Amsterdam, June 6, 2018 – HPE Growth Capital is pleased to announce the sale of the composite parts manufacturer COTESA GmbH to a Chinese new materials fund managed by QFAT and ICP for an undisclosed price.
HPE Growth Capital, together with Schroder Adveq, the private equity division of Schroders, invested and teamed up with the founders and management in 2012 to support the Company through its planned growth phase
Since 2012 COTESA has succeeded to 3-fold its revenues and expanded its production facilities in Germany from 6,000 m2 to 18,000 m2 and significantly improved its profitability. COTESA, during this period, created over 350 new jobs, growing the local employee base to more than 600 in the Dresden, Saxony Region.
Strategically, the Company has developed several breakthrough innovations and significantly expanded its commercial aircraft customer base to include Airbus, multiple Airbus suppliers and Boeing. It expanded and acquired its JV with Eissmann to manufacture composite parts for automotive customers including Mercedes, Porsche, Audi and McLaren.
The current management and employee base is planned to continue to grow the business in Germany and expand its operations in China. Post-acquisition, AT&M will assist COTESA in expanding its production and sales operations to the Chinese market through leveraging its existing network and industrial leadership in China.
HPE would like to thank the COTESA team for its collaboration over the past 5 years and wishes all continued success in the years to come.
COTESA is a leading German manufacturer of high quality composite fiber components for aviation and automotive engineering with 600 employees. Since its foundation in 2002, the company has developed into a trusted supplier of primary aircraft structures, interior and exterior composite parts for all major aircraft programs of Airbus. More recently COTESA has also begun supplying parts to Boeing.
About HPE Growth Capital
HPE Growth Capital is a European Technology investment firm with offices in Amsterdam, Dusseldorf and San Francisco. HPE focuses on long-term growth investments in technology companies and aims to be a committed partner to the company’s management team and existing shareholders, with the goal to build global market leaders. Typically, HPE Growth Capital aims to invest about EUR 10 to 40 million equity per transaction for a minority position.
AT&M provides high-end global customers with advanced metallic materials, products and solutions. Founded in 1998, the company listed on the Shenzhen stock exchange in 2000 and includes COMAC, China’s leading aerospace manufacturer, amongst its customers.
Advisors: Sellers – Lincoln International, Frankfurt, Buyers – IC Partners, Beijing
Law Firms: Sellers – Pollath + Partners, Munich, Buyers – Orrick, Dusseldorf