Global enterprise Clyde Bergemann Power Group (CBPG) is beginning the new year 2017 with changes to the senior management team and fresh capital to realign its business. With its origins dating back almost 100 years, CBPG develops and manufactures components and systems for energy-related production processes. The company employs some 1,500 people. Its products are used on all five continents to operate power plants as well as industrial plants, waste incineration and petrochemical facilities efficiently, safely and with low emissions. In addition to new product sales, the company also provides a full range of services related to its systems and solutions.
German Managing Director to Head Worldwide Group Going Forward
Effective 1 March 2017, Dr. Christian Mueller will succeed Franz Bartels as President & CEO of the Clyde Bergemann Power Group. Together with CFO Dr. Patrick von Hagen (who has been with the company since 2011 and became CFO in July 2016) and an extended management team comprising 4 COOs, Dr. Mueller is tasked with building on the Group’s success. This will include an even stronger focus on systems to boost process efficiency and the development of innovative products in an energy market that is subject to constant change. Dr. Mueller joined Clyde Bergemann GmbH ten years ago in Wesel with responsibility for new technologies and has served as Managing Director for Germany since 2013. He has been strongly involved in the development of new technologies and product lines across the Group.
Change in Ownership Structure
“Over the past few years, we have succeeded in future-proofing the Group through restructuring in Europe and the US, and by expanding our operations in Asia. I would like to express my gratitude to Mr. Bartels for his contribution. He managed the Group for more than 25 years, during which time he transformed a single company based in Wesel into a corporate group that now comprises 25 operating units worldwide. I look forward to working with the new management team of Clyde Bergemann Power Group,” said Qiang Xu. As an existing shareholder, Mr. Xu acquired the shares of majority owner Deutsche Beteiligungs AG (DBAG) and the other shareholders in April 2016. His family office thus now holds 100% of Clyde Bergemann. For many years, Mr. Xu was Vice President & COO of CBPG with responsibility for its Asia business.
Refinancing as the Platform for New Growth
As part of the change of ownership, the Group’s balance sheet was substantially strengthened via a capital increase. Shortly before Christmas 2016, Clyde Bergemann was also able to conclude new syndicate financing worth USD 180 million. In addition to Commerzbank as lead bank, the financing was supported by Nord LB, HSH Nordbank and insurers Swiss Re and Zurich. “The new funding enabled us to replace short-term bilateral finance with long-term syndicated loans where appropriate. By doing so, we have created the financial basis for continuing stability and future growth,” said CFO Dr. von Hagen. In addition to term loans, a revolving line of credit and guarantee lines, the new credit lines also include an acquisition facility. This was used to finance the acquisition of RPT Asia Ltd. in the key growth market of China, which also took place in December 2016. RPT is engaged in the manufacture and sale of systems for desulphurisation of flue gases in power plants and industrial applications. New President & CEO Dr. Christian Mueller commented: “With the new finance, we are now even better placed to align the business with changing market conditions and refocus the Group. I am excited about the tasks ahead and will together with the management team do the utmost to develop Clyde Bergemann successfully.”
The Group was advised on all aspects of its refinancing arrangements by a team from global investment bank GCA Altium.