POELLATH advises Egeria on sale of KLAFS Group
Egeria, an independent investment firm, has sold its stake in KLAFS Group (“KLAFS”), a market-leading manufacturer of saunas, steam baths and other hydrothermal facilities. The buyer is the world’s leading kitchen and bathroom manufacturer Kohler Co. (“Kohler”). KLAFS CEO Phillip Rock and CFO Jens Friedrich will retain their management positions. The company will join the other high-end Kohler brands such as ANN SACKS, KALLISTA, Robern and Kast Concrete Basins in the Kohler luxury brands division. The closing of the transaction is subject to the customary regulatory approvals. Closing is expected in the first quarter of 2024. The parties have agreed not to disclose the financial details of the transaction. POELLATH advised Egeria on tax matters in connection with the sale.
Founded in 1952 and based in Schwäbisch Hall, Germany, the KLAFS Group is the world’s largest manufacturer of high-quality, integrated sauna systems, steam baths and complementary products and services. The product range includes tailor-made, high-quality saunas and spas for both private and commercial use (e.g., hotels, fitness centers, day spas, etc.). KLAFS employs 850 people at locations in Germany, Switzerland, Austria, Poland, the Netherlands, the UK, Spain and Mexico.
Egeria, an independent investment firm specializing primarily in private equity, invests in medium-sized companies with an enterprise value of between EUR 50 million and EUR 350 million. With almost 13,000 employees, Egeria’s portfolio companies generate combined sales of around EUR 2.5 billion.
Kohler Co., based in Kohler, Wisconsin, USA, is a manufacturer of kitchen and bath products, luxury cabinetry, tile and lighting, as well as motors, generators and clean energy solutions. Kohler employs more than 40,000 people at more than 60 manufacturing locations worldwide.
POELLATH advised Egeria on the tax aspects of the sale with the following team: