IK Investment Partners (“IK”) announced that the IK 2007 Fund has reached an agreement with private equity funds managed by Blackstone (“Blackstone”) to sell Schenck Process (“Schenck”), one of the global market leaders in measuring and process technology.
Headquartered in Darmstadt/Germany, Schenck develops and manufactures innovative solutions for a wide range of industrial processes including weighing, feeding, conveying and filtration. With over 2300 employees’ worldwide and significant operations across Europe, North and South America, China, India and Australia, Schenck serves a diversified customer base across a variety of industries, including food, chemicals, mining and construction.
“Schenck is an innovative and unrivalled leader, and we see considerable opportunity to grow the business both organically and by acquisitions in its various end markets. We are excited to team up with management and accompany Schenck in the next stage of its development,” said Lionel Assant, Head of European Private Equity at Blackstone.
“This investment underlines our strong commitment to the German market as we continue to evaluate further opportunities across Europe. Blackstone has a proud record of working with growing companies and supporting their strategies and we are hugely excited about our new partnership with Schenck,” added Juergen Pinker, Managing Director at Blackstone.
“As we embark on an exciting new chapter for Schenck, I would like to thank IK for their invaluable support over the past years. Blackstone’s significant sector experience and financial backing make them the ideal new partner. As we commit to further investment in innovation and developing new technologies, we look forward to accelerating growth across our international footprint,” said Andreas Evertz, President & CEO of Schenck.
“During the IK 2007 Fund’s ownership, Schenck has transformed its business focus from a mechanical manufacturer to a service and integrated solutions provider, achieved significant growth by expanding the product portfolio and entering new markets both organically and through selected add-on acquisitions. It has been a pleasure working with the management team, and we wish them the very best as they continue on their growth trajectory,” said Detlef Dinsel, Partner at IK Investment Partners and advisor to the IK 2007 Fund.
Financial terms of the transaction are not disclosed.