_ Significant growth in revenue and earnings during time with Blue Cap Group
_ Purchase price in low single-digit-million range
_ Total potential earnings as part of net asset value measurement
_ Sale leads to revision of revenue forecast for 2021 financial year

Munich, 16 November 2021 Today, Blue Cap AG concluded an agreement for the sale of its 100% stake in Carl Schaefer Gold- und Silberscheideanstalt GmbH (Carl Schaefer). The buyer is Bauer-Walser AG, based in Keltern, Pforzheim. The company operates in the field of precious metal recycling, precious metal trading and the production and distribution of semi-finished precious metal products and dental products. The purchase price is in the lower single-digit-million range.

Pforzheim-based Carl Schaefer ranks among the most renowned gold and silver refineries. The company, which is steeped in tradition, specialises in the recycling of precious metals and boasts an extensive range of semi-finished precious metal products such as wires, rolled sections, sheets and tubes, as well as finished goods.

Attractive exit as part of net asset value measurement
The sale of the company corresponds to an annual return on the capital invested (internal rate of return) of around 20% and a multiple on capital employed of around 3.1x. The property will remain in Blue Cap’s ownership to start with and can be sold separately at a later date. Total potential earnings should be just over the net asset value measurement of EUR 4 million as of 30 June 2021.

Significant increase in revenue and earnings since joining Blue Cap in 2016
Carl Schaefer was acquired by Blue Cap in 2016 after filing for insolvency. With Blue Cap’s active support, the company significantly expanded its sales activities and strengthened its precious metals purchasing. It also optimised its business processes. This helped to put Carl Schaefer back on a profitable growth course. The company was able to sustainably increase its revenue and earnings as part of the Blue Cap Group’s portfolio.

Today’s sale is part of Blue Cap’s best-owner strategy, under which portfolio companies are sold once their value growth potential has been leveraged. Tobias Hoffmann-Becking, CIO of Blue Cap: “Carl Schaefer has shown very positive development over the last few years. Its transformation under Blue Cap’s supervision is now complete, and we are convinced that the company will continue to grow successfully under its new ownership.”

Sale requires adjustment to revenue forecast
Taking this transaction into account, Blue Cap has adjusted its forecast for 2021 as a whole. As Carl Schaefer will be sold with effect as of 30 September 2021, consolidated earnings for 2021 as a whole will be lower and are expected to be between EUR 255 million and EUR 260 million (previous outlook: lower end of the forecast range of EUR 265 million to EUR 275 million). The Blue Cap management is maintaining its estimate of an adjusted EBITDA margin at the lower end of the forecast range of 8% to 9%.