Halder | Ownership Succession and Growth for MidCaps

Halder | Ownership Succession and Growth for MidCaps

GMT GmbH & Co. KG

Gas meters and pressure regulators
€19,5 million (1998)
1997, MBO

GMT has been manufacturing gas meters and gas pressure regulators for residential and industrial use since 1979. A part of the regulated energy market, this business was subject to high barriers to entry resulting from quality and safety regulations. Along with GMT two other providers were active here with market shares of some 30% each.

An experienced management team had already started to reorganise production to improve profitability and had developed new regulators for medium-high gas pressure to boost GMT’s position in this market segment. Through the MBO, which gave Halder a 78% stake, the company obtained the funds necessary to finance expansion plans, which were to broaden its European presence in anticipation of a more harmonised EU regulation for the energy sector.

The exit took place in 1999. Supported by management, Halder sold its interest to a strategic foreign investor who saw GMT – the last independent provider in Germany – as an entry point to the market and planned on using production capacity for large volume orders.

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Halder Investment Advisors