Gimv, Belgium’s largest private equity firm, has confirmed that it is in talks to sell its majority stake in Konrad Hornschuch, the German foil manufacturer it acquired in April 2001.
Gimv paid around E20m for a 90 per cent stake in the business, acquired from US parent company, Decora Industries.
The firm has yet to identify the bidder for its stake in the business, but in a statement it confirmed that the German anti-trust authorities are expected shortly to give their approval on a possible sale of the company. The sale is expected to complete in September.
Konrad Hornschuch produces and sells foils both for the industrial and the consumer market and last year reported sales of E113.2m. The company, based at Weissbach, near Heilbronn, was founded in 1898 and currently employs around 770 people.
The Konrad Hornschuch transaction was sourced from Gimv’s affiliate German buyout firm, Halder, based in Frankfurt. The Franfurt office is intended to provide Gimv with investment opportunities amongst mid-market Mittelstand companies.
Last month, Gimv further cemented its relationship with Halder, agreeing to provide up to E30m to a E150 private equity fund targeting mid-market opportunities in Germany.
The fund will not have a specific sector focus, but will instead look to invest in family-owned companies with turnover of between E25m and E125m. “There are more than 11,000 companies operating in this sector,” says Paul De Ritter, founding partner and managing director of Halder.
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