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German car parts maker Bruss put up for sale: sources
March 29, 2017 / 1:55 PM / 8 months ago

German car parts maker Bruss put up for sale: sources

FRANKFURT (Reuters) - German car parts maker Bruss Sealing Systems has been put up for sale by its family owners in a potential 600 million euro ($645 million) deal, several people close to the matter said.

Deutsche Bank (DBKGn.DE) has been mandated to find a buyer for the company, they added.

Bruss and Deutsche Bank declined to comment.

The company is expected to post earnings before interest, tax, depreciation and amortization (EBITDA) of roughly 65 million euros this year and could be valued at nine times that, one of the sources said.

Its customers include Ford (F.N), VW (VOWG_p.DE) and Daimler (DAIGn.DE).

Bruss, which was founded in 1959 and has 2500 staff, specializes in sealing systems, elastomer gaskets and bonded pistons.

The company had said in its company filings for 2015 that it expected to post a 2016 EBITDA of 66.5 million on 336 million euros in sales.

U.S. automotive supplier Federal Mogul was invested in Bruss for several year, before selling its stake back to the Bruss family in 1998.

($1 = 0.9299 euros)

Reporting by Arno Schuetze; Editing by Ludwig Burger

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