Wittur acquisition completed
Wittur announced that it has successfully completed the closing of its acquisition of the Sematic Group, a leading supplier of elevators and elevator components headquartered in Osio Sotto, Italy.
German and Austrian antitrust authorities cleared the transaction in late 2015, fulfilling the conditions necessary for closing. All relevant structural and legal requirements have been fulfilled. As already announced, Bain Capital will be majority owner of The Wittur Group. The Zappa family will hold a minority stake.
Approximately 4,500 employees
The Wittur Group following the acquisition of Sematic represents one of the largest manufacturers of components, modules and complete systems for the global elevator industry, with estimated combined revenues of approximately EUR 730 million (pro forma IFRS) in 2015, and approximately 4,500 employees. Wittur expects the combination to be earnings accretive immediately. Building on the detailed planning already made, the Group will now initiate the integration process. At the same time, the newly formed company remains fully dedicated to its business partners and services.
The Sematic acquisition is an important milestone in Wittur’s growth history as one of the leading diversified global suppliers and partners of choice in the outsourced elevator components market. The deal is expected to enhance Wittur’s customer and geographic diversification, including its access to the North American market via Sematic’s existing footprint.
Improved cross-selling opportunities
The acquisition also increases the presence in the recurring aftermarket and modernization business. Benefits are also expected from improved cross-selling opportunities and synergies arising primarily from procurement and efficiency gains. In addition, the combined entity is expected to profit from its large scale, the sharing of best practices across its global footprint and best-in-class innovation resulting from the merging of R&D expertise.
The newly-combined entity will continue to follow Wittur’s existing strategy which is built on the company’s established vision. Wittur aims to be the leading global strategic partner for components, modules, systems and solutions in the elevator industry and to be recognized by our customers as leader in safety, quality and technology. The Wittur Group will continue to operate under the Wittur name, while both the Sematic company name and brand will continue as part of the Wittur Group.
Following the successful transaction, Stefano Socci, who joined Sematic as CEO in April 2015, has decided to leave the company to pursue other opportunities. Francesco Spotorno, former CFO of Sematic, will work with Group CFO Frank Schulkes to support the integration process.