Carlyle sells Honsel to Ripplewood

The Carlyle Group has realised its investment in Honsel International Technologies, which it bought in 1999 in Germany’s first ever private equity backed PTP.

Ripplewood Holdings, the international private equity firm, has acquired Honsel International Technologies, a German automotive supplier headquartered in Luxembourg, for an undisclosed price.

The vendor is The Carlyle Group, which according to a spokesperson in the firm’s London office stands to double its investment in the business from the sale. The deal is expected to complete by the end of the year.

Carlyle first acquired Honsel in 1999 in a landmark transaction that marked the first private equity sponsored public tender offer ever to complete in Germany. At the time, Carlyle’s investment valued the business at €162 million.

Post acquisition, Carlyle went on to merge Honsel with ACT, a Canada-based metal castings business that it acquired in 2000. Today the company has seven plants in Europe and another five in Canada. On its list of customers feature DaimlerChrysler, Volvo, PSA and BMW among others.

Carlyle was advised on the disposal by Lehman Brothers, Latham & Watkins and Millbank, Tweed, Hadley & McCloy. Gregor Böhm, a partner in the firm’s Munich office, led the deal for Carlyle.

The firm has now sold four investments from the portfolio it acquired through Carlyle Europe Partners I, a fully invested €1 billion partnership organised in 1998. The fund’s other disposals are Le Figaro, Materis and Andritz. Another 11 investments remain in the portfolio.

The firm is currently in the market raising Carlyle Europe Partners II, a fund with a €2 billion target.