German holding group takes over TFL

15 November 2003

Odewald & Compagnie, a Berlin-based portfolio investment group, have acquired TFL Holding GmbH (TFL Ledertechnik) from Permira. The announcement was made at TFL's talk show held in Bologna, Italy, October 28. Permira, a leading European private equity firm, only acquired the business in March 2001 and were advised by Credit Suisse First Boston. It is believed they sold TFL to raise cash for other projects. 'TFL has good growth prospects, a capable management and an impressive customer base. These assets combined with Odewald's finance management, secure an attractive future for both partners', stated Dr Günther Niethammer, Odewald partner. Despite difficult market conditions in recent years, TFL have been able to continue to expand sales in their core business and achieved sales of €250 million in 2002. The company, headquartered in Weil am Rhein, Germany, have operations in 17 countries, providing application and service systems to the leather processing industry with wet-end chemicals, dyes and finishes. Heider Krenz and Peter Schaller, co-presidents of TFL, commented: 'The partnership between Permira Funds and the TFL management team has been a great success. The new partnership with Odewald is an exciting opportunity and will allow us to achieve TFL's continued growth and success.' Nicola Volpi, partner of Permira, said: 'The management team, in a very short period of time, has expanded the product range and geographic reach of TFL as well as enhanced profitability through organic means, strategic acquisitions in Italy, the US and India and the start-up of a green-field factory in China. Odewald & Compagnie are acquiring a strong, focused and profitable business.'

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