Jason Sandefur

German steel and metals distributor Klockner & Co. AG is exiting the fastener industry with the sale of Koeniz Verbindungstecknik GmbH to Capvis Equity Partners AG, a private equity firm, for Euro 325 million (U.S.$515.2m).
Founded in 1973, KVT supplies 200,000 catalog items, including fastening, connecting and automation systems to the automotive industry and other industries.
KVT reported 2007 sales of Euro 120 million ($187m) and earnings of Euro 20 million (US$31.2m). KVT has operations in Germany, Switzerland, Austria, Poland and the Czech Republic. KVT employs 300 people, including 110 in Germany. Web: kvt-koenig.de
Kl�ckner is a producer and metals distributor in the European and North American markets.
Klockner CEO Thomas Ludwig told Metal Bulletin that the steel company is looking for acquisitions in both established and emerging markets during the coming year. Klockner sold KVT to provide funds for acquisitions concentrating on their metals business. “We want to strengthen our steel distribution service in the UK & U.S., however we are also looking to buy into other regions such as China and Turkey,” Ludwig said.
Capvis is based in Switzerland and has around Euro 900 million (US$1.4b) in funds.\ �2008 FastenerNews.com