Reuters: Private Equity: Capvis starts sale of German kitchenware maker WMF

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Capvis starts sale of German kitchenware maker WMF Mar 28th 2012, 10:45 FRANKFURT, March 28 | Wed Mar 28, 2012 6:45am EDT FRANKFURT, March 28 (Reuters) - Swiss buyout group Capvis has started a sale of its majority stake in WMF, the chief executive of the German table and kitchenware supplier said, confirming what people close to the process previously told Reuters. "We will cooperate in the sales process now under way for the good of the company," Thorsten Klapproth said in a statement on Wednesday. He said Capvis's options included a placement of shares on the stock exchange or a sale of its 52 percent stake to one or more investors. Reuters first reported the divestment plans in early March. WMF, a household name in high-end cutlery and cooking pots in Germany, has a market capitalisation of 509 million euros ($678 million). Capvis bought its stake for 92 million euros in 2006. WMF rivals Fackelmann and investor Benko - which has shown interest in buying Metro unit Kaufhof as well - have looked at WMF, industry sources have said. Other WMF peers include Villeroy & Boch, Itala, Pott and Robbe & Berking. Austrian investor Fiba, holds 37 percent of WMF, while 11 percent of the company is traded at the Frankfurt stock exchange. Fiba and Capvis were not immediately available to comment. WMF expects to post sales of more than 1 billion euros this year after 980 million last year. The group will announce earnings figures in late April. In the first nine months of 2011, WMF posted sales of 671 million and saw its earnings before interest and tax (EBIT) rise by 85 percent to 43 million euros. ($1 = 0.7506 euros) (Reporting by Arno Schuetze; Editing by Erica Billingham) Link this Share this Digg this Email Reprints

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