Clearwater has advised R+S Beteiligungs GmbH with its two shareholders Conzima Construction GmbH (Conzima) and Haspa Beteiligungsgesellschaft für den Mittelstand GmbH (Haspa BGM) on the equity reorganisation of R+S Group AG (R+S), a leading full-service provider of building technology. As part of the reorganisation, Deutsche Beteiligungs AG (DBAG) has acquired the stake of the majority shareholder Conzima in the company. Haspa BGM will remain minority shareholder and is still invested alongside the management.
R+S is a leading provider of technical building services. R+S plans, manages, and provides maintenance services for projects mainly in the fields of municipal construction, healthcare, industrial production, and shipbuilding. R+S offers a single-source solution while its range of services comprises electrical system construction, energy and control technology as well as heating/air-conditioning and ventilation technology. Current high-profile projects that the company is involved in include the construction of the new Terminal 3 at Frankfurt Airport and the expansion of the University Hospital Frankfurt. Technical building services account for slightly more than 50% of revenues. The company’s range of services is complemented by two organisationally independent business divisions, personnel services and a high-performance electrical wholesale operation. In 2020, R+S generated revenues of around €360m. The company employs 3,000 staff members at 30 locations in Germany with 500 employees working at the headquarters in Fulda, Hesse.
Haspa BGM invested in R+S in 2010 and is one of the leading private equity investors in Northern Germany having been established for more than 20 years as a partner of small and medium-sized enterprises. They offer customised, long-term solutions, particularly for growth companies and upcoming succession planning. As a subsidiary of Hamburger Sparkasse AG, Haspa BGM has a long-term investment horizon, providing its portfolio companies with the chance to develop without time pressure.
DBAG invests in well-positioned medium-sized companies with development potential. For many years, DBAG has placed a special focus on industrial business models in selected sectors. With this experience, know-how and equity, they strengthen their portfolio companies by implementing a long-term, value-enhancing corporate strategy. The R+S investment is made from DBAG’s own balance sheet and not as co-investor alongside its initiated DBAG funds to enable a long-term investment into R+S.
Together with the management team, Haspa BGM and DBAG aim to further strengthen R+S Group’s organisational structure and provide the company with the means to expand its leading position in electronics and building services, while continuing to support the company's organic and external growth. This transaction is a further illustration of Clearwater's expertise in the industrials services sector.
