Disclaimer :

The Competition DG makes the information provided by the notifying parties in section 1.2 of Form CO available to the public in order to increase transparency. This information has been prepared by the notifying parties under their sole responsibility, and its content in no way prejudges the view the Commission may take of the planned operation. Nor can the Commission be held responsible for any incorrect or misleading information contained therein.

M.10597 - SMS / ALTOR FUND MANAGER / KAEFER HOLDING / KAEFER

SECTION 1.2

Description of the concentration

SMS GmbH (SMS) and Altor Fund V, which is advised and controlled by Altor Fund Manager AB (together with Altor Fund V, Altor), have agreed to invest in and acquire, via SMS Altor Holding SA (a newly formed SPV), joint control over KAEFER Isoliertechnik GmbH & Co. KG (KAEFER). Following the investment, SMS and Altor will jointly control KAEFER alongside a holding company that combines the interests of the previous owners of KAEFER (KAEFER Holding). The proposed transaction will be implemented by means of an investment by the SPV into KAEFER, in return for which the SPV will receive 50% of the limited partnership interests (Kommanditanteile) in KAEFER and 50% of the shares in Company GP, which is the sole general partner (Komplementär) of KAEFER.

The main business activities of the undertakings concerned are:

 SMS is a group of companies active in the manufacturing of machinery, plants and mechanical engineering for the steel and metallurgical industry.

 Altor Fund Manager is the fund manager for inter alia Altor Fund V. Altor Fund V is a private equity fund established in Sweden, which focuses on investments in the mid-market segment of the Nordic region as well as investments in the German speaking region (DACH). Altor Fund V is part of the Altor group of private equity funds focused on investing and developing medium sized companies. Altor Fund V is managed by Altor Fund Manager AB which, acting as fund manager, has the responsibility and makes the investment and divestment decisions with respect to Altor Fund V.

 KAEFER is a group of companies mainly providing industrial services such as insulation, access solutions, surface protection, passive fire protection, electro-mechanical and other industrial services as well as interior outfitting services.

Commission européenne, DG COMP MERGER REGISTRY, 1049 Bruxelles, BELGIQUE Europese Commissie, DG COMP MERGER REGISTRY, 1049 Brussel, BELGIË

Tel: +32 229-91111. Fax: +32 229-64301. E-mail: COMP-MERGER-REGISTRY@ec.europa.eu.