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AXA Private Equity sells its stake in Phönix/Strack

European private equity firm AXA Private Equity is to sell its holding in Phönix/Strack Group to the Curtiss-Wright Corporation for EUR82m.

Phönix/Strack specialises in the development and production of custom-built high-performance valves for major players in the energy, chemicals and refinery industries.

Final closure of the transaction is subject to approval by the antitrust authorities.

Phönix/Strack is based in Volkmarsen, near Kassel in central Germany, and has 282 employees.

AXA Private Equity took a majority holding in the business in 2010. Since then, Phönix/Strack has achieved double-digit growth and last year made revenues of approximately EUR50m.

Working with the company’s management, AXA Private Equity successfully implemented the group’s internationalisation strategy in just two years. In August 2011, the firm helped Phönix/Strack acquire Daume Regelarmaturen, a specialist developer and producer of regulating valves, in a move that saw the group expand its portfolio of products.

Lothar Fichtner, chief executive of Phönix/Strack, says: “With the help of AXA Private Equity, we’ve been able to successfully accelerate our growth strategy. Now we’re looking to enter the next phase of the company’s development in conjunction with Curtiss Wright.”

Dirk Wittneben, managing director at AXA Private Equity, says: “Over the past few years Phönix/Strack has enhanced its strong position as a niche provider of specialist valves, evidenced by its significant number of new projects wins. We’re delighted to have been able to help Phönix/Strack and to have made a major contribution to the future success of the company.”

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