Battenfeld-Cincinnati Group has a new owner, with European investment group Industrie Holding Nimbus buying the plastics equipment maker, the companies said in a June 22 statement.
The announcement said the acquisition by Nimbus, which controls companies with total sales of more than 1 billion euros ($1.13 billion), will give Battenfeld-Cincinnati resources to make additional investments, but the firms provided few specifics.
“Nimbus invests in companies that have a healthy core,” said Nimbus Partner Ed van Dijk. “At Battenfeld-Cincinnati this core is the technical know-how and the quality of the team — whether we are in Europe, Asia or America.”
Battenfeld-Cincinnati CEO Gerold Schley said in the statement that the deal follows an internal restructuring last year.
“We can now focus on further product developments and investments that will strengthen and expand our market leadership with Nimbus' support,” he said. “We are delighted to have a new investor in Nimbus that will actively support and advance the new developments and growth plans.”
The companies did not disclose the purchase price but said Nimbus, which has operations in Zeist, the Netherlands and Munich, was buying all the shares of Bad Oeynhausen, Germany-based Battenfeld-Cincinnati.
The machinery maker has undergone recent shakeups in its executive suite and a change of ownership six months ago.
In late 2014, Schley was named CEO after Jürgen Arnold resigned and Chief Financial Officer Michael von Cappeln briefly led the company.
Schley had an extensive background in plastics machinery before joining the firm, leading operations in China and Europe for machinery maker Ferromatik Milacron. Battenfeld-Cincinnati said at the time it wanted to tap Schley's international expertise.
In late 2015, Battenfeld-Cincinnati's then owner, German investment group Triton, sold its holdings to Zweite VR Trust Beteiligungs UG, an interim step to prepare the company for sale.
Triton said the plastic machinery company had a 24 percent share of its relevant global markets.