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TAKKT acquires leading US mail order company for restaurant equipment

Customer portfolio further diversified in the service sector

Stuttgart, 3 April 2009. Today, TAKKT AG's supervisory board has
approved the acquisition of Central Products LLC ("Central") by the
group company
K + K America Corporation. The transaction has been signed and closed
immediately afterwards. With the acquisition of Central - the US
market leading company in the mail order market for restaurant
equipment and supplies - TAKKT is further strengthening its US
portfolio.

With a turnover of approx. USD 70 million and an EBITDA-margin of
nearly 13 percent in 2008, Central is the market leading player in
the USD 5 billion restaurant equipment and supplies market, which
showed a relatively stable growth about five percent in the last 20
years. Central was founded in 1981 and has outperformed the market
growth over the last 10 years.

In contrast to TAKKT's Hubert business offering mainly smallwares and
value added services to larger multi-location customers, Central is
also offering larger foodservice equipment to independent small to
medium size customers in the restaurant market. "Central perfectly
complements our Hubert business and will allow us to pursue our tried
and tested multi-brand strategy also in the food-service industry",
notes Georg Gayer, CEO of TAKKT AG. "Besides strengthening our
portfolio in the service sector, the acquisition will generate
back-end synergies with the existing businesses in North America, for
example in the areas of purchasing, printing and transport", adds Dr
Felix A. Zimmermann, COO of the K + K America division.

With its product range of about 14.000 articles Central serves about
75.000 customers via a 300+ page catalogue and the internet,
supported by a strong telephone sales team. Like TAKKT, Central
follows a mixed logisitics approach of drop and stock shipments.
About 40 percent of the sales are generated with articles from the
8,400 sqm warehouse at the headquarters in Indianapolis, the
remaining 60 percent being delivered directly from the suppliers to
the customers. Central currently has around 130 employees.

"Despite an assumed decline in turnover and profits in the business
and valuation case for the current year, the transaction will be cash
earnings accretive and is expected to earn its cost of capital right
from the beginning" comments TAKKT's CFO Dr Florian Funck.
"Furthermore it will enhance the profitability of our K + K America
division".

TAKKT acquires Central from Johnson Ventures - a family controlled
investment holding with a strategic investment focus on businesses in
the wider Indiana area. Johnson Ventures is selling Central for
personal reasons and to allocate capital to other businesses.

The purchase price consists of a base price of USD 83 million
(approx. EUR 62 million) and an earn-out component, which is related
to gross profit generation over the next 12 months. Based on the
current performance of Central, the earn-out component will not be
substantial. The acquisition is financed by TAKKT from existing
long-term committed credit facilities. "Even after the closing of the
transaction and the payment of the proposed dividend of EUR 0.80 per
share in May 2009, TAKKT will still have a solid balance sheet
structure with an equity ratio above 40 percent. This leaves enough
room to finance future growth", comments Gayer.

Telephone conference
We are inviting you to pose questions to the members of our
management board in person. At 3pm (CEST) on 6 April 2009, we will be
staging a telephone conference in which you are welcome to
participate. Please dial in using the number +49 711 9659-9628
(access code 779134#).

Short profile of TAKKT AG
TAKKT is the leading B2B mail order company for office, business and
warehouse equipment in Europe and North America. The Group is
represented with its brands in more than 25 countries. The product
range of the TAKKT subsidiaries comprises over 145,000 items for the
areas business and warehouse equipment, classical and design-oriented
office furniture and accessories, as well as sales promotion items
for retailers, the food service industry and the hotel market.

The TAKKT Group employs some 2,000 staff, has 3 million customers
worldwide and distributes more than 60 million catalogues and
mailings per year.

TAKKT AG is listed on the SDAX and was admitted to Deutsche Boerse's
Prime Standard on 1 January 2003.


Contact:
Georg Gayer, CEO
Phone +49 711 34658-201

Dr Florian Funck, CFO
Phone +49 711 34658-207

E-mail: investor@takkt.de


This announcement was originally distributed by Hugin. The issuer is
solely responsible for the content of this announcement.
Copyright © Hugin AS 2009. All rights reserved.



 
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