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Wittur Exits Restructuring; Targets €65M Adj. EBITDA in 2024

Wittur Restructuring EBITDA

German elevator components group Wittur is finally emerging from its roughly 11-month restructuring today, after consensually implementing the deal in which KKR took control of the company from Bain Capital. The group will start out with a solid liquidity position, however it has cut its earnings forecast sharply under its revised four-year business plan from the financial projections it provided to lenders last year, when it had first presented the restructuring proposal, sources said. Wittur now expects sales to drop to €787 million in 2024 from €864 million in 2023, and then grow to €789 million in 2025, €810 million in 2026 and €851 million in 2027. Under last year’s business plan, Wittur expected €871 million of sales in 2024, €880 million in 2025, €905 million in 2026 and €933 million in 2027. As a result, it is forecasting adjusted EBITDA to fall from €86.5 million in 2023 to €64.9 million in 2024 (compared with €86 million under the previous business plan) before growing to €70.6 million in 2025 (compared with €91 million ), €80.8 million in 2026 (compared with €98 million) and €97.5 million in 2027 (compared compared €104 million). The revised downbeat budget was a surprise, given that[...]