FRANKFURT, GERMANY (April 30, 2:05 p.m. ET) — Troisdorf, Germany-based window profile manufacturer Profine International Profile Group GmbH has been acquired by Hidden Peak Capital, a Frankfurt-based private equity firm.
Profine communications officer Martin Schweppenhäuser would not comment on the deal when contacted by European Plastics News but said it is not linked to Profine's drop in sales in 2008 and 2009.
Hidden Peak Capital acquired the Profine shares of the former owner, Arcapita Bank BSC of Bahrain, which filed for Chapter 11 creditor protection in March.
In a statement Peter Mroski, managing partner of Hidden Peak Capital, said the group invested in Profine because “its strong brands KBE, K"mmerling and Trocal adopt and powerful position and can expect excellent growth on an appealing international market.”
The deal price was not disclosed.
Profine is the only operating unit of parent HT Troplast and oversees a group of building-product brands, for example K"mmerling, which extrudes PVC trim and sheet. In 2009, the company closed an operating plant after demand for Profine profiles dropped by around 30 percent in all regions.
At the time, the company said it would only return to 2008 levels of productivity in 2013.