Perusa Partners Fund II (Perusa), an investment fund advised by independent Perusa, has sold Senator and its subsidiaries (Senator Group) to management. The parties have agreed to not disclose the purchase price or details of the transaction.
Perusa acquired Senator Group from Merz Pharma in June 2016. The company is a manufacturer of promotional products, especially writing utensils, cups and mugs. Senator manufactures its plastic ballpoint pens at its own production site in Germany and sells through qualified distributors. Currently, the company employs nearly 300 employees at five locations worldwide. In the financial year 2017, Senator generated sales of nearly EUR40 million.
After the acquisition, the Senator Group was successfully restructured and repositioned in the market. With investments of almost EUR3 million, the main production site in Groß-Bieberau was substantially modernised. The two other plants in Harlow (Great Britain) and Cestas (France) have also been shaped for the future.
“The Senator Group has an excellent reputation as a manufacturer of premium promotional products in Europe,” says Dr Hanno Schmidt-Gothan, Managing Director of Perusa, which advises the seller Perusa Partners. “We are pleased that management continuity has been ensured through the current Managing Director and future owner Daniel Jeschonowski.”
“Together with the local management teams in Groß-Bieberau and the foreign subsidiaries, group management succeeded in bringing the core business back on track and successfully developing Senator further,” says Raphael Weller, Investment Director at Perusa. “We are convinced that the entire group will continue on its successful trajectory as an owner-operated company.”
Perusa was advised on the transaction by “Gütt Olk Feldhaus Partnerschaft von Rechtsanwälten mbB.”
