German auto supplier Hornschuch put up for sale - sources
09/05/2016 15:46
FRANKFURT, May 9 (Reuters) - Buyout group Equistone has put
German artificial leather maker Konrad Hornschuch up for sale in
a potential 400 million euro ($456 million) deal, people
familiar with the transaction said.
The investor, which is working with investment bank
Macquarie MQG.AX on the sale, has asked potential buyers to
hand in tentative bids by a deadline next week, they said.
Hornschuch's functional films, foam films and artificial
leathers are used in car seats, dashboards and interior
panelling as well as in furniture, windows, doors and facades.
It is expected to post earnings before interest, taxes,
depreciation and amortisation of 50 million euros this year and
may be sold at 8-9 times that, the people said.
The business may appeal to groups such as Korea's Daewon
Chemical 024890.KS or Mitsubishi Chemical 4188.T , as well as
to some private equity investors, one of the people said.
Equistone and Macquarie declined to comment.
Hornschuch was founded in 1898 as cotton spinning group
Textilgesellschaft Weissbach. From the 1960s it specialised in
artificial leather for car seats as well as in decorative films.
The company listed on the stock market in 1983. Dutch buyout
group Halder bought it in 2001 and after more ownership changes
Barclays Private Equity - later renamed Equistone - acquired
Hornschuch in 2008.
($1 = 0.8776 euros)
(Reporting by Arno Schuetze; Editing by Maria Sheahan)
((arno.schuetze@thomsonreuters.com; +49.69.7565.1197; Reuters
Messaging: arno.schuetze.reuters.com@reuters.net))
Keywords: EQUISTONE HORNSCHUCH/SALE