Stainless steel firm VDM Metals put up for sale
14 December 2017
Buyout group Lindsay Goldberg Vogel has put stainless steel group VDM Metals up for sale after receiving expressions of interest from several companies, a person close to the matter said.
The private equity firm has asked Morgan Stanley to organise an auction of the company, which posted earnings before interest, tax, depreciation and amortization of 70-75 million euros in the 2017 fiscal year on sales of 800-900 million euros, the source added.
Lindsay Goldberg declined to comment, while Morgan Stanley was not immediately available for comment.
Lindsay Goldberg bought VDM, or Vereinigte Deutsche Metallwerke, from ThyssenKrupp for about 500 million euros in 2015.
VDM, acquired by Thyssen in 1989, briefly became part of Outokumpu in 2012, when the Finnish company bought ThyssenKrupp’s stainless steel unit Inoxum. But a year later, Outokumpu sold VDM back to Thyssen.
The news was earlier reported by Frankfurter Allgemeine Zeitung.