German investment group Odewald and Boston-based Bain Capital have sold their shares in 2D Group, a German decorative paper printer, to Frankfurt-based Quadriga Capital for an undisclosed sum.
Bain Capital teamed up with Odewald to buy 2D in 2004. The company’s senior management will continue to hold a sizeable stake in the company following the sale, after re-investing in the buyout.
2D Group produces paper for flooring and furniture applications. It also owns the brands Süddekor, a specialist in décor printing, and Dakor, a paper treating company.
Quadriga’s founding partner Andreas Fendel said 2D was one of the fastest growing surfacing companies in the world. Quadriga’s strength in the Eastern European market would aid the company’s growth, he added.
Chief executive Ulrich Hemel, who has run the company since 2005, will resign from the paper company to pursue entrepreneurial opportunities. Hemel, who will be succeeded by deputy Christian Rolfs, said his departure was “in line with [his] personal life planning.”
Quadriga Capital specialises in buying medium-sized and large companies located in Germany, Switzerland, Austria, the Benelux region and other neighbouring countries. Its investments include Jack Wolfskin, Richard Fritz and Palmers Textil.
Odewald invests from a pool of about €800 million ($1.1 billion) in the German speaking mid-market.
Bain Capital’s European assets include Dutch paints company SigmaKalon.