Media centre

All Group media enquiries should be directed to
Vanessa Maydon, Corporate Affairs Director.

Cinven Partners LLP
Warwick Court
Paternoster Square
London EC4M 7AG

Tel: +44 (0)20 7661 3325
Mob: +44 (0)7802 961 902
Email: Vanessa Maydon

Press releases

11 October 2017

Cinven to sell CeramTec

International private equity firm, Cinven, today announces that it has signed an agreement for the sale of CeramTec GmbH (‘CeramTec’ or ‘the Group’), a leading global manufacturer of high performance ceramics, to a BC Partners-led consortium including the Public Sector Pension Investment Board (PSP Investments) and Ontario Teachers’ Pension Plan (together the ‘BC Partners Consortium’) for an undisclosed consideration.

Headquartered in Plochingen, Germany, CeramTec manufactures high performance ceramics for various end-markets including medical, automotive, industrial and electronic.  Its proprietary product portfolio includes hip replacement implant components (notably the BIOLOX® brand), high speed cutting tools and electrical / thermal ceramic solutions.  The Group employs more than 3,400 people across 20 facilities worldwide. In the 12 months to June 2017, CeramTec generated revenues of €538 million and adjusted EBITDA of €196 million.

Cinven acquired CeramTec in August 2013 from Rockwood Holdings, Inc. for €1.5 billion.  During Cinven’s ownership, CeramTec has performed strongly increasing revenues from €425 million to €538 million and improving its EBITDA margin from 32% to 37% while investing substantially in new capacity and growing its work force by more than 300 people to over 3,400.  

In particular, Cinven worked with CeramTec to:

Streamline the organisation and strengthen Group management with the reorganisation from 16 independent business units to two business segments – Medical and Industrial; the appointment of a new management board including the new CEO, Henri Steinmetz (March 2016), and new COO of the Medical business, Dr. Hadi Saleh (July 2015); and the strengthening of the team below the Board level.

Accelerate organic growth through investment in additional capacity including the Medical plant expansion at Marktredwitz (€40 million investment), supporting innovation and product development, increased focus on strategic customers and accelerating growth outside of CeramTec’s historical home markets particularly into the United States and China;

Increase productivity and capital efficiency through intensive ongoing improvement programmes and centralising production management, resulting in substantially increased margins and free cash flow generation; and

Execute a successful value-accretive buy and build strategy with the acquisitions of US-based DAI Ceramics (in 2015) and the UK-based Electro Ceramics division of Morgan Advanced Materials (in 2017) reinforcing CeramTec’s strength in aerospace and piezo ceramics.

Bruno Schick, Partner at Cinven and Head of the Frankfurt office, said:

“CeramTec has been a highly successful investment due to a combination of factors: Cinven’s sector expertise, in both Healthcare and Industrials; our longstanding presence and track record in Germany which enabled us to identify and execute the transaction; our international capabilities facilitating the Group’s expansion into the US and China; and our focus and conviction.  We have worked alongside an excellent management team, as well as a highly qualified and dedicated workforce at CeramTec and we wish them every success in the future. We are delighted that the BC Partners consortium is acquiring CeramTec and will continue to invest in the business.”

Pontus Pettersson, Partner at Cinven, added:

“CeramTec is an excellent business with great prospects.  We have worked hard to transform the Group into a more agile, commercial and global enterprise delivering strong financial results. We have invested significantly, strengthened management, simplified the organisation and improved efficiency and product innovation.  We accelerated organic and international growth and executed a number of value-add acquisitions creating a first class high performance ceramics business.”

Henri Steinmetz, Chief Executive Officer at CeramTec, commented:

"Our journey from a German-centric technology leader, towards a truly global market leader is well under way. Over the past four years we have doubled our ceramic implant capacity in Marktredwitz, we have simplified the organisational set-up in our Industrial segment and we have created a leading platform in piezo ceramics with the UK acquisition of Morgan Advanced Materials. We are very grateful to Cinven for its leadership and its commitment to transforming and growing our business and we look forward to working with our new owners together as partners to realise the next stage of growth."

The completion of the sale of CeramTec is subject to customary regulatory approval and expected in the first half of 2018.

Advisors to Cinven on the CeramTec transaction included: BofA Merrill Lynch (M&A), Morgan Stanley (M&A), Clifford Chance (Legal), McKinsey (Commercial), PricewaterhouseCoopers (Financial), Ernst & Young (Tax) and ERM (Environmental).  

Portfolio company videos

 Clinical Trials


Clinical Trials

 Travel services provider

Hotelbeds Group

Travel services provider

 Truck component manufacturer


Truck component manufacturer

 Footwear and accessories retailer

Kurt Geiger

Footwear and accessories retailer

 Contract research organisation


Contract research organisation

 Electronic security and alarm systems


Electronic security and alarm systems

 Property valuation and advisory services


Property valuation and advisory services

 Ufinet is a neutral telecom operator.


Ufinet is a neutral telecom operator.

 Business services software


Business services software

Media contacts


Vanessa Maydon
Corporate Affairs Director
Tel : +44 (0)20 7661 3325
Mob : +44 (0)7802 961 902
Email : Vanessa Maydon

Clare Bradshaw
Communications Manager
Tel : +44 (0)20 7667 3248
Mob : +44 (0)7881 918 967
Email : Clare Bradshaw

UK - FTI Consulting

Edward Bridges
Tel : +44 (0)20 7269 7147
Mob : +44 (0)7768 216 607
Email : Edward Bridges

Stephanie Ellis
Tel : +44 (0)20 3727 1173
Mob : +44 (0)7890 543 056
Email : Stephanie Ellis

France โ€“ FTI Consulting

Guillaume Granier
Tel : +33 (0)1 47 03 68 61
Mob : +33 (0)6 32 65 79 28
Email : Guillaume Granier

Caroline Guilhaume
Tel : +33 (0)1 47 03 68 17
Mob : +33 (0)6 38 91 88 51
Email : Caroline Guilhaume

Germany - FTI Consulting

Lutz Golsch
Tel : +49 (0)69 920 37 110
Mob : +49 (0)173 651 7710
Email : Lutz Golsch

Daniel Herbert
Tel : +49 (0)69 920 37 183
Mob : +49 (0)151 122 63834
Email : Daniel Herbert

US - Joele Frank

Jonathan Keehner
Tel : +1 212.355.4449
Mob : +1 917 589 2073
Email : Jonathan Keehner

Julie Oakes
Tel : +1 212.355.4449
Mob : +1 917 574 7263
Email : Julie Oakes

Spain โ€“ Groupo Albion

Alejandra Moore Mayorga
Tel : +34 91 531 23 88
Email : Alejandra Moore Mayorga

Sofia Garcia
Tel : +34 91 531 23 88

Italy โ€“ Community Group

Roberto Patriarca
Tel : +39 02 89 40 42 31
Mob : +39 335 65 09 568
Email : Roberto Patriarca

Marco Pedrazzini
Tel : +39 02 89 83 66 21
Mob : +39 347 0369 222
Email : Marco Pedrazzini