January 1, 2013
Industrials and Industrial Technology
GCA Altium acted as financial adviser to F. S. Fehrer Automotive GmbH on its sale of nectec Automotive s.r.o. to Grammer AG.
nectec Automotive s.r.o. (nectec) is a producer of crash-active and passive headrests for the premium car sector. The company has been founded in 2008 by Fehrer Group and could establish itself as one of Europe’s leading suppliers of headrest systems within a few years. Key customers are BMW, Daimler-Benz and Audi.
Besides the production facilities in the Czech Republic where the products are assembled, nectec Automotive s.r.o. operates a R&D centre and a sales office in Germany. Nectec has over 240 employees. The company is fast-growing (CAGR 34.8% 2009-11) with revenues of €36 m and EBITDA of €4.5 m in 2012e.
Grammer AG is a publicly listed company and nectec‘s key competitor in the premium segment of the headrest market of the premium automotive segment market. With the transaction, Grammer also acquires the 50% stake held by Nectec s.r.o. in a joint venture with Chinese automotive supplier Ningbo Jifeng – another step forward for the Grammer growth strategy in this important region. The deal improves the strategic access to both international and local automakers in China.
GCA Altium was appointed by F. S. Fehrer Automotive GmbH to advise on the sale of nectec. The divestment was a condition by the bank consortium (led by Unicredit) in context with a financial restructuring of Fehrer.