Printer Friendly

German GEA to purchase Dutch Convenience Food Systems.


German engineering group GEA (ETR:GEA) announced the takeover of Dutch Convenience Food Systems (CFS), a supplier of secondary food processing and packaging machinery, from AEA Investors LP.

The deal price, to be funded via existing credit facilities, is based on a company value of some EUR435m (USD330m), GEA said.

The move will enable GEA to expand horizontally its food process technology business, Juerg Oleas, CEO of the company, said. The takeover will boost the firm's cash flow and earnings per share.

The acquisition awaits green light from the antitrust regulators and is seen finalising in the first six months of 2011.

CFS, with 2,000 employees, forecasts sales of EUR400m for the current fiscal year.Country: Netherlands, Sector: Machinery/EngineeringTarget: CFS BVBuyer: GEA Group AGVendor: AEA Investors LPDeal size in USD: 330mType: Corporate acquisitionFinancing: Debt, Existing resourcesStatus: AgreedComment: Deal size shows CFS' enterprise value.

COPYRIGHT 2010 Normans Media Ltd.
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2010 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:M & A Navigator
Date:Dec 21, 2010
Previous Article:Apax in talks to buy out German Takko for EUR1.3bn.
Next Article:Wolters Kluwer closes US Pharmacy OneSource takeover.

Terms of use | Privacy policy | Copyright © 2019 Farlex, Inc. | Feedback | For webmasters