Our client was a former division of Robert Bosch. The division had been spun off and was acquired by a German Mittelstand family-owned group of industrial businesses active in the automotive, electronics, and energy sectors. The growth of the industry was in the United States, and the investors decided that a strong sales subsidiary capable of absorbing and communicating the rapidly changing technical requirements was an ideal way to increase the value of the new holding. TH Bender recruited the CEO and the sales team; eventually totaling over a dozen employees. The US operations developed very successfully and caught the eye of a large manufacturer of transformers who needed to round up its product offering. The transaction was valued at almost USD100m which represented a high multiple of the initial investment.