Financial details of the transaction, which is subjected to regulatory approval, were undisclosed.
The divestment of KWC comes two years after IK acquired Hansa Group for €110 million, PEI reported at the time. The Hansa Group will remain part of the IK2007 Fund.
Under IK’s ownership, KWC, which is one of Hansa’s main brands, has strengthened its position in the Swiss market, according to a statement. It also expanded internationally and optimised its supply chain, it added.
Franke is an “ideal strategic acquirer for KWC”, Detlef Dinsel, managing partner at IK said in the statement, as its global distribution network will “provide KWC with a global platform to further expand internationally”.
The sale of KWC is the second realisation from IK’s €1.7 billion IK2007 Fund. In 2007, the firm sold French material business Etanco to 3i Group.
IK is currently raising its €1.7 billion IK2011 Fund, which held a first close in March 2012.
At press time, IK was unavailable for further comment.