Onex is to acquire KraussMaffei, a manufacturer of plastic and rubber processing equipment, for EUR568m.
The transaction is anticipated to close by 31 March, 2013 subject to customary conditions and regulatory approvals.
Based in Munich, Germany, KraussMaffei designs and manufactures machinery and systems for the processing of plastics and rubber. The company manufactures machinery for the injection moulding, extrusion and reaction process segments. KraussMaffei has approximately 4,000 employees and operates key manufacturing facilities in Germany, Switzerland, Slovakia and China. For the 12 months ended 30 June 2012, the company generated approximately EUR1.0bn in revenues.
“KraussMaffei is a global leader in each of its three segments, with a decades-long reputation for technology and quality,” says David Mansell (pictured), an Onex managing director. “We look forward to working with Jan Siebert and his management team to further build on the company’s market-leading position.”
“We’re very pleased to be partnering with Onex given its track record and experience in our industry,” says Jan Siebert, chief executive officer of KraussMaffei. “With Onex’ backing, we intend to strengthen our global presence and build on our success at the high-end of the industry.”
Onex Partners III, Onex’ USD4.7bn flagship private equity fund, will make an equity investment of approximately USD340m, of which Onex’ share is about USD86m as a limited partner in the fund. Including this transaction and the recently announced acquisition of SGS International, the fund will be approximately 60 per cent invested.
