IK Investment Partners (IK), a leading Pan-European private equity firm, has announced that the IK 2007 Fund has reached an agreement with private equity funds managed by Blackstone to sell Schenck Process, a global market leader in measuring and process technology.
German-based Schenck develops and manufactures solutions for a wide range of industrial processes, including weighing, feeding, conveying and filtration. It has operations across Europe, North and South America, China, India and Australia, serving 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.
“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.
Read the article online at: https://www.drybulkmagazine.com/material-handling/26092017/blackstone-to-acquire-schneck-process/