IK Investment Partners (IK) private equity firm (IK 2007 Fund) has reached an agreement with private equity funds managed by Blackstone to sell Schenck measuring and process technology for an undisclosed sum.
Schenck, based in Germany, develops and manufactures technology for weighing, feeding, conveying, screening, automation, and air filtration applications.
In the food sector for example it makes corn handling systems for tortilla manufacturing; snack food reject transfer systems; ingredient handling and scaling systems for manufacturing chewing gum and citric acid, malto dextrin, dextrose, sugar and starch handling for candy plants.
It also develops technology for roasted coffee dense and dilute phase transfer systems and feeding cellulose in cheese processing to reduce sticking.
Andreas Evertz, president/CEO, Schenck, thanked IK for its invaluable support over the past years.
“As we embark on an exciting new chapter for Schenck, Blackstone’s significant sector experience and financial backing make them the ideal new partner,” he said.
“As we commit to further investment in innovation and developing new technologies, we look forward to accelerating growth across our international footprint.”
With over 2,300 employees’ worldwide and operations across Europe, North and South America, China, India and Australia, Schenck serves a diversified customer base across a variety of industries, including food, chemicals, mining and construction.
During IK 2007 Fund’s ownership, Schenck transformed its business from a mechanical manufacturer to a service and integrated solutions provider, and achieved significant growth by expanding its product portfolio and entering new markets both organically and through acquisitions.
Blackstone plans to further grow the business both organically and by acquisitions in its various end markets.
“This investment underlines our strong commitment to the German market as we continue to evaluate further opportunities across Europe,” said Juergen Pinker, MD, Blackstone.
“Blackstone has a proud record of working with growing companies and supporting their strategies and we are hugely excited about our new partnership with Schenck.” he added.