Goldman Sachs is entering the German prefabricated house market with the acquisition of Oikos Group from funds advised by Equistone Partners Europe.
Goldman made the acquisition on behalf of the West Street Capital Partners VIII fund for an undisclosed amount. However, press reports last month indicated that the group was being marketed off EBITDA of approximately €47 mln, suggesting a price of some €200 mln. Alantra advised on the process.
Equistone acquired Oikos– consisting of the brands Bien-Zenker, Hanse Haus and Living Haus – at the beginning of 2018 and, together with management, helped the group grow its portfolio beyond its core market Germany.
The firm is currently active in Austria, Switzerland, and the UK, employing around 1,300 people with a turnover of more than €400 mln in 2020.
Stefan Maser, partner at Equistone, said: ‘In the past three years, Oikos Group has achieved an outstanding development. The initiatives taken together with management have strengthened the company in the long-term. As a result, Oikos Group has succeeded in further expanding its market-leading position compared to its competitors and was able to significantly increase its revenues.’
Marco Hammer, CEO of Oikos Group, added: ‘Together with Equistone, we have been able to strengthen our leading position across Europe, targeting important areas such as digitalization as well as the expanding our competence in ESG and a sustainable marketing strategy. We look forward to continuing this successful growth trajectory with Goldman Sachs in the future.’
‘Oikos has successfully established itself as one of the leading European providers of prefabricated houses, with a strong and innovative product and brand portfolio. We are delighted to invest into the future of sustainable construction and look forward to supporting Oikos in realizing its growth ambitions,’ commented Mike Ebeling, managing director at Goldman Sachs.
