Blue Cap - Growing organically and through M&A
Blue Cap’s (B7E) first-half revenues grew strongly, driven by Knauer (acquired in June 2018). Organic sales growth was c 4% and adjusted EBITDA was up 8% to €6.5m. Management retained its FY19 guidance for a slight y-o-y increase in EBIT. End-June NAV increased by €1.6m to €119.8m, with the bulk of the uplift from coatings and plastics. Importantly, the dispute with Blue Cap’s major shareholder (46%), PartnerFonds (PF), seems to be resolved following the recent changes to the latter’s management and supervisory board. At the same time, Blue Cap’s supervisory board was extended to four members and the executive board is planned to be broadened (supported by CEO Dr Hannspeter Schubert). The company seems well positioned to take advantage of M&A opportunities arising amid the broader economic slowdown.Blue Cap AG is a Germany-based holding company investing in medium-sized companies in the industry sector. The Company's portfolio includes companies in the areas of adhesives, special machinery, medical and measurement technology and precious metals. It distinguishes five business segments: Coating technology, Adhesive technology, Production technology, Medical technology, Precious metal recycling and trade. Its portfolio companies include NESCHEN Coating GmbH, a producer of adhesive-coated films; PLANATOL GmbH, a producer of glues; Gaemmerler GmbH, a manufacturer of printing systems; nokra Optische Prueftechnik und Automation GmbH, a provider of measuring and testing systems; em-tec GmbH, a developer of blood flow measuring devices; INHECO Industrial Heating and Cooling GmbH, a developer of thermo-electric components; Carl Schaefer Gold- und Silberscheideanstalt GmbH, a precious metals processing company, and knauer Holding GmbH & Co KG, a plastic cup supplier, among others.
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