KKR exits German telecom parts maker

It’s been a liquid week for KKR – the New York buyout firm has agreed to sell German telecom equipment maker Tenovis to Avaya days after selling down its stake in electronics company Amphenol.

Kohlberg Kravis Roberts has agreed to sell German telecommunications equipment maker Tenovis to Internet phone parts company Avaya for a reported $800 million (€650 million).

New York-based KKR bought Tenovis in 2000 in a management buyout from German engineering group Robert Bosch for $530 million.

Avaya’s acquisition allows the company to expand its presence in Europe as the demand for Internet calling systems grows there. KKR’s investment in Tenovis marked an early US foray into German private equity.

In related news, KKR last week realised roughly $228 million through the secondary sale of stock in Amphenol, an electronics company the buyout firm bought in 1997 for $1.05 billion.

In other news, Accel-KKR, the joint venture between Accel Partners, a venture capital firm, and KKR, today announced the acquisition of point-of-sale retail software provider Apropos Retail. The deal was done in conjunction with CRS Retail Systems, a management software company. Apropos Retail has annual revenue of $70 million.