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Capstone Headwaters Advises the Founder of CirComp on Strategic Partnership with Albany International

December 2019

Boston, MA - Capstone Headwaters, a leading international investment banking firm, together with our German IMAP partner, advised CirComp GmbH, a specialist in products based on high-performance fiber composites, on its acquisition by Albany International Corporation, a NYSE listed developer and manufacturer of engineered components.

CirComp is an innovative manufacturer of structural aircraft components and has an excellent market position in the constantly growing field of carbon composites for lightweight parts. The Germany based company was founded in 2009 by Dr. Ing. Ralph Funck who will stay with the company as Managing Director.

Albany International is a leading developer and manufacturer of engineered components, using advanced materials processing and automation capabilities, with two core businesses. Machine Clothing is the world’s leading producer of fabrics and process felts used in the manufacture of all grades of paper products. Albany Engineered Composites is a rapidly growing designer and manufacturer of advanced materials-based engineered components for jet engine and airframe applications, supporting both commercial and military platforms. Albany International is headquartered in Rochester, New Hampshire, operates 23 plants in 11 countries and employs more than 4,400 people worldwide.

“The transaction brings together two pioneering innovators in advanced aerospace continuous composite production processes” said Ian Cookson, Managing Director of Capstone Headwaters. The Capstone Headwaters team led by Ian Cookson, together with our Germany based colleagues from IMAP M&A Consultants AG, around Torsten Denker and Martin Michalek, managed this cross-border transaction advising the shareholder of CirComp GmbH in all phases of the process.

“I’m excited to welcome Dr. Funck and the CirComp team to Albany International. CirComp’s proprietary, highly automated manufacturing technologies will be a compelling addition to Albany’s current portfolio,” said Olivier Jarrault, Albany’s President and CEO.  “Together we will be able to leverage our combined know-how, accelerating our technology development in thermoplastic composites and expanding our offering of innovative composite solutions to our customers.”

Dr.-Ing. Ralph Funck, Managing Director for CirComp GmbH said, "Thanks to Capstone Headwaters and IMAP’s international positioning and direct contacts we were able to find Albany International as a strategic partner. Albany will enhance CirComp’s ongoing growth plans, supported by their global reach and strong customer relationships. Together we will strengthen one another’s advanced materials and engineered products capabilities. We look forward to significant strategic benefits from this combination, allowing us to even better serve our customers' needs. Our employees and management team are delighted to be joining the Albany organization and work together for continued growth and success.”

ABOUT CAPSTONE HEADWATERS

Capstone Headwaters is one of the largest and most active independent investment banking firms in the United States.  The firm has a rich 17+ year history of achieving extraordinary results for middle market entrepreneurs, business owners, investors, and creditors.  CSHW offers a fully integrated suite of corporate finance services, including merger & acquisition, debt & equity private placement, corporate restructuring, valuation & fairness opinion, and financial advisory services.  Headquartered in Boston and Denver, Capstone Headwaters has over 170 professionals across 17 offices in the U.S. and an international presence that includes over 450 professionals in 40 countries. With 16 dedicated industry groups, the firm delivers sector-specific expertise through large, cross-functional teams on a global basis. For more information, visit www.capstoneheadwaters.com.

"Thanks to Capstone Headwaters and IMAP’s international positioning and direct contacts we were able to find Albany International as a strategic partner. Albany will enhance CirComp’s ongoing growth plans, supported by their global reach and strong customer relationships. Together we will strengthen one another’s advanced materials and engineered products capabilities.”
Dr. Ing. Ralph Funck
Managing Director
CirComp