Sell Side Advisor

Duff & Phelps Advised Spirax-Sarco Engineering plc on the Sale of HygroMatik GmbH to Carel Industries S.p.A.

In December 2018, London Stock Exchange-listed Spirax-Sarco Engineering plc ("Spirax-Sarco" or "the Group") announced the sale of its subsidiary, HygroMatik GmbH, to Carel Industries S.p.A. ("Carel Industries") for a total cash consideration of EUR 59m on a debt-free and cash-free basis.

HygroMatik, headquartered near Hamburg, Germany, is one of the leading manufacturers and brands in premium commercial and industrial air humidification equipment in Europe, with a strong position in the spa and wellness sector.

Duff & Phelps served as exclusive M&A advisor to Spirax-Sarco in connection with the transaction.

Dean Stephens, Group Head of Mergers and Acquisitions at Spirax-Sarco, commented: "We are extremely pleased with the outcome of this sale and delighted with the way the process was steered and managed by Duff & Phelps. Paul Teuten, Christoph Ulrich and their team ran an efficient and professional process, helping us in our planning and decision-making with their anticipation of likely issues and coordinating seamlessly between the UK and Germany in the execution of the sales process."

Paul Teuten, Managing Director at Duff & Phelps, said: "We are delighted to have advised Spirax-Sarco on such an important transaction and to achieve such a successful outcome to a strategic buyer. This further reinforces our strength as an M&A advisor to plc’s and large corporates on the divestment of non-core businesses and highlights our capabilities to execute cross-border transactions."

About Spirax-Sarco Engineering plc
Spirax-Sarco Engineering plc is a multi-national industrial engineering group headquartered in Cheltenham, England. The Group comprises two world-leading businesses: Spirax Sarco for steam and electrical thermal energy solutions and Watson-Marlow for niche peristaltic pumps and associated fluid path technologies. With 116 operating units in 47 countries, and a direct sales presence in 62 countries worldwide, Spirax-Sarco is an organization with a global reach. In 2017, Spirax-Sarco generated revenues of GBP 999m and had more than 7,250 employees.

About Carel Industries S.p.A.
Carel Industries is a leader in the design, production and global marketing of technologically advanced components and solutions for excellent energy efficiency in the control and regulation of air conditioning and refrigeration equipment and systems. Carel Industries is focused on several vertical niche markets with extremely specific needs, catered for with dedicated solutions developed comprehensively for these requirements, as opposed to mass markets. Carel Industries operates through 21 subsidiaries and 7 production plants located in various countries. In 2017, Carel Industries generated revenues of EUR 208m and had more than 1,300 employees.

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