European private equity firm IK Investment Partners has secured a deal to sell Schenck Process to fund manager Blackstone.
Schenck Process, headquartered in Germany, develops and manufactures weighing, feeding, conveying and filtration solutions for a range of industries, including mining.
The company has operations in Australia, Europe, North and South America, China and India.
Blackstone head of European private equity Lionel Assant described Schenck Process as an innovative and unrivalled leader.
“We see considerable opportunity to grow the business both organically and by acquisitions in its various end markets,” Assant said.
“We are excited to team up with management and accompany Schenck in the next stage of its development.”
Schenck Process chief executive Andreas Evertz thanked IK for the “invaluable support over the past years.”
“Blackstone’s significant sector experience and financial backing make them the ideal new partner,” Evertz said.
“As we commit to further investment in innovation and developing new technologies, we look forward to accelerating growth across our international footprint.”
IK partner Detlef Dinsel said Schenck Process transformed its business focus from a mechanical manufacturer to a service and integrated solutions provider under the fund’s ownership.
He added that Schenck Process also achieved significant growth by expanding its product portfolio and entering new markets, both organically and through selected add-on acquisitions.
“It has been a pleasure working with the management team, and we wish them the very best as they continue on their growth trajectory,” Dinsel said.
Financial terms of the deal have not been revealed.