KKR has hired Jefferies to explore strategic options, including a sale, for Wittur, a Germany based manufacturer of components for the elevator industry, according to three sources familiar with the matter.

Preparations for a potential process are at an early stage, with materials yet to be distributed, two of the sources said.

The company is expected to generate around EUR 95m – EUR 100m of EBITDA in 2026, according to two of the sources.

The last publicly available figures for Wittur show revenue of EUR 865m in 2023 versus EUR 955m in 2022, as per its website.

A transaction could value the company in the region of EUR 1bn, as reported by Bloomberg earlier this month.

KKR has started sounding-out interest from potential buyers including industry players and private equity firms, the report noted. KKR could also decide to retain ownership of the company.

Given the ongoing consolidation in the elevator industry, the deal could also represent a vertical integration play for a strategic buyer, one of the sources noted.

In August 2023, KKR and Wittur announced they had reached an agreement with approximately 57% by value of the group’s first-lien lenders, as well as shareholders Bain Capital and the Public Sector Pension Investment Board (PSP Investments), on a comprehensive recapitalisation of the group.

As a result of the transaction, KKR became the group’s principal shareholder and agreed to provide Wittur with EUR 85m of new liquidity.

Wittur is a global manufacturer of components and systems for the elevator industry. Its product portfolio includes elevator doors, safety components, gearless drives, elevator cars, slings, counterweight frames and hydraulic drive systems. It supplies both new-installation and modernization projects and serves elevator OEMs worldwide.

KKR, Wittur and Jefferies declined to comment.