IK splashes €110m on Hansa

The European firm has made its second German investment in as many months, acquiring bathroom and kitchen fittings business Hansa.

IK Investment Partners, the European private equity firm, has agreed its second German investment in the last few weeks with the acquisition of bathroom fittings manufacturer Hansa Group. Financial details of the acquisition were not disclosed, but a source close to the deal said it valued the business at €110 million.

Hansa produces and sells sanitary fittings for bathrooms and kitchens in Germany, Switzerland and Austria

Hansa: deal flow in Germany

and in 2009 turned over €194 million. Its products include taps, shower heads and systems, thermostats and other fittings.

IK is buying the business from its two main shareholders: the Göhring and the Reh families. Wolfram Göhring, 66, grandson of the company’s founder and long-term chairman of the traditional company, withdrew from operative business in October last year and was replaced by the current group chief executive officer, Chris Marshall.

IK, which is currently investing from its €1.7 billion 2007 fund, in September acquired a majority stake in Germany’s largest homecare services provider for €300 million from Barclays Private Equity.

The firm has now made a total of four investments in 2010. It acquired Norwegian Colosseum Dental, a Scandinavian dental healthcare provider, and Agros Nova, a diversified food and drink business in Poland. Both transactions were agreed in June and the values were undisclosed.