Bain Capital to buy German elevator components maker Wittur for $750 mn

US-based private equity group Bain Capital has agreed to buy German elevator components maker Wittur from European peers Triton and Capvis.

Bain did not disclose the financial terms of the deal, but Reuters had earlier reported that the transaction could be valued at around €600 million ($750 million). (See: Bain Capital in the race to buy German elevator components maker Wittur)

Triton and Capvis and the management had acquired Wittur in 2010 from Goldman Sachs, Cerberus and Credit Suisse for an undisclosed sum, and in August hired Deutsche Bank to run an auction.

Wittur was founded in 1968 by Horst Wittur as Wittur-Aufzugteile GmbH & Co and initially started off by making lift swing doors and trading in lift components.

It now makes elevator doors, safety components and gearless drives, as well as cars, slings and counterweight frames lift machines and hydraulic devices through its 10 global manufacturing sites, including in Austria, Spain, Turkey, Brazil, Argentina, China, Slovakia, Italy, Germany and in Tamil Nadu - India.

Based in Dachau, the company has more than 300 patents, employs over 3,000 people worldwide and has Kone, Otis and Schindler among its clients.