Global private equity firm The Riverside Company has acquired German auto accessory firm Rameder Anhängerkupplungen und Autoteile (Rameder).
Rameder is a market leader in the distribution of automotive carrier systems and related accessories in Germany. The firm offers tow bars for almost any make and model car sold in Europe. In 2009, the company sold approximately 200,000 tow bars. In addition, Rameder also offers roof racks, bicycle racks, ski boxes and other carrying accessories.
Complementing its headquarters in Germany, Rameder has operations in Austria and Poland, giving the firm a strong foothold in Central and Eastern Europe. The Company has achieved its strong market position through a unique combination of an effective online sales strategy, sophisticated logistics processes and exceptional customer service.
“We’re delighted to acquire a Company that is a clear regional leader in a niche market," says Riverside Partner Volker Schmidt. "The current management team has done a tremendous job in achieving a high level of operational efficiency, while consistently growing the business, regardless of the broader economic climate. We look forward to partnering with management in an effort to continue the growth of Rameder."
Dirk Schöler, Rameder’s current CEO, adds: “The Riverside Company has a strong track-record of helping its portfolio companies grow. While we operate in a stable segment of the automotive industry, we have nonetheless been able to continually grow our market share in Germany. Now we look forward to the support of Riverside, to continue on this growth path, taking advantage of opportunities we see outside of our current core markets.”
To support these efforts, the shareholders have appointed Karel Bos, former CEO of the Bosal Group, to lead Rameder as its new CEO, and Jan Goesaert, former Managing Partner Corporate Finance at Ernst & Young, will assume the position of CFO.
The European automotive aftermarket sector generated total revenues of EUR103 billion in 2009. Revenues in Germany alone accounted for EUR29 billion, or 28%, with consumables and accessories accounting for 10% or EUR2.9 billion. The performance of the sector is forecast to accelerate, with an anticipated value of EUR111.4 billion by the end of 2014, of which the German automotive aftermarket sector is expected to account for EUR31 billion.
The Riverside team responsible for the transaction included Partner Volker Schmidt and Vice Presidents Balázs Tahy and Justin Kent. Riverside Partner Karsten Langer, who originated the deal, said “We are excited about this acquisition. By leveraging Riverside’s experience in online retail and international expansion, Rameder should be able to further improve its market position and core operational competencies, to grow in regions outside of Germany”
Other major REF IV portfolio companies include Capol, a Hamburg-based provider of glazing agents for the confectionary industry and The Arena Group, one of the world’s best-known designers, manufacturers and distributors of competitive waterwear.
