Amann Girrbach
Country: Austria
Region: Vorarlberg
Investors: Alpine Equity
In 2003, Austrian dental equipment producer Amann Dental had one core customer - distribution company Girrbach Dental. Following investment from HYPO EQUITY Unternehmensbeteiligungen AG (HUBAG) managed by Alpine Equity, Amann acquired Girrbach in a deal that transformed the two businesses into an integrated dental supplier with greatly enhanced growth opportunities.
By 2010, when HUBAG managed by Alpine Equity sold the business, Amann Girrbach had become a global business selling its products through a network of over 80 specialist distributors across the world, employing over 200 people. The company's strong performance continued under it's next private equity owner, TA Associates, which help Amann Girrbach grow employee numbers to more than 400 during the following eight years.
Harald Pöttinger
Partner - Alpine Equity
For the next development step, which is globalisation, we have been looking for a financially strong and experienced global investor.
>6x
increase in turnover in 7 years
>80
distributors globally sell the company’s products
What did the business need?
Growth capital for acquisitions and internationalisation
Scale and new capabilities to enable expansion
Support in building a family-run business into an international player
How did private equity backing create lasting value?
Created an integrated dental supplier through the merger of two businesses
Increased annual R&D spend by roughly 60% to develop new and improved products
Professionalised of the company’s systems to build a platform for growth
Established a global sales network
What outcomes did private equity investment achieve?
Multiplied turnover by a factor of more than six from €7.2m to €46m in seven years
Achieved global sales directly and through more than 80 distributors across Europe, the Americas, Asia, Africa and Australasia
Over half of revenues came from new technology by 2008
Positioned the company to target an addressable market of €4.5bn
Investment return on equity of 19x achieved for the fund’s investors
Sold to international private equity firm to achieve continued global expansion
Investors
