Pan-European private equity firm IK Investment Partners (IK) has reached an agreement with Blackstone to sell Schenck Process, a producer of measuring and process technology.
Headquartered in Darmstadt, Germany, Schenck’s solutions cater for weighing, feeding, conveying and filtration processes across industries including food and chemicals. It has more than 2,300 employees worldwide.
Lionel Assant, Head of European Private Equity at Blackstone, said: “We see considerable opportunity to grow the business both organically and by acquisitions in its various end markets. We are excited to team up with management and accompany Schenck in the next stage of its development.”
Juergen Pinker, managing director at Blackstone, added that the investment underlines his company’s strong commitment to the German market as it continues to evaluate further opportunities across Europe.
“Blackstone’s significant sector experience and financial backing make them the ideal new partner. As we commit to further investment in innovation and developing new technologies, we look forward to accelerating growth across our international footprint,” explained Andreas Evertz, chief executive of Schenck.
Blackstone has more than $370 billion in assets under management across a variety of industries.
Financial terms of the deal are not disclosed.