Mergers
Acquisitions

Donau Chemie AG completed the spin-off of a non-core division in an MBO

Donau Chemie AG Glanzer cosmetic engineering GmbH

We are proud to announce that we have successfully advised Donau Chemie AG on the spin-off of Donau Kanol, Austrian’s biggest contract development and contract manufacturing company, as well as the management team of Glanzer cosmetic engineering GmbH on sourcing the funds to finance this MBO transaction.


The Partners

Donau Chemie AG, a chemical company with four business units, spin off the non-core division “Donau Kanol” which is focusing on the development and contract manufacturing of liquid articles in the area of care and cleaning cosmetics as well as detergents for household applications. The decision to spin off Donau Kanol emerged from strategic considerations: while Donau Chemie’s primary focus is on B2B chemical markets, Donau Kanol is operating within the B2C segment. The separation now allows the entities to concentrate on their core competences, enhancing specialization and optimizing resource allocation to better serve their respective customer bases.

After a structured sales process, the MBO solution emerged as the best path to realize Donau Kanol's full potential in the future, while ensuring the stability for the employees was of utmost importance to the Donau Chemie Group. Therefore, the division was bought out by its experienced management team, led by Ms. Sigrid Glanzer and Mr. Walter Steinauer, and will now operate as the stand-alone legal entity “Glanzer cosmetic engineering GmbH”.

Glanzer cosmetic engineering GmbH is now Austria’s biggest contract manufacturing company, with around 90 employees, generating a turnover of more than EUR 25 million and being well positioned in the European market. With its long-lasting experience, serving customers for nearly 100 years, and the innovate approach the company is perfectly equipped to meet future opportunities and challenges in the contract manufacturing as well as private label market.

Our Contribution

As the exclusive financial advisor to the Seller in this project, Sazun did not only orchestrate the structured sales process by engaging with 70 strategic partners and 75 private equity firms, but also provided a 360° advice on an optimized financial structure and a balanced funding mix, while leading negotiations with the financing partners. As a result, the newly formed company is able to meet its working capital requirements comfortably while experiencing cost-efficient acquisition financing.

& das Plus

A key advantage of our M&A Plus approach was considering a Management Buyout (MBO) as a standalone option alongside the traditional M&A sales process. This strategy allowed for a thorough exploration of internal financing possibilities, ensuring a comprehensive solution that addressed the needs of the owner, its representatives and the management team. Ultimately, the MBO solution proved to be the best option for all parties involved, facilitating a seamless and sustainable transition that safeguarded the long-term success of the business segment as well as the interests of the employees, clients and suppliers.

145

Potential Partners Approached

7

LOI's Received

1

Partnership Forged in Form of an MBO

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