Clearwater International acted as sole financial adviser to Deutsche Beteiligungs AG, a leading German private equity firm, on its acquisition, together with the management, of Babcock Borsig Power Service GmbH, Oberhausen, Germany, in what is the first MBO under the new German insolvency plan proceedings.
BBP Service Group belongs to the financially-sound core of the former Babcock Borsig Group. Babcock Borsig Power Service GmbH and its subsidiaries provide servicing and maintenance for power plants in Europe (in particular fossil-fuelled plants), as well as in the Middle East. Generating annual revenues of some €400m in 2002, BBP Service Group employs 2,100 staff. The company holds a leading position in Germany and the Gulf region.
Under the new ownership of DBAG, the company will be able to exploit growth opportunities in the coming years. BBP Service intends to increase its market share in Germany, particularly in Eastern Europe, and will continue to strengthen its regional customer care program, especially in Eastern Europe and the Gulf region.
Clearwater International, led by partners Ralph Schmücking and Tobias Schätzmüller, advised DBAG.