CVC Capital Partners Acquires Ruhrgas Industries
June 20, 2005
CVC Capital Partners, a private equity firm in Europe and Asia, announced that funds managed and advised by CVC will acquire Ruhrgas Industries GmbH from E.ON Ruhrgas AG for around € 1.5 billion including assumed debt and pension liabilities. The transaction is subject to regulatory approval. Ruhrgas Industries is headquartered in Essen, Germany and produces an extensive range of gas, electricity and water meters as well as industrial furnaces for a global market. The company is located in 36 countries across the world and employs almost 9,700 people (2,800 of which work in Germany). Ruhrgas Industries is a wholly owned subsidiary of E.ON Ruhrgas AG, which was acquired by E.ON AG in 2003. In 2004, Ruhrgas Industries generated a turnover of € 1.4 billion and achieved record profits.