Maag Group to Dover Corporation
Clyde Blowers Capital, the Scottish industrial investor, and CGS Management, the Swiss based industrial investor, announced at 13t1h February that they had reached an agreement to sell the Maag Group, a leading global manufacturer of gear pumps, pelletizers and filtration systems, to Dover Corporation (NYSE: DOV). The Maag Group will become part of the Pumps Solution Group, a business unit operating within the Fluid Solutions platform of Dover’s Engineered Systems, a segment of the Dover Corporation.
The Maag Group was established in 2010 through the merger of Maag Pump Systems and Automatik Plastics Machinery, creating a global leading manufacturer of highly engineered geared pumps, filtration systems and pelletizers for the plastics, chemicals, extrusion and rubber industries. The company has over 500 employees and has global operations in Switzerland, Germany, U.S., Italy and China as well as additional sales and service offices around the world. Maag had turnover of approximately €130m in the year ended 31st December 2011.
Under the ownership of Clyde Blowers Capital and CGS Management, the business has developed its exposure to the fastest growing markets, delivered double digit growth and cemented its position as a global leading manufacturer of highly engineered products.
Commenting on the transaction, Jim McColl, Chairman and Chief Executive of Clyde Blowers Capital said, “The Maag Group has been an excellent investment for Clyde Blowers Capital and represents an excellent result for the team and our investors. Since acquiring Maag Pump Systems from Textron in 2008, we have delivered on our strategy to grow the business both organically and through M&A, and in particular, the successful merger with Automatik Plastics Machinery. The business is now well positioned for the next phase of growth and we wish it continued success under the new ownership.”
Dr. Rolf Lanz, Managing Partner at CGS Management said, “Automatik Plastics Machinery represented a platform investment for CGS. Based on the establishment of a global footprint under the lead of CGS and the subsequent merger with Maag Pump Systems in 2010, the business has been led exceptionally by Ueli Thuerig and the newly formed management team. With the Maag Group we have developed a world class organisation with a bright future ahead of it and we see Dover Corporation as the right organisation to take it forward. We would like to thank the employees of the Maag Group for all their hard work and we wish them all the best for the future.”
Dean Douglas, President of Dover’s Pump Solutions Group, said “We believe that the addition of the Maag Group deepens our leadership bench while vastly expanding PSG’s product portfolio within our core markets of Chemicals and Petrochemicals.” Douglas also added, “We feel that the strength of the Maag brand can be leveraged by PSG in the markets and applications in which we both serve.”
Ueli Thuerig, CEO of Maag Group noted, “Everyone at Maag is extremely excited about this new chapter in our company’s history. We have built a strong company through the years and we have greatly enjoyed our partnership with Clyde Blowers Capital and CGS Management. Going forward combining our expertise with PSG’s global brands and market reach will be a welcome addition for our customers and suppliers. At Maag we look forward to the future benefits and synergies that this acquisition will bring.”
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