Sulzer / Transcodent

Baker Tilly advised Sulzer on the acquisition of all shares in Transcodent. Closing of the transaction took place on September 29, 2017.

Transcodent, headquartered in Kiel, Germany, is expected to achieve revenues of EUR 17 million in 2017. The company generates the majority of its revenues in Europe and the Americas, and manufactures in Kiel. Transcodent is known for its multiple dose and unit dose application systems with highest barrier properties and a wide range of premium-quality needles. It also offers the development and manufacturing of customer-specific injection-molded application systems. Transcodent branded products are used by dentists in anesthetics, endo irrigation, prevention and aesthetic restoration.

The transaction team around Siegfried Hund supported Sulzer in the context of this transaction with comprehensive advice. This comprises, in particular, the financial and tax due diligence as well as the advisory service during the SPA.

Sulzer is a Swiss industrial engineering and manufacturing firm located in Winterthur. Sulzer specializes in pumping solutions, services for rotating equipment, and separation, mixing, and application technology. The company holds leading positions in the oil and gas, power, water, and general industry markets. Sulzer serves customers with over 180 production and service sites in more than 40 countries. The acquisition further strengthens the Applicator Systems division of Sulzer in its dental segment. The company's shares are listed on the Swiss Stock Exchange.

Including synergies, Sulzer pays an EV/EBITDA multiple below 10x.

Quick Facts


  • Industrial engineering and manufacturing
  • Annual sales: EUR 2,887 million (2016)
  • Employees: 14,005 (2016)


  • Global Player in Application Systems for the Dental Market Service

Deal volume

  • Undisclosed

Services provided

  • Financial Due Diligence
  • Tax Due Diligence
  • Advisory Service during SPA


  • Siegfried Hund (Financial, Partner)
  • Friedrich Wamsler (Tax, Partner)