- Secondary investor Greenpark exercises call option to take over 34.3 percent of pan manufacturer Berndes
- Realization of added value strategy for operations remains with CFC
CFC Industriebeteiligungen GmbH & Co. KGaA (ISIN: DE000A0LBKW6), Dortmund, announces further cash inflow for the past first quarter 2009 from last year’s transaction with Greenpark Funds, Guernsey, specialising in secondary investments, i.e. investments in existing portfolios, and advised by Greenpark Capital Ltd., London. In August 2008, 49 percent of CFC’s then‐investment portfolio were sold to these funds for altogether Euro 22.54 million. A partial amount close to Euro 13.5 million was paid at signing of this contract. Now another Euro 5.51 million have accrued to CFC. This cash inflow is due to the fact that Greenpark has exercised a call option and now holds 49 percent of CFC’s 70 percent interest in cookware manufacturer Berndes (i.e. 34.3 percent of the company’s stock capital).
As has already been announced in the context of said transaction in mid‐2008, CFC Industriebeteiligungen will continue to be responsible for the added value strategy for operations at Berndes, safeguarding the company’s consistent further development.
Marcus Linnepe, CEO of CFC Industriebeteiligungen: “We are pleased with the news that Greenpark has exercised its call option. We regard this action as evidence once more that Greenpark appreciates our investment approach and the business development of our subsidiaries based on this approach. Berndes was the very first CFC investment and has belonged with our group since August 2006. The company has developed successfully since the takeover and is profitable today. Reasons for this performance are the successful realization of several restructuring measures, particularly strengthening the market position in Asia, Russia and Eastern Europe, the establishment of innovative distribution channels, the implementation of a new communication concept, and the introduction of new manufacturing technologies.”
About CFC Industriebeteiligungen
CFC Industriebeteiligungen GmbH & Co. KGaA holds majority interests in medium‐sized companies exposed to extraordinary situations and in groups’ niche operations (carve‐outs) that are no longer in the owner’s strategic interest.
As an industry group for special situation companies, CFC accompanies its portfolio companies actively in their development of strategies and operations and thus creates sustainable added value for all parties involved. The CFC team has profound expertise and looks back on many years of experience in executive positions at domestic and international companies.
CFC stands for “companion for companies”; CFC sees itself as a companion of its portfolio companies on their paths into the future.
The Berndes Group is one of the leading manufacturers of cookware such as frying pans and pots. Based on a strong trade name, good quality and high innovative ability, the company’s products are positioned in the medium and upscale price segments. According to company information, the Berndes Group is Germany’s market leader in the product segment of cast‐aluminum cookware. With its approx. 176 employees and 2008 sales of approx. Euro 48 million, the Berndes Group is also one of Germany’s largest manufacturers of sealed pans.
CFC Industriebeteiligungen GmbH & Co. KGaA
Dr. Frank J. Nellissen
Tel: + 49 (0) 231 222 40 500
Tel: +49 (0) 69 719 1280 124