German private equity firms DZ Equity Partner, as lead investor, and L-EA Private Equity have completed the acquisition of Konrad Hornschuch, a manufacturer of plastics, in a secondary buyout from funds advised by buyout house Halder. Industry observers believe the transaction to be worth in excess of US$50m based on valuations of the formerly listed company.
Hornschuch is a globally active surface specialist in the design, functional foils, and films sector for the end-user, as well as a producer of films, foam-films, and coated substrate materials for the industrial sector.
The acquisition was financed by the German branch of Investkredit Bank as sole mandated lead arranger of the senior debt financing package. Investkredit was advised by the law firm Mayer Brown Rowe & Maw. Advice relating to Italian and Czech law issues was rendered by Studio Legale Tonucci, Milan, and Giese & Partner, Prague.
In 2001, Belgium-based private equity fund GIMV supported Konrad Hornschuch’s management in acquiring the company from Decora Industries for €20m (US$18m) in a leveraged buyout transaction.
Alex Wessendorff
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