Riverside sells German engineering company

The lower mid-market firm has sold German automotive and aerospace engineering consultant, IndustrieHansa, for an undisclosed sum, just two years after acquiring it. The buyer was Findos Investor, a fund backed exclusively by German family-owned companies.

Riverside has sold IndustrieHansa, a provider of services to the automotive and aerospace industries, to Findos Investor for an undisclosed sum.
 
Riverside bought IndustrieHansa in 2006 from Siemens and held the company as an independent division of Riverside’s platform company Advanced Information Systems Group.
 
“We held the asset for a much shorter period than usual, the main reason being that we began to receive a lot of unsolicited interest,” Volker Schmidt, a Riverside partner who served on the board of IndustrieHansa, told PEO.

IndustrieHansa:
engineering growth

 
The investment was made by Riverside’s third European fund, REF III, which closed on €320 million in August 2007.
 
During the two years under the private equity fund’s ownership, the company grew its EBITDA by 37 percent. In June, Riverside completed the bolt-on acquisition of AICAT CA Technologies Consulting, a German digital engineering company.
 
REF III is now approximately two thirds invested. Earlier this month PEO reported that Riverside is likely to start marketing its fourth European buyout fund, targeting €550 million, before the end of 2008.
 
Findos Investor is a mid-market private equity fund backed exclusively by German family-owned companies. Its five-strong portfolio includes medical devices group Ondal and children’s toy company Sterntaler. Findos declined to comment.
 
Earlier this month, Riverside completed its 19th acquisition this year with the purchase of UK-based queuing products manufacturer Tensator for an undisclosed sum.