Sankt Augustin, Germany — Swiss private equity firm Capvis Equity Partners AG is buying German polyurethane processing machinery maker Hennecke GmbH, from an industrial investment company.
Zurich-based Capvis announced April 15 that it bought Hennecke from Munich-based Adcuram Group AG.
No price was disclosed for the deal, which is scheduled to close in the second quarter of the year.
Adcuram had owned Hennecke since 2007, when it bought the PUR machinery manufacturer from Bayer MaterialScience AG.
Adcuram said in a statement: “The spin-off from Bayer Group in 2008 was the first step of a transformation process in which we have developed the business. The operational success of Hennecke is reflected in the growth and the profitability of the company.”
Both buyer and seller said that the Hennecke polyurethane machinery business employs about 500 people and has annual sales of more than 120 million euros ($135 million).
Hennecke is based in Sankt Augustin.
Hennecke's managing director, Rolf Trippler said: “We thank Adcuram for their support. Together, over the past eight years, we have successfully developed Hennecke. At the same time I look forward to our new investor Capvis supporting us in our sustainable development.”
Capvis Partner Eric Trüeb said Hennecke is a “global market and technology leader in an attractive market” and complements Capvis' existing portfolio of industrial companies.
“We are happy to further develop this company together, with its existing management team,” Trüeb said. “The focus remains on maintaining the high pace of innovation, achieving further efficiency gains for the customers, and tapping into new markets and application areas for the promising PUR foam products and lightweight components.”
Plastics News sister publication Urethanes Technology International contributed to this report.