WHEB Partners’ Growth Fund 2 and Dr Jan Verdenhalven have acquired 100 per cent of the shares of Dolan GmbH, Kelheim from Lenzing AG and 100% of the shares of European Carbon Fiber GmbH (ECF), Kelheim from Lenzing AG and Kelheim Fibers GmbH.
Dolan and ECF share production facilities in Kelheim and an experienced management team.
“The sale comprises part of Lenzing’s strategy to focus on its core business of man-made cellulose fibers. With WHEB Partners and Dr Jan Verdenhalven, Lenzing succeeded in finding financially strong, industry-oriented new owners in which both companies will be able to develop more effectively in the future than up until now”, comments Lenzing’s Chief Financial Officer, Thomas Riegler. “Moreover, it is important for ECF that WHEB Partners and Jan Verdenhalven already have longstanding industrial experience in the carbon fibre business. The company now has interesting growth perspectives once again through a potential cooperation with other companies in WHEB Partner’s strategic investment portfolio.”
“We are delighted to welcome Dolan and ECF as new portfolio companies in our second growth fund. Dolan is a world leader in high-end textile acrylic fibres. We look forward to supporting the management team and their successful strategy through our sector expertise and international network,” says Florian Strehle, Partner at WHEB Partners.
Verdenhalven says: “ECF has successfully developed and marketed an excellent carbon fiber precursor for standard industrial applications. We will support management in leveraging the potential of that product and further upgrade it for high-end applications, ensuring a sustainable growth for ECF.”
Dolan produces high quality specialty fibres used for textiles, convertible car tops, sunshades, garden furniture and protective clothing. It has approx. 100 employees. Dolan’s 2014 revenue was EUR57.5 million. ECF produces precursor for the carbon fibre industry. Its 2014 revenue was EUR10.4 million.
WHEB Partners (www.whebpartners.com) is a European private equity firm with assets under management of EUR278 million. Its funds invest in technology companies with high growth potential and strong ESG credentials. WHEB Partners’ Growth Fund 2 is supported by the European Union through the Competitiveness and Innovation Framework Programme (CIP).
Jan Verdenhalven is a private investor with several years of investing and management experience in the chemical and carbon fibre industry.
