IK Investment Partners’ IK VIII Fund has reached an agreement to acquire Granite Holding (Schock), a granite kitchen sink manufacturer, from HQ Equita.
Financial terms of the transaction have not been disclosed.
The original inventor of the manufacturing technology commonly used in the production of granite sinks, more than 60 per cent of all quartz composite sinks manufactured worldwide are based on the production technique developed by Schock.
Based on a quartz-acryl composite developed by Schock, the company’s premium product is three times as hard as natural granite and superior in product performance to sinks made from other materials. It has more than 200 sink models in 40 different colours.
“We are on an exciting trajectory, building on recent product launches such as the Cristadur Extreme sink and on the repositioning of the Schock brand. The company is now well placed for the next phase of its development and IK’s industry expertise, excellent track record and broad network make them the ideal partner to help us achieve our long-term growth ambitions,” says Ralf Boberg, CEO of Schock.
“With over 90 patents and a 21 per cent global market share in granite kitchen sinks, Schock is a high quality business and a true innovation leader within its niche. IK has a strong track record within the sector through investments in Hansa Group, Nobia and TCM Group and we are proud to have the opportunity to support the Company and its talented management team going forward. Together, we believe there are significant opportunities to grow the business both organically and through acquisitions while continuing to put the customers first,” says Detlef Dinsel, partner at IK and adviser to the IK VIII Fund.
Completion of the transaction is subject to customary legal and regulatory approvals.
The acquisition of Schock marks the IK VIII Fund’s second investment in Germany.
