Decision Nº M/04/008 from Competition and Consumer Protection Commission, 2004-03-03

• Jurisdiction: Ireland
• Decision Number: M/04/008
• Decision Date: 03 March 2004
• Date: 03 March 2004
• Parties: MAF LIO,Hirschmann
• Court: Competition and Consumer Protection Commission

Determination of the Competition Authority

Determination No. M/04/008 of the Competition Authority, dated 3rd March

2004, under Section 21of the Competition Act, 2002

Notification No. M/04/008 - The acquisition by MAF LIO

Vermogensverwaltungsgesellschaft mbH & Co. KG of Hirschmann Electronics

GmbH & Co KG

Introduction

1. On 5th February 2004 the Competition Authority, in accordance with Section 18

(1) of the Competition Act, 2002 (“the Act”) was notified, on a mandatory basis,

of a proposal whereby MAF LIO Vermogensverwaltungsgesellschaft mbH & Co.

KG (“MAF LIO”), a subsidiary of HgCapital LLP (“HgCapital”), would acquire

Hirschmann Electronics GmbH & Co KG (“Hirschmann”) (“the proposed

acquisition”).

The Parties

2. MAF LIO, a German-registered company and a subsidiary of HgCapital, was

formed for the specific purpose of acquiring Hirschmann. HgCapital is the parent

company of the HgCapital Group. The HgCapital Group’s principal activities are:

providing finance in the European private equity sector; buying out companies in

the technology, media, industrial, healthcare, consumer and business service

sectors; and providing expansion capital to companies in the technology, media

and healthcare sectors.

Hirschmann, owned by Rheinmetall AG, manufactures and supplies a diverse

range of electronics equipment, components and related accessories.

Analysis

3. HgCapital has investment interests in four Irish companies, and in thirteen

foreign companies that make sales into Ireland. Two HgCapital controlled

companies sell automotive and electronic equipment in Ireland. FTE Automotive

GnbH sells clutch and brake products and rapid brake systems in the Irish

Automotive industry, and Raymarine Group Ltd sells a diverse range of

recreational marine electronics, intended for use by recreational fishermen and

yachtsmen.

The remaining companies are involved in a diverse range of business activities in

the following sectors: groceries, mushroom-growing, manufacture of glass

containers, distribution of wholesale books, music publication, IT electronic

payment systems, health care staffing services, property management, holiday

coach tours, alarms for elderly or infirm persons, paper packaging and printing,

and computer data storage and IT network technology.

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