Germany’s Syntegon agrees 37% minority stake deal with Apollo assets

German-based equipment, systems and technology group, Syntegon, has confirmed it has agreed to sell a 37% minority stake in the company to Apollo financial assets group, reports Neill Barston.

The owners of the business (which was formerly Bosch Packaging), CVC Capital Partners, has not disclosed the value of the move, but it has stated that it remains committed to the long-term development of the German-headquartered firm, retaining its 63% interests.

Notably, as the company cited, since CVC took on the business, revenues have increased to a record €1.75 billion, with some 72,000 machinery installations completed across market segments, including for confectionery and snacks manufacturing.

As the business asserted, the agreement will help drive the next phase of the company’s evolution, which it said would be driven through creating wider partnerships in industry.

According to CVC, the Apollo Group, which has a reported $938 billion in assets under its management, including industries related to the food sector, the two organisations have a common goal in taking Syntegon forward, including expanding its presence in the US.

Marc Strobel, Chairman of the Supervisory Board of Syntegon and Partner at CVC, welcomed the deal.

He said: “The team around CEO Torsten Türling has done an outstanding job establishing the company as a leading provider in highly regulated and technologically complex markets. Bringing on board a minority shareholder offers the best conditions to further accelerate Syntegon’s growth globally. We have great confidence in the company’s long-term prospects and its significant potential within a market characterised by strong structural growth. We are delighted to welcome Apollo as a new partner.”

For his part, Torsten Türling, CEO of Syntegon, noted that the transaction marked a milestone for the business, and would enable it to grow to the next level.

He commented: “Our current position is the result of an outstanding performance of our global team. In recent years, we have expanded our product portfolio with outstanding innovations while improving our operational excellence. Today, we are the leading strategic partner for our customers and serve the industry’s largest installed base of approximately 72,000 technically highly complex systems.”