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Harvard case: Singulus

1- What is the nature of the opportunity?

Denton Vacuum Inc (DVI), a New Jersey based manufacturer of vacuum deposition equipment for precision optics decided to acquire Singulus, a compact disc metallizer business in Germany that Oehrlikon-Buhrle Holding AG (OBH) has put up Singulus for sale.
DVI choosed Schroder Ventures, one of the first LBO group in Germany, as financial partner on this deal.

The market for metallizers was dominated by two companies, Balzers (a subsidiary of OBH) and Singulus (owned by Leybold). In November 1994, OBH acquired Leybold, bringing Leybold under the same ownership as Blazers, meant that 90% of CD metallization business would be under one single ownership. OBH had to sell one of the two-metallization businesses, and Singulus has then been put up for sale.

Friedrich von der Groeben, Managing Partner of Schroder Ventures Frankfurt office, found the deal very interesting: DM30 million purchase price for a DM 30 million in revenues and DM8 mill...

Posted by: Chad Boger

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