The private equity arm of French insurance giant AXA has sold its stake in valve manufacturer Phönix/Strack Group after a holding period of just two years.
AXA Private Equity said today it has sold its holding in Phönix/Strack to the Curtiss-Wright Corp, the New York-listed aircraft parts manufacturer, for €82m.
Phönix/Strack is based in Volkmarsen, Germany and makes custom-built valves for large industrial companies operating in the energy, chemicals and refinery industries.
AXA Private Equity bought the majority shares of Phönix / Strack in July 2010.
Although financial termswere not disclosed, at the time the company generated about €40m in revenue annually with 250 employees, while the business today has 282 staff and has since achieved double-digit growth. Last year it posted revenues of around €50m.
Working with the company’s management, AXA Private Equity said it has successfully implemented the group’s internationalisation strategy in just two years.
In August 2011 it helped Phönix/Strack acquire Daume Regelarmaturen, a specialist developer and producer of regulating valves, in a move that saw the group expand its portfolio of products.
DC Advisory provided M&A advice on the deal, while Holger Scheer and Deloitte & Touche provided legal and financial advice respectively.
Copyright © 2013 AltAssets