Schaeffler Divests Rege Motorenteile

Resource from: CBCC Likes:2964

May 06,2008

The Shaeffler Group (Germany; parent of INA/FAG bearings) has divested its Rege Motorenteile & Co. GmbH division. INA/Schaeffler acquired a controlling interest in Rege in 2000. By 2002, it acquired all the shares and Rege became a wholly-owned division of INA/Schaeffler Group. Schaeffler did not give any immediate reason for selling off the business. The buyer is EquiVest, a Germany private equity investment company. Founded in 1987 as a contract machining house, Rege currently now employs more than 1,300 people, and is a key supplier to the European auto industry. The company manufactures engine parts and various automotive components -- ABS accumulator housings, common rail fuel injection systems, and transmissions -- for all major automotive manufacturers and system suppliers. Engine parts include bearing brackets, blocks, cylinder heads, connecting rods, and other similar components. Rege has three manufacturing facilities -- the headquarters and production in Eisenach, another plant in nearby Witzenhausen, and a third in Brasov, Romania. Founded in 1991, EquiVest is a private equity fund, focusing on small- and medium-sized companies, in Germany termed the "Mittelstand". EquiVest is managed by CBR Management GmbH. EquiVest, "invests in attractive and promising companies in Germany, Austria and Switzerland." it is a, "reliable and financially strong partner of the "Mittelstand". Its focus is on strong value creation and on developing the synergies amongst its portfolio of manufacturing companies. Terms of the acquisition were not announced.

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