Bystronic, the Swiss holding company previously called Conzzeta Group, has announced the completion on June 30 of the sale of the Mammut Sports Group to Telemos Capital for an enterprise value of 230 million Swiss francs (€209.7m-$248.6m), including an earn-up of up to CHF 45 million (€41.0m-$48.6m). The figure is very close to the turnover of CHF 218 million (€198.8-$235.6m) generated by Mammut in 2020. As part of the transaction, Bystronic has agreed to provide an interest-bearing vendor loan of CHF 60 million (€54.7m-$64.8m), to be repaid over a maximum period of five years. In view of the earn-out’s structure, the proceeds from the divestment will more or less break even in Bystronic’s accounts for the current financial year. As previously reported in connection with the agreement in principle reached in April for the sale of Mammut, Telemos Capital is a London-based investment company set up by the Swiss Jacobs family. For the former Conzzeta holding company, the sale of Mammut completes the strategic streamlining of its portfolio, which in the future will focus entirely on the sheet metal business.

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