Issuer: Capvis AG / Key word(s): Strategic Company Decision
Swiss investor Capvis, a specialist in midcap investments, is acquiring a majority interest in the Lucerne-based SCHURTER Group. The transaction will not have any impact on the group’s organisational structure and jobs. The founding family and current owner of the group will be retaining an interest and will be represented on the Board of Directors by Thomas Schurter. CEO Ralph Müller and his management team will continue to manage SCHURTER in the future.
Luzern (Switzerland) and Baar (Switzerland), 9 January 2023
Based in Lucerne with a total of 20 subsidiaries in 17 countries, the SCHURTER Group is a successful producer of components for ensuring the clean and safe supply of power, input systems and sophisticated integrated electronic solutions. It generated revenues of around CHF 330 million in the 2022 financial year. The company has been in the hands of the Schurter family since its foundation. Now there is to be a change in the ownership structure. Capvis, a well-known Swiss investor based in Baar (canton of Zug), is acquiring a majority interest in SCHURTER Holding AG. The transaction is expected to be completed in spring 2023, following the necessary (European) regulatory approval process.
“In the interests of business continuity, the family had jointly decided a number of years ago that Cyrill Schurter, as a representative of the fourth generation, would assume management responsibility for the company in the medium to long term. The necessary steps had already been initiated and even finalised. After his tragic death in May 2021 as a result of an accident, there were no other potential successors within the family as the other members of the fourth generation were already pursuing other career paths,” explained Thomas Schurter, Chairman of the Board of Directors. “Following intensive discussion and careful consideration, the owner family decided to sell a majority interest in order to ensure the company’s continued success.”
Subsequently, the family selected a partner who, as the new majority owner, will continue to expand the company as an independent group. “Capvis offers the ideal basis for keeping SCHURTER on its growth path. Capvis is known for advancing the development of successful, internationally active companies together with the management team,” said Thomas Schurter.
Capvis specialises in holding majority interests in leading SMEs in Switzerland, Germany, Austria and Italy. It predominantly invests capital provided by institutional investors such as pension funds, asset managers and family offices. The international trade press has repeatedly named Capvis as the top private equity company in Switzerland.
Boris Zoller, Managing Partner of Capvis: “I’m greatly looking forward to advancing SCHURTER’s development together with its management team. SCHURTER is a good fit for Capvis and Capvis is a good fit for SCHURTER. Entrepreneurship, Swiss quality and innovation are our guiding principles. SCHURTER has been demonstrating this for years with its successes and is thus ideally positioned to continue performing successfully on growth markets around the world.”
The Schurter family will remain an important shareholder in the group, which will continue to be managed by the existing management team led by CEO Ralph Müller. In line with the Capvis strategy, he will also be taking a stake in the company. Ralph Müller: “I’m proud of the global SCHURTER teams. Capvis’ decision to invest in the company is a recognition of the performance and expertise of our employees.”
“The acquisition of a majority interest in the SCHURTER Group marks an important step for Capvis,” explains Andreas Simon, who as a Capvis Partner is responsible for industrial technology investments. “The group has been successful in the key industries of electronics, automation and digitization technology for many years and has the right employees and technologies to add further chapters to its success story.”
The transaction will not have any impact on the group’s organisational structure or its approximately 2,200 jobs. The company’s headquarters will remain in Lucerne. The established SCHURTER brand will also be retained. As a further sign of continuity, Thomas Schurter will remain on the Board of Directors, while Ralph Müller and his management team will continue to manage the company.
The parties have agreed not to disclose the financial details of the transaction. Completion of the transaction is subject to approval by the relevant authorities and is expected in spring 2023.
The SCHURTER Group is the world’s leading Swiss technology company ensuring clean and safe supply of power, ease of use and sophisticated overall solutions. As a leading innovator, SCHURTER manufactures and distributes components for circuit protection, as well as connectors, switches and EMC products. In close cooperation with the customers, input systems are developed and manufactured. SCHURTER also offers services for the electronics industry in the field of printed circuit board assembly. The business unit Solutions coordinates complete solutions from project planning to the manufacture of end products.
Capvis is a Swiss private equity investor. As the exclusive Capvis fund adviser, Capvis AG primarily acquires majority stakes in leading medium-sized technological firms in Switzerland, Germany, and Austria. Its activity is founded on its longstanding experience in creating local and global market leaders in the fields of healthcare, industrial technology, and advanced services & software. Entrepreneurial cooperation with strong management teams ensures that the potential of companies is developed to the full while creating long-term values. Since 1990, Capvis has completed 62 transactions representing a total investment of EUR c. 4 billion. Capvis has floated ten companies on the stock exchange and has been voted best investment company in Switzerland by the international specialist press on several occasions.
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