Steadfast Capital Acquires a Majority Participation in Reutter/ITIB Group
In order to support further international expansion of the business, Steadfast Capital Fund III has acquired a majority stake in Reutter/ITIB Group. The transaction comprised Reutter GmbH, based in Leutenbach, Germany (with plants in Austria, Slovakia, Mexico and India), and Italy-based ITIB S.r.l. (with plants in Italy and Poland). The Reutter Group is a leading international provider of caps (cooling, oil filler and tank) and selective catalytic reduction “SCR” (AdBlue) filling systems for commercial vehicles and passenger cars. ITIB is a manufacturer of thermoplastic tubes and pipe connections, supplying to the automotive and white goods market. Together with Reutter’s management and Fortas AG, which has retained a minority shareholding, Steadfast Capital will strengthen the integration of the two group companies and support the development of innovative products, as well as entry into new markets.
The debt financing of the transaction was provided by Permira Debt Managers and Südwestbank. The parties have agreed not to disclose the purchase price.