have sold 82.7% in listed

to German family holding

Contact Us

In March 2017, Deutsche Bank, Munich Reinsurance Company ("Munich Re") and WMF Group ("WMF") sold their combined 82.7% equity stake in listed BHS tabletop AG ("BHS tabletop"), to the German family holding Serafin Group ("Serafin").

Duff & Phelps acted as exclusive financial advisor to the majority shareholders of BHS tabletop, in connection with the sale transaction.

The completion of the transaction is subject to clearance by the relevant cartel authorities.

About BHS tabletop AG

Established in 1814, as Hutschenreuther AG and later renamed to BHS tabletop AG, the company is today the global market leader in premium porcelain for the professional hospitality and food services sector. The Germany-based manufacturer supplies tableware to hotels, restaurants, canteens, hospitals, airlines and cruise lines around the world, and distributes its products under three brands: Bauscher, Schönwald and Tafelstern. BHS tabletop operates three German production sites in Selb, Schönwald and Weiden. In 2016, BHS tabletop generated turnover of €121 million.

About Serafin Group

Serafin is a diversified group of companies based in Munich, Germany, whose philosophy derives from more than 150 years of entrepreneurial tradition of the Haindl family. It builds on a long-term partnership between customers, employees and shareholders. Serafin is currently active within the plastics and consumer goods industries, with the main focus in all business divisions on industrial production companies. With more than 2,900 employees, and group companies located in Germany, Switzerland and the United Kingdom, Serafin currently generates an annual turnover of approx. €500 million.

About Deutsche Bank

Deutsche Bank provides commercial and investment banking, retail banking, transaction banking and asset and wealth management products and services to corporations, governments, institutional investors, small and medium-sized businesses, as well as private individuals. Deutsche Bank is Germany’s leading bank, with a strong position in Europe and a significant presence in the Americas and Asia Pacific.

About Munich Re

Munich Re is one of the world’s leading risk carriers and provides both insurance and reinsurance. Almost all reinsurance units operate under the uniform brand of Munich Re. ERGO Group AG is active in nearly all lines of life, health and property-casualty insurance. Munich Re’s investments worldwide are managed by MEAG, which also offers its expertise to private and institutional investors outside the Group.

About WMF Group

WMF was founded in 1853 in Geislingen, Germany and manufactures tableware and kitchenware products for private and commercial use. The company employs over 6,000 people at more than 40 locations globally. Since November 2016, WMF, a former portfolio company of KKR, operates as a subsidiary of SEB SA.

2017-04-05T04:00:00.0000000 /-/media/assets/images/transactions/2018/deutsche-bank-munich-re-wmf.png /-/media/assets/images/transactions/2018/bhs-tabletop.png /-/media/assets/images/transactions/2018/serafin.png /about-us/transactions/m-and-a/sell-side-advisor-deutsche-bank-munich-re-and-wmf-group case study {D59CA77E-C551-45A3-BE89-F567210C5A60} {6D429BE3-2AAB-4D83-AD34-8DB8DAB79D3E} {D3AE3EC6-3254-4441-B111-1AF8D558906C} {6B6F3B01-98A6-4BC2-B2CD-CBD127447FB5} {B35EF5AE-20CE-49EC-807A-1101A09BBAED}

Other Areas We Can Help

Corporate Finance

Comprehensive support throughout mergers and acquisitions and other corporate transactions.

Corporate Finance

Transaction Advisory Services

Seamless analytical advisory through the deal continuum, from transaction origination to closing.

Transaction Advisory Services

Related Case Studies


M&A Advisory

Global Telco Infrastructure Update – Q4 2020

M&A Advisory
Cost of Capital

Duff & Phelps Recommended U.S. Equity Risk Premium Decreased from 6.0% to 5.5%, Effective December 9, 2020

Cost of Capital
Industry Multiples

European Industry Market Multiples (As of September 30, 2020)

Industry Multiples