Commission européenne, DG COMP MERGER REGISTRY, 1049 Bruxelles, BELGIQUE  
Europese Commissie, DG COMP MERGER REGISTRY, 1049 Brussel,   BELGIË  
 
Tel: +32 229 -91111. Fax: +32 229 -64301. E -mail: COMP -MERG ER-REGISTRY@ec.europa.eu . 
  EUROPEAN COMMISSION  
Brussels,  18.03.2022  
C(2022 ) 1827 final  
PUBLIC VERSION  
Altor Fund Manager AB  
Jakobsgatan 6  
111 52 Stockholm  
Sweden  
 
SMS GmbH  
Eduard -Schloemann -Straße 4  
40237 Düsseldorf  
Germany  
 
KAEFER Holding SE & Co. KG  
c/o Gleiss Lutz  
Neuer Wall  86 
20354 Hamburg  
Germany  
Subject : Case M. 10597  – SMS / ALTOR FUND MANAGER / KAEFER HOLDING 
/ KAEFER ISOLIERTECHNIK  
Commission decision pursuant to Article 6(1)(b) of Council Regulation 
(EC) No 139/20041 and Article 57 of the Agreement on the European 
Economic Area2  
Dear Sir or Madam,  
1. On 24 February  2022 , the European Commission received notification of a proposed 
concentration pursuant to Article 4 of the Merger  Regulation by which the 
undertaking s Altor Fund Manager AB (‘Alto r Fund Manager’, Sweden)  and SMS 
GmbH (‘SMS’, Germany ) intend  to acquire within the meaning of Article s 3(1)(b)  
and 3(4)  of the Merger Regulation joint control of undertaking3 Kaefer Isoliertechnik 
(‘Kaefer’, Germany), by way of purchase of shares .4 
                                                 
1 OJ L 24, 29.1.2004, p. 1 ( the ‘Merger Regulation ’). With effect from 1 December 2009,  the Treaty on 
the Functioning of the European Union ( ‘TFEU ’) has introduced certain changes, such as the 
replacement of ‘Community ’ by ‘Union ’ and ‘common market ’ by ‘internal market ’. The terminology 
of the TFEU will be used throughout this decision.  
2  OJ L 1, 3.1.1994, p.  3 (the ‘EEA Agreement ’). 
3  Kaefer is currently solely controlled by Kaefer Holding SE & Co.  KG (‘Kaefer Holding’, G ermany). 
Pursuant to the investment agreement  and the shareholders agreement,  Kaefer Holding, Altor Fund 

2 2. The business activities of the  undertakings concerned are:  
 Altor Fund Manager is the fund manager of a group of private equity funds, 
including Altor Fund V , which is the Altor fund making the investment in Kaefer;  
 SMS is a family -owned company active in plant and machinery construction for 
the metallurgical and rolling technology sectors;  
 Kaefer is a provider of insulation services and access solutions (e.g. scaffolding) 
as well as surface protection and passive fire protection services. Kaefer also 
provides related services  such as electro -mechanical, asbestos removal and 
refractory services to industrial clients or interior outfitting services to customers 
active in construction and shipbuilding.  
3. After examination of the notification, the European Commission has concluded t hat 
the notified operation falls within the scope of the Merger  Regulation  and of 
paragraph 5 (c) of the  Commission Notice on a simplified procedure for treatment of 
certain concentrations under Council Regulation (EC) No 139/2004 .5 
4. For the reasons set out in the Notice on a simplified procedure, the European 
Commission has decided not to oppose the notified operation and to declare it 
compatible with the internal market and with the EEA Agreement. This decision is 
adopted in application of Article 6(1)(b) o f the Merger  Regulation  and Article 57 of 
the EEA Agreement . 
For the Commission  
 
 
(Signed)  
Olivier GUERSENT  
Director -General  
                                                                                                                                                      
Manager and SMS will jointly control Kaefer. However, as Kaefer Holding is a family -owned holding 
company with no other business interests apart from K aefer and does not generate turnover outside its 
participation in Kaefer, it is not considered to be an undertaking concerned under the Merger 
Regulation.  
4  Publication in the Official Journal of the European Union No C 104, 4.3.2022, p. 11. 
5  OJ C 366, 14.12.2013, p. 5 .