• OKS Otto Knauf GmbH (OKS) is a leading steel service center based in Iserlohn, Germany. The Westphalians are specialized in slitting of strip mill products including galvanized, hot and cold rolled, and stainless steel, catering a diversified customer base. The company further manufactures blank cuts from rolled aluminium, copper and titanium products.

    • Headquarter
      Iserlohn, Germany

    • Employees
      107 full-time employees

    • Sales
      EUR 70m

    • Industry
      Steel processing, steel trade

    • Seller
      STEMCOR group

    • Products/Services
      Slitting, steel bar straightening and cold rolling of several types of steel and metal products on a contract & full business basis, steel trade

OKS draws on almost 70 years of market experience which is not only used for full and contract business, but also for the direct trade of steel rolls from renowned German steel mills.

While OKS is an integral part of the global automotive supply chain, the manufacturer also supplies companies in the construction and agricultural sectors, offering a wide range of processing capabilities. Fine cut steel parts are used for instance for the manufacturing of precision components for clutches. Larger blank cuts, on the other hand, are incorporated in major components of wind power stations.

  • I believe Fidelium is the right partner to support OKS in the execution of its growth strategy. We can now focus on widening our service offering, increasing our plant utilization and at the same time strengthening our position as a regional market leader in the steel service industry. The entire management team and I are looking forward to driving the business towards a successful stand-alone future.

    Friedrich-Walter Düllmann, CEO at OKS

The international customer base values OKS’ high delivery reliability and cutting quality. A state-of-the-art and ISO-certified production plant along with a thorough quality assurance approach enable the Westphalians to provide quick response times to client demands, meet high quality requirements and accomplish maximum cutting efficiency. In order to maintain the highest quality standards for slit edges at a production volume of 250,000 t p. a., OKS continuously adapts the cutting machines to new market requirements.

Key transaction parameters

  • Company
    description

    • Former steel service center

  • Key
    financials

    • At acquisition €75.8m revenues and €2.8m EBITDA in ‘17

  • Seller
    rationale

    • Stemcor (UK), divestiture of non-core subsidiary

  • Situation at aquisition

  • Fidelium’s value-add

  • Situation at aquisition

    • CARVE-OUT SITUATION

      Non-core subsidiary, no stand-alone entity

  • Fidelium’s value-add

    • CARVE-OUT SITUATION

      Fidelium‘s experienced team delivered fast carve-out for Stemcor

  • Situation at aquisition

    • ORGANISATIONAL GAPS

      Key management gaps and missing standalone functions

  • Fidelium’s value-add

    • ORGANISATIONAL GAPS

      Closed stand-alone gaps, supported by Fidelium’s operations team

  • Situation at aquisition

    • UNDERPERFORMANCE

      Years of decreasing profitability

  • Fidelium’s value-add

    • UNDERPERFORMANCE

      Reversed decline focussing on niches and high-margin products

  • Situation at aquisition

    • SUPPLIER DEPENDENCY

      Strong concentration in supplier portfolio

  • Fidelium’s value-add

    • SUPPLIER DEPENDENCY

      Implemented purchasing department and diversified suppliers

Results during ownership

  • Growth

    • Reversed decline: +€31m in 4 years

  • Profitability

    • Improved EBITDA by +86% in 4 years

  • Exit

    • Sale to strategic buyer in 2023