maconda’s Vendor Due Diligence for CaseTech illuminates a complex environment in opaque markets
maconda News April 2011
maconda GmbH, the specialist for Commercial Due Diligence and value enhancement, supported the Munich-based industrial holding company Adcuram with a detailed Vendor Due Diligence in the sale of CaseTech to a private equity firm from Bad Homburg. The maconda team analyzed, among other things, the diverse markets of the globally active manufacturer of sausage casings. The sales process was coordinated by Hauck & Aufhäuser Investment Banking.
CaseTech emerged from the artificial casing division of Dow Wolff Cellulosics GmbH (formerly Wolff Walsrode AG). Adcuram acquired the long-established provider of high-quality sausage casings from Dow Chemical Company in 2008 and has since invested in increasing productivity, developing new products, further internationalizing the business, and expanding production capacity. As a result, CaseTech became an independent company employing around 420 people and achieving global sales of €60 million in 2010. The group has locations in Bomlitz (Germany), Poland, and the USA. The current transaction volume is approximately 75 million Euros.
A particular challenge was the many regions in which CaseTech operates, as these were mostly incomparable in terms of market structure, procurement processes of sausage manufacturers, and consumer eating habits. “The special challenge was to shed light on the complex international business, which until now had hardly been examined in independent, reliable studies. Therefore, we used an approach that was time-consuming but very informative,” describes Dr. Rainer Mayer, managing director of maconda, regarding the engagement. Nearly 100 interviews with industry experts, all conducted by native speakers, were incorporated into the analysis. A dedicated team of business analysts, meat production specialists, regional market experts, and sausage and meat experts was assembled for the project.
In the consumer goods and food sector, maconda also advises wholesalers and retailers in the industry. The various segments maconda has served to date include manufacturers or distributors of frozen foods, branded sausage products, meat processors, coffee, chocolates, confectionery, baked goods, wine, and cereals. With a mix of functional experience in strategy development, corporate restructuring, and transactions, combined with specialized industry expertise, we offer our clients tailor-made solutions.