Shearman & Sterling advised Joh. Berenberg, Gossler & Co. KG (Berenberg) on the financing of the acquisition of Novopress KG by ZHG Zangen Holding GmbH, which represents the family of Wilhelm Zangen, the founder of Novopress. The seller is Deutsche Beteiligungs AG. The financial terms of the transaction are undisclosed.
Novopress, founded in 1969 and headquartered in Neuss, Germany, is a leading manufacturer of electromechanical pressing tools used by heating and plumbing technicians to join copper, stainless steel or plastic pipes. Compression is superior to other pipe connection techniques such as welding or screwing, both technologically and in terms of cost. Thanks to considerable ongoing investment in research and product development, Novopress has managed to achieve – and further build on – its market position as a technology leader.
With its Wealth and Asset Management, Investment Banking and Corporate Banking divisions, Berenberg is one of the leading private banks in Europe. Headquartered in Hamburg, Germany, Berenberg has built up a strong presence in the financial centers of Frankfurt, London and New York in recent years and is represented with around 1,600 employees in 15 locations in Europe and America.