advisor.

  • Delphi advised Weiler in structuring, negotiating and securing an overall attractive refinancing package with a commercial bank at attractive terms ensuring the continued growth of the combined group.

 

  • Privately owned supplier of abrasive products headquartered in Cresco, PA

  • Repeat client of Delphi Advisors

 

REFINANCING MANDATE

CLIENT SNAPSHOT

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2019

 
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  • Delphi Advisors advised Pitney Bowes Inc., a global technology company that provides commerce solutions in the areas of ecommerce, shipping, mailing, and data, on the sale of its direct sales and service channel operations in 6 European jurisdictions including the Nordics, Switzerland and Italy

  • Delphi Advisor’s engagement comprised a complex cross border carve-out and pursuant long-term, independent dealer agreement transaction. In parallel, Delphi advised Pitney Bowes on an extensive, cross border leasing portfolio disposition within three Nordic jurisdictions - Norway, Sweden and Denmark with pursuant vendor program agreement financing arrangements supporting new business for the indirect channel

  • These two transactions enable Pitney to further simplify their corporate structure while continuing to focus on providing the required service levels to their long-term trusted client base via an indirect channel

 

  • Global, publicly traded technology company (NYSE:PBI)

  • Long-term repeat client of Delphi Advisors

 

SELL-SIDE MANDATE

CLIENT SNAPSHOT

 
  • Advised J.D. Norman Industries, a privately owned and managed US based and internationally operating Tier I and Tier II automotive supplier focused on machined, cast and formed metal components with the acquisition of REGE Motorenteile, a leading European supplier of machined engine components with 2 manufacturing locations in Germany and one in Romania

  • REGE, with yearly revenues of approx. EUR 130m, was acquired within a competitive auction process run by the insolvency administrator

  • The product portfolio of REGE comprises cylinder heads, crankcases, camshaft housings, gear shaft housings, dual-clutch transmissions, fuel rails, valve bodies and conrods. The company was acquired in a competitive auction process in insolvency proceedings led by the insolvency administrator

  • Delphi was mandated as the buy-side M&A advisor and supported with strategic and financial analysis of the target

 

  • US family owned company based in Addison (IL)

  • Founded in 2004

 

BUY-SIDE MANDATE

CLIENT SNAPSHOT

 
  • Advised the publicly traded, Canadian headquartered Ag Growth International Inc. (“AGI”) with the divestiture of the assets of its Finnish subsidiary Mepu Oy, a manufacturer of mobile grain handling equipment

  • AGI is a leading manufacturer of portable and stationary grain handling, storage and conditioning equipment, including augers, belt conveyors, storage bins, handling accessories and aeration equipment. AGI has manufacturing facilities in Canada, the United States, the United Kingdom, Brazil, Italy and Finland

  • The mandate for Delphi Advisors included identifying the appropriate acquirer, preparing the requireed descriptive materials, structuring the transaction, supporting the contractual negotiations and providing guidance to the AGI management team throughout the entire divestiture process

 

  • International manufacturer of grain handling equipment

  • Listed on the Toronto Stock Exchange (TSX:AFN)

  • EUR 330 m in revenue

  • 1.600 employees

 

SELL-SIDE MANDATE

CLIENT SNAPSHOT

 

  • American manufacturer of postage meters, document management equipment and e-commerce solutions

  • Listed on the New York Stock Exchange within the S&P 500 (NYSE: PBI)

  • EUR 3,3 bn revenue

  • 16.000 employees

  • Sell-side mandate on behalf of the US postage meter and production mailing solutions provider Pitney Bowes. The mandate was jointly carried out with a strategic partner

  • Carve-out of the China and Hong Kong operations, with 4 independent locations. Negotiations conducted with both local and corporate executive teams

  • Delphi Advisors coordinated and executed an international M&A process aimed at disposing the business activities to a single buyer while operating within tight time constraints from the corporate level

CLIENT SNAPSHOT

SELL-SIDE MANDATE

 
  • US family owned manufacturer of power brushes based in Cresco (PA)

  • 550 employees

  • Advised Weiler Corporation, a family owned and managed, US based and internationally operating manufacturer of abrasives, power brushes and Nylox brushes with the acquisition of SwatyComet, a leading European competitor with 3 manufacturing locations in Slovenia and revenue ca. EUR 85m

  • SwatyComet manufactures flap discs, cutting off wheels, thin wheels, industrial grinding tools, super abrasives and technical fabrics / glass fibers nets for industrial applications

  • The company was acquired from the Slovenian bad bank in a competitive auction process

  • Delphi Advisors was mandated as the buy-side M&A and strategic advisor. Moreover, Delphi Advisors identified an appropriate financing partner with dedicated Eastern Europe exposure and industry knowledge and secured the financing

CLIENT SNAPSHOT

BUY-SIDE MANDATE

 

  • American corporation with its legal HQ in Ireland, manufacturing security products

  • Listed on the New York Stock Exchange (NYSE: ALLE)

  • EUR 2 bn revenue

  • 8.500 employees

  • 29 brands

CLIENT SNAPSHOT

BUY-SIDE MANDATE

  • Advised Allegion, an international, publicly traded manufacturer and supplier of mechanical and electro-mechanical security products and solutions. Buy-side M&A advisory coupled with strategic advisory support regarding the acquisition of Axa Stenmann, a market leading Dutch manufacturer of solutions for the home and bike security applications

  • The company’s product portfolio consists of various lights and locks for the bike OEM and aftermarket and products for the home security industry, such as fastenings, fittings and hinges

  • The advisory services encompassed comprehensive M&A support, coupled with the preparation of an in-depth commercial analysis including the evaluation of the target company’s market position, the review of prevailing channel structures and the conduction of interviews with customers in order to evaluate assumptions made in the business plan and the attractiveness of addressable markets

  • Delphi Advisors acted as financial and strategic advisor to Allegion throughout the entire process, including valuation support and purchase price determination

 
  • Japanese corporation with divisions servicing the Public, Carrier, Enterprise and Smart Energy Solutions markets

  • Listed on the Tokyo Stock Exchange (Tokyo:6701)

  • EUR 22 bn revenue

  • 140.000 employees

  • 270 business units

  • Advised NEC, a publicly listed Japanese technology corporation

  • Carve-out of 4 business units in the United Kingdom, Spain, Switzerland and Portugal, as well as negotiations with local, European and corporate decision makers

  • The mandate of Delphi Advisors involved a time-restricted execution of multiple parallel transactions with the intended goal of disposing the business units individually or together as an entire business

  • Successfully resolved specific issues in the carve-out – labor issues, transfer of the IT systems, shared services and other corporate issues

CLIENT SNAPSHOT

SELL-SIDE MANDATE

 
  • Mounting Systems is a manufacturer of on-roof and free-field mounting systems for solar modules

  • Formerly part of Conergy AG

  • EUR 100 m revenue

  • 200 employees

  • Advised Dr. Undritz (White & Case), the insolvency administrator, on the insolvency sale of Mounting Systems, a manufacturer of solar module mounting systems

  • Due to the insolvency and related time restrictions, Delphi Advisors structured an international fast-track bidding process

  • The transaction comprised an asset sale as well as transfer of shares for different subsidiaries.

  • Structured a complex carve-out of the IT systems, in addition to real estate, lease agreements and syndicated loans

CLIENT SNAPSHOT

SELL-SIDE MANDATE / INSOLVENCY TRUSTEE

 
  • American manufacturer of postage meters, document management equipment and e-commerce solutions

  • Listed on the New York Stock Exchange within the S&P 500 (NYSE: PBI)

  • EUR 3,3 bn revenue

  • 16.000 employees

  • Advisory mandate for the American postage metering corporation Pitney Bowes with a multiple, complex carve-out in 14 European countries

  • The Delphi Advisors mandate comprised the sale of the Document Management Services business assets in Great Britain and Ireland to Swiss Post Solutions, a strategic buyer

  • Simultaneously, executed asset and share deals for the Document Management Service operations in 12 European countries to Bavaria Industries, a financial investor

  • Restructuring case with carve-out issues - TUPE (related labor issues), transfer of ongoing sales contracts, transfer of real estate and successful transfer of shared services

CLIENT SNAPSHOT

SELL-SIDE MANDATE / INSOLVENCY TRUSTEE

 
  • Sun Capital Partners is a private equity firm headquartered in Florida

  • EUR 8bn Assets Under Management

  • Vari-Form is a Tier I automotive hydro-forming systems supplier located in North America

  • 350 employees

  • Advised Vari-Form, a Tier 1 automotive hydro-forming supplier

  • Portfolio company of Sun Capital Partners

  • Provided strategic growth advisory and supported with evaluating various European market entrance strategies and acquisition targets

  • E.M.A.R.C. a family-owned Tier 1 automotive supplier of body-in-white components, was identified as a strategic technological partner for Vari-Form. In order to drive business growth, an agreement was reached to form two joint ventures, in Canada and in Italy respectively

  • Delphi Advisors led developing the scope of each joint venture, in addition to providing assistance on developing and negotiating the overall structure

CLIENT SNAPSHOT

JOINT VENTURE ESTABLISHMENT

 
  • Castle Harlan is a New York based private equity firm

  • EUR 1 bn Assets Under Management

  • Advanced Accessory Systems is an automotive supplier of roof rails and cross bars

  • EUR 400 m revenue

  • Advised Advanced Accessory Systems LLC (“AAS”) a leading North American and European Tier I designer and manufacturer of roof rail systems for major automotive OEM customers

  • Portfolio company of Castle Harlan

  • The mandate encompassed the structuring and execution of the sale of the European operations of AAS in the Czech Republic, Germany and Spain taking into consideration the state of the European automotive industry in 2009

  • Unwinding various buyout related legacy issues associated with the balance sheet

  • Focused competitive process with both strategic and financial investors providing optionality for Castle Harlan including speed, transaction security and valuation

CLIENT SNAPSHOT

SELL-SIDE MANDATE

 
  • Chinese corporation with a focus on electrical connectors, electrical and electronic wiring harness

  • Publicly listed (SHE: 002055)

  • EUR 500 m revenue

  • 7.500 employees

  • Advised Shenzhen Deren Electronic, a diversified, publicly traded, China headquartered global manufacturer of connectors, electrical and electronic wiring harness on the acquisition of Meta System, a Tier I / II Italian automotive supplier

  • Meta System is specialized in the design, development, production and supply of electronic solutions for telematics systems, sensors, alarm systems and applications for electro mobility to the automotive industry

  • The mandate was geared towards providing commercial due diligence and strategic advisory support within the scope of the acquisition of Meta System

  • The advisory services encompassed a commercial due diligence and a detailed evaluation of the business plan

  • Delphi analyzed the target regarding its position in relevant market segments as well as its future potential and compared it to relevant competitors. Furthermore, key customer and competitor interviews were undertaken

CLIENT SNAPSHOT

COMMERCIAL DUE DILIGENCE

 

SELL-SIDE MANDATE / SUCCESSION PLAN

  • Scandinavian manufacturer of mobile grain handling equipment

  • Privately owned

  • EUR 20 m revenue

  • 80 employees

  • Advised Mepu OY (Finland), a Scandinavian manufacturer of mobile grain handling equipment

  • The principal owner and CEO was in search of a well-financed, strategic partner, in order to provide the business with market growth and production expansion opportunities

  • 100% of the shares were sold to AG Growth International (AGI), a publicly listed, Canadian competitor

  • The mandate for Delphi Advisors included identifying appropriate partners, valuation, structuring the transaction, leading/supporting the contractual negotiations and providing guidance to the principal owner throughout the cross-border M&A process

CLIENT SNAPSHOT

 
  • Advised Allegion, an international manufacturer and supplier of mechanical and electro-mechanical security products and solutions

  • Separation of the Danish business unit Randi, a recognized high-end brand and manufacturer of door levers with an outstanding market position in the Scandinavian market

  • Sale of Randi to Eco Schulte, a family owned producer of trim and lock products with a strong presence in the German market

  • In addition to the divestiture of Randi, Delphi conducted a commercial due diligence of Eco Schulte

  • Successful execution of carve-out issues, including the transfer of the ERP system and shift of the interconnected financial statements to the acquirer

CLIENT SNAPSHOT

SELL-SIDE MANDATE

  • American corporation with its legal HQ in Ireland, manufacturing security products

  • Listed on the New York Stock Exchange (NYSE: ALLE)

  • EUR 2 bn revenue

  • 8.500 employees

  • 29 brands

 
  • Advised C&F, a middle-market European supplier of decorative trim for the automotive industry with evaluating alternatives on how to establish a presence in North America

  • The mandate focused on identifying an appropriate North America production site, under a specific set of parameters. Advisory services comprised extensive market analysis, identifying available production locations, outlining the legal and public conditions, researching labor markets in various states,  analysis and comparison of the various subsidy programs in the specific states, negotiating between the private and public entities and the local government for extensive investment grants, tax advantages and a sale-and-lease-back agreement for the real estate

  • Final result was the purchase of a former Magneti Marreli production site in Tennessee

CLIENT SNAPSHOT

STRATEGIC GROWTH ADVISORY

  • European Tier I supplier of decorative trim for the automotive industry

  • Privately owned

  • EUR 40 m revenue

  • 250 employees