Clyde Blowers Capital and CGS Management sell the Maag Group to Dover Corporation
Clyde Blowers Capital, the Scottish industrial investor, and CGS Management, the Swiss based industrial investor, today (13th February) announced that they had reached an agreement to sell the Maag Group, the leading global manufacturer of gear pumps, pelletizers and filtration systems, to Dover Corporation (NYSE: DOV).
The Maag Group will become part of the Pumps Solution Group, a business unit operating within the Fluid Solutions platform of Dover’s Engineered Systems, a segment of the Dover Corporation.
The Maag Group was established in 2010 through the merger of Maag Pump Systems and Automatik Plastics Machinery, creating a global leading manufacturer of highly engineered geared pumps, filtration systems and pelletizers for the plastics, chemicals, extrusion and rubber industries. The company has over 500 employees and has global operations in Switzerland, Germany, U.S., Italy and China as well as additional sales and service offices around the world. Maag had turnover of approximately €130m in the year ended 31st December 2011.
Under the ownership of Clyde Blowers Capital and CGS Management, the business has developed its exposure to the fastest growing markets, delivered double digit growth and cemented its position as a global leading manufacturer of highly engineered products.
Commenting on the transaction, Jim McColl, Chairman and Chief Executive of Clyde Blowers Capital said, “The Maag Group has been an excellent investment for Clyde Blowers Capital and represents an excellent result for the team and our investors. Since acquiring Maag Pump Systems from Textron in 2008, we have delivered on our strategy to grow the business both organically and through M&A, and in particular, the successful merger with Automatik Plastics Machinery. The business is now well positioned for the next phase of growth and we wish it continued success under the new ownership.”
Dr. Rolf Lanz, Managing Partner at CGS Management said, “Automatik Plastics Machinery represented a platform investment for CGS. Based on the establishment of a global footprint under the lead of CGS and the subsequent merger with Maag Pump Systems in 2010, the business has been led exceptionally by Ueli Thuerig and the newly formed management team. With the Maag Group we have developed a world class organisation with a bright future ahead of it and we see Dover Corporation as the right organisation to take it forward. We would like to thank the employees of the Maag Group for all their hard work and we wish them all the best for the future.”
Dean Douglas, President of Dover’s Pump Solutions Group, said “We believe that the addition of the Maag Group deepens our leadership bench while vastly expanding PSG's product portfolio within our core markets of Chemicals and Petrochemicals." Douglas also added, “We feel that the strength of the Maag brand can be leveraged by PSG in the markets and applications in which we both serve.”
Ueli Thuerig, CEO of Maag Group noted, “Everyone at Maag is extremely excited about this new chapter in our company’s history. We have built a strong company through the years and we have greatly enjoyed our partnership with Clyde Blowers Capital and CGS Management. Going forward combining our expertise with PSG’s global brands and market reach will be a welcome addition for our customers and suppliers. At Maag we look forward to the future benefits and synergies that this acquisition will bring.”
Clyde Blowers Capital and CGS Management were advised by PwC and Froriep Renggli.
About Maag
Maag is the global market leader in highly engineered gear pumps, filtration systems and pelletizers for plastics, chemicals, petrochemical and the food industries. Maag is a complete solutions provider of specialist pumps and pelletizers with a reputation and focus on high quality customer driven solutions. Maag's is headquartered is based in Zurich, Switzerland with offices in Germany, US, France, Italy, Singapore, Malaysia, Taiwan, Brazil and China. Additional information is available on the company’s website at www.maag.com.
About Clyde Blowers Capital
Clyde Blowers Capital is an industrial investor headquartered in the UK with offices in Zurich and Beijing. Its interests cover a wide range of industrial engineering activities in the power (including renewable energy, conventional and nuclear), oil & gas, mining and minerals, rail and other industrial markets. Clyde Blowers carries out activities across the world, with particular focus on growing its activities in fast developing regions such as India, China and South America. Additional information is available on the company’s website at www.clydeblowerscapital.com.
About CGS Management
CGS Management is a Swiss based Private Equity house with an industrial track record, investing in small and mid sized industrial companies with a focus on technological innovation, organic growth and buy & build. Based on the industrial experience of its partners, CGS invests in industries such as electronics and electrical engineering, machinery and equipment, measurement and control systems & sensors, construction supplies, plastics industry, and industrial equipment. Additional information is available on the company’s website at www.cgs-management.com.
About PSG
Dover’s Pump Solutions Group (PSG®), the global leader in positive displacement pump and supporting technologies, delivers value added pumps and systems that serve customers requiring safe and efficient transfer of critical and valuable materials. PSG has facilities in the U.S., France, Germany, India, and China. The company has a focus on innovative technologies that will positively impact the world for the better aimed at providing the expertise of tomorrow’s fluid and material transfer solutions today. Additional information is available on the company’s website at www.pumpsg.com.
About Dover
Dover Corporation is a multi-billion dollar diversified global manufacturer. For over 50 years, Dover has been providing its customers with outstanding products and services in industrial technology that reflect the company’s commitment to operational excellence, innovation and market leadership. The company focuses on innovative equipment and components, specialty systems and support services through its four major operating segments: Energy, Communication Technologies, Engineered Systems and Printing & Identification. Dover is headquartered in Downers Grove, Illinois and employs over 34,000 people worldwide. Dover Corporation is traded on the New York Stock Exchange under “DOV.” Additional information is available on the company’s website at www.dovercorporation.com.
